iCrowd Newswire – Jun 18, 2020
The global AI in food & beverages Market expected to reach US$ 12.5 billion in 2026 with a lucrative CAGR of 42.5%. Key factors driving growth are the growing need to reduce the cost of food & beverage, raising the value of big data in food & beverage, increasing adoption of precision medicine and increasing the cost of hardware.
Increasing applicability of AI-based medical care technologies and increasing venture capital funding can also be attributed to the surge in demand for this technology. CarePrevist, Inc., for example. Uses AI technology to track changes in behavioral patterns and activity for early prediction of health problems. Increasing number of cross-industry collaborations are expected to improve the adoption of AI by the food & beverage sector which is also responsible for its lucrative rate of growth.
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Artificial intelligence is used in understanding consumer behavior which is expected to result in more accurate and reliable predictions. In addition, it allows companies and advertisers to engage in deeper experiences, connect with customers on a personal level, and improve their overall experience related to the brand. Therefore, people are increasingly adopting chatbots to work effectively on the offline mode. More than 50 per cent of consumers are willing to spend more on companies offering better customer service, according to an American Express Survey. That opens up opportunities for artificial intelligence. These opportunities in the food and beverage industry are likely to trigger the development of global artificial intelligence.
In North America, readiness for adoption and a high fractional increase in replacement AI are the leading drivers of their economic impact, reflecting the region’s leading position on AI and its implementation, as well as the high potential for automation expected to occur at regional level from now until 2026. In addition, food processing is one of the major United States manufacturing sectors. 16 percent of the volume of exports from all US manufacturing plants comes from food processing plants, according to the United States Department of Agriculture. Artificial intelligence is expected to grow in the food and beverage industry in Asia Pacific with the highest CAGR. Increasing the use of deep learning and neuro-linguistic programming (NLP) technologies in Asia Pacific law applications, agriculture, marketing, and finance are reasons for such a rapid expansion of artificial intelligence in the region’s food and beverage markets.
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F&B businesses are constantly being challenged by the changing global trends. First, meeting the regulatory compliances relating to food and safety processes, which today has become a priority for businesses. Furthermore, handling production lines and pieces of equipment and reducing the supply chain waste are another obstacle for F&B businesses. In addition, the management of inventory stocks, the maintenance of food quality and other services which are especially cost-oriented. A combination of these challenges will bring a huge financial setback and damage the reputation of the brand.
Artificial intelligence in Food & Beverage market is fragmented owing to the presence of number of large-sized companies, mid-sized & small-sized companies, and many start-ups that provide artificial intelligence in Food & Beverage industry. However, the companies that hold the majority share of artificial intelligence in Food & Beverage market are Raytec Vision SpA, Rockwell Automation Inc., ABB Ltd, Honeywell International Inc., Key Technology Inc., TOMRA Sorting Solutions AS, GREEFA, Sesotec GmbH, Martec of Whitell Ltd, Sight Machine Inc. and Other Prominent Players.
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Keywords: AI in Food & Beverage Market, AI in Food & Beverage Market Size, AI in Food & Beverage Market Share, AI in Food & Beverage Market Growth