Global Artificial Intelligence (AI) in Food and Beverages Market Projected to Reach USD 29.45 Billion by 2026
According to a survey released by Facts and Factors, the global Artificial Intelligence (AI) in Food and Beverages market was esteemed at USD 3.07 Billion in 2020 and is predicted to reach USD 29.45 Billion by the end of 2026, rising at a CAGR of nearly 45.70% between 2021 and 2026.
Artificial Intelligence (AI) is the process of developing intelligent robots that act and react similarly to humans. The objective is to teach machines how to think intelligently in the same way humans do. Until recently, the machines did exactly what they were programmed to do. AI, on the other hand, will allow machines to think and behave in the same way that people do. In the food processing industry, artificial intelligence is being utilized to improve a variety of products, streamline operations, and improve the customer experience. Artificial intelligence (AI), today’s most significant general-purpose technology, is fast gaining momentum across industries, allowing for great innovation. Machine learning, deep neural networks, robotics, and other artificial intelligence (AI) techniques are being utilized in the Food and Beverage Industry to not only solve issues but also to make processes more efficient.
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Organizations all around the world are trying to enhance the efficiency and effectiveness of exploration and production processes using artificial intelligence (AI) in the food and beverage industry. The operations in this industry are the major forces pushing the usage of AI in food and beverage companies. AI may be used to automate many operations by preserving and executing the insights of experienced individuals. For efficient data analytics implementation, machine learning is utilized to discover patterns in data, and expert insights will help in the creation of the required complex algorithms technology might be used to create apps that help less-experienced employees find specialist components on-site, or even to answer questions in corporate headquarters using common, interoperable voice-based databases. One of the main reasons why AI is being used and evaluated in every area is its capacity to automate traditionally human-operated and time-consuming operations. It will help to offset the negative effects of people continuing to utilize their skills after retirement. After all, if it can automate a particular function, the firm can function without requiring an intellectual grasp of that role. Artificial intelligence’s prevalence in the food and beverage industry is a modern invention with a slew of significant participants. As a result, the market for artificial intelligence in food and beverages is competitive globally. Nonetheless, just a few major companies dominate the global industry in terms of market share. The big companies are focusing on growing their reach into previously untapped areas and diversifying their client base to include people from other countries.
The food and beverage industry’s artificial intelligence (AI) market is extremely competitive, with several major players. In terms of market share, the sector is now dominated by large corporations. Acquisitions are made to broaden, complement, and improve the company’s product and service offerings, as well as to add new clients and certified workers, and to support expanding sales channels.
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Top Market Players
Major players operative in the global Artificial Intelligence (AI) in Food and Beverages Market are ABB Ltd., Agco Corporation, BBC technologies, BoMill AB, Bratney Companies, Buhler Holding AG, Compac Sorting Equipment, Duravant LLC, Foodable Network, LLC, GREEFA, Honeywell International, Inc., INTELLIGENTX Brewing Co., Key Technology Inc., Martec Of Whitwell Ltd., Max-Ai, MilltecClarfai, Inc., National Recovery Technologies, Llc, QualySense AG, Rockwell Automation, Inc., Raytec Vision SpA, Sight Machine Inc., Sesotec GmbH, Startup Creator, and TOMRA Systems, amongst others.
The increasing concern about improving supply chain efficiency, as well as the ongoing adoption of sophisticated technologies in the food and beverage sector, is a key driver driving market expansion. The growing consumer preference for affordable, easily accessible, and fast food options in the food and beverage industry, the growing need for consumer buying behavior analysis and inventory forecasting to reduce food waste, the growing demand for AI implementation to improve supply chain processes, and the growing demand for automated food sorting are all major factors. The food and beverage industry’s increasing acceptance of big data technology to improve exploration and production capabilities, as well as an increase in venture capital investments, the food and beverage industry’s growing need for automation, and significant pressure to reduce production costs, will all contribute to AI’s growth in the food and beverage market. Over the last several years, AI has gained a lot of traction, with many firms spending heavily in researching the technology’s possibilities in the sector. AI is assisting food and beverage firms with supply chain management via logistics, predictive analytics, and transparency. AI in supply chains is assisting firms in their efforts to innovate quickly by decreasing time to market and building an agile supply chain capable of anticipating and coping with risks. This is propelling AI’s rise in the food and beverage industry.
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North America is projected to Dominate Global Artificial Intelligence (AI) in Food and Beverages Market Growth
In terms of value, North America was the largest market for artificial intelligence (AI) in food and beverages in 2020. The North America region is expected to account for the largest share of AI in the food and beverages market over the forecast period. Along with the growing adoption of artificial intelligence among oilfield employees and service providers, as well as the significant presence of key AI vendors, notably in the United States and Canada. In the Asia Pacific, artificial intelligence in the food and beverage market is anticipated to grow at the fastest rate. The growing usage of deep learning and Neuro-Linguistic Programming (NLP) technology in applications, marketing, and finance is driving the rapid expansion of artificial intelligence in the food and beverage sector in the Asia Pacific. Furthermore, the presence of several of the region’s major market companies led to the region’s exponential expansion of artificial intelligence in the food and beverage sector.
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