Artificial Intelligence (AI) Market in Food And Beverage Industry Market is to grow by USD 5.66 billion from 2021 to 2026, Driven by rising demand for automation to improve productivity- Technavio

NEW YORK, Oct. 30, 2023 /PRNewswire/ -- The "artificial intelligence (AI) market in the food and beverage industry market by application (transportation and logistics, production planning, quality control, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa) - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the artificial intelligence (AI) market in food and beverage industry market between 2022 and 2026 is USD 5.66 billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The rising demand for automation to improve productivity is a key factor driving market growth. To improve the accuracy of demand planning, Artificial Intelligence and Machine Learning systems are assessing the number of mathematical models of production and possibilities for outcome. In addition, sensors are used to monitor the condition of the equipment during predictive maintenance. Instead of the usual scheduled service time, it analyses information regarding the servicing of the equipment on a needy basis. This means that machine shutdowns are minimized, reducing the costs of inspecting machines. 

Market Challenge

The lack of skilled personnel is a significant challenge restricting market growth. For AI implementation to run smoothly, manufacturers should have knowledge of the functioning of artificial intelligence software systems and regular maintenance requirements. The reluctance of the end users to adopt artificial intelligence due to a lack of technological knowledge about this platform is frequently cited. 

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The artificial intelligence (AI) market in food and beverage industry market has been segmented by application (transportation and logistics, production planning, quality control, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

• The artificial intelligence (AI) market share growth in the food and beverage industry by the transportation and logistics segment will be significant during the forecast period. This can be attributed to the income generated by producers that use more advanced technologies in their production facilities. With the emergence of digitization as well as new market entrants and business models, food and beverage manufacturers are undergoing a paradigm shift.

• 43% of the market's growth will originate from North America during the forecast period.

View the Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the Artificial Intelligence (AI) Market in Food And Beverage Industry Market Scope:

ABB Ltd., Aboard Software, AGCO Corp., Ailytic Holdings Pty Ltd., Analytical Flavor Systems Inc., Buhler AG, Compac Sorting Equipment, Duravant LLC, Foodable Network LLC, Honeywell International Inc., Martec Of Whitwell Ltd., Ravenwood Packaging Ltd., Raytec Vision S.p.A., Rockwell Automation Inc., Sesotec GmbH, Siemens AG, Sight Machine, and The Not Co. Inc.

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio