Artificial Intelligence (AI) in Industrial Machinery Global Market Report 2024

The artificial intelligence (AI) in industrial machinery market size has grown exponentially in recent years. It will grow from $1.52 billion in 2023 to $1.99 billion in 2024 at a compound annual growth rate (CAGR) of 31.4%. The expansion observed in the historical period can be ascribed to the increasing demand for automation, the proliferation of data, efforts to enhance cost and efficiency, the growing prevalence of IoT devices, and advancements in AI algorithms.

The artificial intelligence (AI) in industrial machinery market size is expected to see exponential growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 28.7%. The anticipated growth in the forecast period can be linked to the adoption of predictive maintenance, the implementation of AI-powered quality control, improved safety protocols, integration of edge computing, and AI-driven energy optimization. Noteworthy trends in the forecast period encompass explainable AI in machinery, collaboration between humans and machines, AI-based optimization of the supply chain, customization and flexibility, and AI-driven additive manufacturing.

The anticipated growth in the AI in industrial machinery market is expected to be propelled by the increasing use of artificial intelligence (AI) in the industrial sector. The industrial sector, constituting companies involved in manufacturing, delivery, or creation of goods, benefits from AI's optimization of processes, predictive machinery issue identification, and facilitation of enhanced smart services. These AI applications result in heightened productivity, efficient problem identification, and a reduction in machine failures for manufacturers. For instance, a report from International Business Machines Corporation in May 2022 revealed that globally, more than a third of organizations (35%) reported utilizing AI in their operations, marking a four-point increase from 2021, and 42% of companies were planning to explore AI implementation. Therefore, the increasing use of AI in the industrial sector is a driving force for the AI in industrial machinery market.

The surge in cybersecurity is expected to contribute to the growth of the AI in the industrial machinery market in the foreseeable future. Cybersecurity, which involves safeguarding computer systems, networks, and data from unauthorized access and attacks, becomes increasingly crucial as the digital landscape evolves. The integration of artificial intelligence in the industrial machinery market not only enhances efficiency but also plays a role in bolstering cybersecurity through proactive threat detection, adaptive defenses, and intelligent response mechanisms. As of January 2023, a report from CompTIA indicated a significant increase in global IT security spending, reaching $71.68 billion in 2022. Large enterprises, on average, allocated $1 million annually to fortify their digital defenses. Heading into 2023, the frequency of cyber-attacks intensified, reaching an alarming rate of 2,200 attacks per day, occurring approximately every 39 seconds on average. Therefore, the rise in cybersecurity is a driving factor for the AI in the industrial machinery market.


The AI in industrial machinery market is witnessing a prominent trend in Product Innovation, with major companies striving to strengthen their market position through the development of innovative products. An example of this is the collaboration between Advantech Co. Ltd., a Taiwan-based company specializing in machine automation, IoT intelligent systems, and embedded computing, and Actility, a France-based IoT connectivity solutions company. In November 2022, they jointly introduced a distinctive AI-based solution for rotating machines. This solution incorporates the high-performance WISE-6610 LoRaWAN gateway, Advantech WISE-2410 vibration sensor, advanced Advantech iMachine or PHM application, and Actility's ThingPark Enterprise IoT network administration platform. The solution facilitates machine prediction and health monitoring, enabling the monitoring of multiple machines in real-time through a comprehensive machine health index encompassing ISO 10816 and deterioration levels.

Major companies are concentrating on launching products such as AI-powered design for industrial processing equipment. This involves leveraging AI algorithms and technologies to optimize the conceptualization, development, and performance of machinery used in industrial processing. An example of this is The University of Birmingham, a UK-based public research university, which unveiled an AI-powered design for industrial processing equipment in November 2023. This groundbreaking 'evolutionary design' approach is applicable to various machinery types, including mills, dryers, roasters, and coaters. The launch aims to revolutionize the industrial machinery market by enhancing efficiency, reducing costs, accelerating innovation, and providing a competitive advantage through the integration of AI-optimized equipment tailored to specific industrial processes.

In January 2021, Rockwell Automation, a US-based company specializing in industry and information automation, completed the acquisition of Fiix Inc. for an undisclosed amount. This strategic move advanced Rockwell Automation's software strategy and strengthened capabilities in the Lifecycle Services division. This division offers a comprehensive range of industrial automation services to clients, helping them optimize the value of their manufacturing assets, systems, facilities, and processes. Fiix Inc., based in Canada, is known for its AI-powered industrial computerized maintenance management system (CMMS) for manufacturing equipment and maintenance automation.

Major companies operating in the artificial intelligence (AI) in industrial machinery market report are Microsoft Corporation, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., SAP SE, ABB Ltd., NVIDIA Corporation, Rockwell Automation Inc., FANUC Corporation, Autodesk Inc., Arista Networks Private Limited, Pegasystems Inc., UiPath, Automation Anywhere Inc., Blue Prism Limited., C3.AI Inc., DataRobot Inc., Appen Limited, H2O.AI, Dataiku, WorkFusion Inc., Alphasense Inc., CrowdFlower Inc., Suki.AI, Clarifai Inc.


North America was the largest region in the artificial intelligence (AI) in industrial machinery market in 2023. The regions covered in the artificial intelligence (AI) in industrial machinery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (AI) in industrial machinery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary components of artificial intelligence (AI) in industrial machinery include hardware, software, and services. Hardware constitutes the physical elements of a computer or device, such as the motherboard and storage drives, employed to accelerate computation-intensive tasks within AI algorithms in industrial machines. This hardware plays a crucial role in enhancing uptime, increasing yield, and minimizing downtime. Various technologies, including machine learning, computer vision, context awareness, and natural language processing, find application in predictive maintenance, quality control, process optimization, supply chain optimization, intelligent robotics, autonomous vehicles and guided systems, energy management, and human-machine interfaces. These applications cater to diverse end-users such as those in commercial, agriculture, construction, packaging, food processing, mining, and semiconductor manufacturing.

The artificial intelligence (AI) in industrial machinery market research report is one of a series of new reports that provides artificial intelligence (AI) in industrial machinery market statistics, including artificial intelligence (AI) in industrial machinery industry global market size, regional shares, competitors with an artificial intelligence (AI) in industrial machinery market share, detailed artificial intelligence (AI) in industrial machinery market segments, market trends and opportunities, and any further data you may need to thrive in the artificial intelligence (AI) in industrial machinery industry. This artificial intelligence (AI) in industrial machinery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The artificial intelligence (AI) in industrial machinery market consists of revenues earned by entities by providing services such as enhancing quality control, energy efficiency, maintenance, safety, and process optimization. The market value includes the value of related goods sold by the service provider or included within the service offering. The AI in the industrial machine market also includes sales of central processing units, field-programmable gate arrays, application-specific integrated circuits, and graphics processing units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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