Generative Artificial Intelligence (AI) In Automation Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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Just how fast is the Generative Artificial Intelligence AI In Automation market growing?

The generative artificial intelligence AI in automation market size has grown rapidly in recent years. It is predicted to grow from $1.31 billion in 2023 to $1.53 billion in 2024 at a compound annual growth rate CAGR of 16.9%. The growth in the historic period can be attributed to the increase in computational power, rise of big data, improvements in natural language processing, growth in demand for personalized solutions, widespread adoption of cloud computing, and the evolution of neural networks.

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How about the forecast for this tech-fueled market's growth?

Moving forward, the generative artificial intelligence AI in automation market size is expected to see rapid growth. It is projected to reach an impressive $2.86 billion in 2028 at a compound annual growth rate CAGR of 17%. The growth in the forecast period can be attributed to increasing demand for intelligent process automation, cross-industry adoption, rising investments in AI, expanding applications in various sectors, growing emphasis on operational efficiency, and increasing need for enhanced customer experiences.

But what is fueling this market explosion?

One of the prime growth drivers is the increasing adoption of industrial robots. These programmable, automated machines that are designed to perform a wide range of manufacturing tasks with precision, speed, and consistency boast a host of benefits including enhancing production efficiency, improving product quality, reducing labor costs, and executing complex tasks with precision and consistency. Generative AI in automation empowers industrial robots to optimize their operations by way of advanced planning and decision-making, making them adaptable to new tasks with minimal reprogramming. It also improves their performance by generating precise, context-aware instructions and simulations for complex manufacturing processes.

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Do any industry players stand out?

Indeed. The heavyweights within the generative artificial intelligence AI in automation market include Microsoft Corporation, Amazon Web Services Inc., Siemens AG, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., and Oracle Corporation. Others worthy of mention are Salesforce Inc., Nvidia Corporation, Zebra Technologies Corp., Autodesk Inc., SAS Institute Inc., OpenAI, Databricks Inc., UiPath Inc., Quantiphi, Darktrace plc, Automation Anywhere Inc., C3.ai Inc., Blue Prism, Google DeepMind Technologies Limited, Cerebras Systems Inc., Syntiant Corp., Clarifai Inc., and Trifacta.

Are there emerging trends to keep an eye on?

Major companies within the generative AI in automation market are developing workflow automation platforms to streamline complex workflows. Such platforms are essential tools that enable organizations to optimize their operations by automating and managing business processes. This results in increased efficiency, reduced manual effort, and consistent execution across various tasks.

How does the market break down?

The generative artificial intelligence AI in automation market report covers several segments:
1 By Technology: Computer Vision, Natural Language Processing NLP, Reinforcement Learning, Deep Learning, Other Technologies.
2 By Application: Robotic Process Automation RPA, Process Optimization, Intelligent Chatbots, Predictive Maintenance, Quality Control And Anomaly Detection, Other Applications.
3 By End Users: Automotive, Aerospace, Electronics, Consumer Goods, Other End Users.

Where is the biggest market growth occurring?

Regionally, North America was the largest player in 2023, but Asia-Pacific is expected to be the fastest-growing in the forecast period. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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