Artificial Intelligence
The Global Artificial Intelligence (AI) in Medical Diagnostics Market size is expected to reach $7.3 billion by 2028, rising at a market growth of 39.6% CAGR during the forecast period
New York, Nov. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Artificial Intelligence in Medical Diagnostics Market Size, Share & Industry Trends Analysis Report By Application, By End User, By Component, By Regional Outlook and Forecast, 2022 – 2028” – https://www.reportlinker.com/p06364328/?utm_source=GNW
A range of patient care as well as intelligent health systems can be supported by artificial intelligence. For disease diagnosis, drug discovery, and patient risk assessment, artificial intelligence methods ranging from machine learning to deep learning are widely used in healthcare.
Numerous medical data sources, such as magnetic resonance imaging, ultrasound, mammography, genomics, computed tomography scan, etc., are necessary to accurately identify diseases using artificial intelligence technology, such as MRI, mammography, genomics, CT scan, etc. Additionally, artificial intelligence primarily improved the infirmary experience and accelerated patients’ preparation to continue their recovery at home.
Moreover, the application of artificial intelligence approaches also includes detecting a variety of diseases, including Alzheimer’s, cancer, diabetes, tuberculosis, chronic heart disease, stroke and cerebrovascular disease, hypertension, skin disease, and liver disease.AI in medical diagnostics includes AI services and software that aid healthcare practitioners in diagnosing various disorders.
AI-based software systems can assess diagnostic process data and either assist with patient triage by identifying aberrant medical images or offer a suitable diagnosis to the healthcare practitioner. Deep learning, algorithms, and data insights are utilized by AI in medical diagnostics to diagnose life-threatening and crucial disorders. It automates the diagnostic process and reduces healthcare practitioners’ workload.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted a number of economies all over the world. Various businesses were demolished as a result of lockdowns imposed by governments all over the world. However, the AI in medical diagnosis market was positively impacted due to the emergence of the pandemic. The COVID-19 disease mostly affects sufferers’ lungs. Consequently, cardiothoracic imaging is a typical diagnostic procedure for determining the severity of the disease in COVID-19 patients. In 2020, the number of research projects employing AI approaches to diagnose COVID-19 increased dramatically. Numerous studies focused on summarizing the COVID-19 diagnosis from chest CT scans via AI technology. Multiple studies have demonstrated that AI models may be as precise as professional radiologists in diagnosing COVID-19.
Market Growth Factor
Increasing efforts of manufacturers on the development of human-aware AI technology
The ultimate goals that were aimed during the formation of AI technologies were to make them more human-aware, which means constructing models with the features and characteristics of human cognition. In other words, the objective was to develop human-like AI. Additionally, a rise in human interference with AI techniques and an interest in discovering the process of machine learning has introduced new research challenges. These challenges include interpretation and presentation challenges, such as problems with automating components and intelligent control of crowdsourcing.
Higher utilization of big data within the healthcare industry
Big data, which refers to data that is both enormous and complicated, is generated at different points in the process of providing medical treatment as a result of the rising digitization and use of information technologies in the healthcare business. Big data in the field of medical diagnostics include, among other types of information and sources, readings from medical devices including sensors, healthcare claims, ECGs, X-rays, and other billing records; biometric data; and information generated from the web and social media interactions.
Market Restraining Factor
Medical practitioners’ reluctance to utilize AI-based technology
Extensive progress in digital health has made it possible for healthcare providers to aid patients with novel treatment methods. AI technologies provide practitioners with tools that improve their ability to diagnose and successfully treat patients. However, doctors have been demonstrated to be resistant to adopting new technologies. For instance, medical professionals believe that AI would replace physicians in the coming years. Doctors and radiologists feel that talents, like empathy or persuasion, are uniquely human; hence, technologies cannot eliminate the requirement for a doctor entirely.
Application Outlook
By Application, the Artificial Intelligence in Medical Diagnostics Market is divided into In Vivo diagnostics (Specialty and Modality) and In Vitro diagnostics. In 2021, the in vivo diagnostics segment witnessed the biggest revenue share of the AI in medical diagnosis market. The rapidly rising growth of this segment can be ascribed to the increasing adoption of AI solutions by the healthcare and medical industries as these solutions aid to reduce human errors and enhance treatment efficacy.
End User Outlook
On the basis of End-User, the is segregated into Hospitals, Diagnostics Imaging Centers, Diagnostics Laboratories, and Others. In 2021, the diagnostic centers segment recorded a significant revenue share of the AI in the medical diagnosis market. In patients with infectious diseases and immunological disorders, laboratory tests are very helpful for verifying a diagnosis, estimating disease severity, and tracking disease progression. In disease management, timely diagnostic assessment and execution of trustworthy testing are crucial.
Component Outlook
Based on Component, the Artificial Intelligence in Medical Diagnostics Market is bifurcated into Software and Services. In 2021, the services segment acquired the largest revenue share of artificial intelligence in medical diagnosis. The high growth of the segment is attributed to the fact that the burden on healthcare practitioners is increasing at a very rapid pace, owing to which, they are increasingly outsourcing various services.
Regional Outlook
Region-Wise, the Artificial Intelligence in Medical Diagnostics Market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, North America accounted for the highest revenue share of the AI in medical diagnosis market. The growth of North American AI in the medical diagnostics market is primarily driven by technological advancements, an increasing number of fresh product approvals, an increasing adoption rate of artificial intelligence in healthcare, the presence of key market players, and an established IT infrastructure within the healthcare sector.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC are the forerunners in the Artificial Intelligence (AI) in Medical Diagnostics Market. Companies such as Intel Corporation, Siemens Healthineers AG (Siemens AG), General Electric (GE) Co. (GE Healthcare) are some of the key innovators in Artificial Intelligence (AI) in Medical Diagnostics Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, Nvidia Corporation, IBM Corporation, Intel Corporation, Google LLC, Siemens Healthineers AG (Siemens AG), General Electric (GE) Co. (GE Healthcare), Xilinx, Inc., Digital Diagnostics, Inc. and InformAI, LLC
Recent Strategies deployed in Artificial Intelligence (AI) in Medical Diagnostics Market
Acquisitions and Mergers:
Mar-2022: Microsoft acquired Nuance Communications, a leading conversational AI and ambient intelligence company. With this acquisition, the company aimed to aid healthcare providers to deliver more effective, affordable, and accessible healthcare to patients. In addition, the company would also help businesses in developing more customized and relevant customer experiences.
Jun-2021: Xilinx acquired Silexica, a C/C++ programming and analysis tools provider. Through this acquisition, the company aimed to accelerate its migration from software to application-optimized hardware systems through the Software programmability capabilities of Silexica. In addition, this acquisition would also complement the prevailing Vitis solution along with its potential to reach a broader line of developers.
Apr-2021: Siemens acquired Varian Medical Systems, an American radiation oncology treatment, and software manufacturer. Following this acquisition, Siemens would use Varian’s AI-assisted analytics in order to accelerate the development and distribution of redefined cancer diagnosis, data-driven precision care, as well as post-treatment survivorship.
Aug-2020: Digital Diagnostics took over 3Derm Systems, a medical technology company. Following this acquisition, the company aimed to leverage 3Derm’s autonomous AI in order to enhance healthcare quality while mitigating suffering and costs.
Partnerships, Collaborations and Mergers:
Sep-2022: Microsoft entered into a partnership with Novo Nordisk, a leading global healthcare company. Following this partnership, the companies aimed to accelerate the discovery as well as the development of medication and drugs through the capabilities of AI and big data.
May-2022: GE Healthcare signed an agreement with Alliance Medical, a radiology services company. Under this agreement, the companies aimed to develop a digital health solution by employing advanced AI and data analytics. In addition, this agreement would also incorporate tools that facilitate daily management while also offering problem-solving.
Mar-2022: Digital Diagnostics partnered with Baxter International, an American multinational healthcare company. Following this partnership, the companies aimed to integrate Digital Diagnostics’ AI technology into Baxter devices in order to aid front-line care workers in providing high-quality care with enhanced care outcomes to patients.
Nov-2021: GE Healthcare partnered with Optellum, a lung health company. This partnership aimed to expedite precision diagnosis along with lung cancer therapeutics through AI in order to aid healthcare providers in evaluating lung nodule malignancy along with suspicious lesions, such as cancerous or benign.
Jun-2021: Siemens entered into a partnership with Prisma Health, a not-for-profit health organization. Under this partnership, the companies aimed to integrate the clinical expertise of Prisma into Siemens’s technology intending to redefine the future of health care.
Jun-2020: Siemens partnered with Geisinger, a regional healthcare provider. This partnership aimed to expedite components of the strategic priorities of Geisinger with respect to constantly enhancing their care for communities and patients throughout the region.
Product Launches and Product Expansions:
Oct-2022: Google Cloud launched Medical Imaging Suite, a technology to help with the interoperability and accessibility of radiology. This product aimed to deliver flexible choices for cloud, edge, or on-premise deployment in order to enable businesses to comply with the diverse sovereignty, privacy, and security demands of customers.
Sep-2022: GE Healthcare launched Optima IGS 320, an AI-powered Cath lab. With this launch, the company aimed to further boost cardiac care throughout India in order to propel intelligent imaging with the aim to support cardiologists as well as personalized treatment therapies and protocols. Furthermore, this launch would also accelerate the access of Indian patients to healthcare.
Sep-2022: NVIDIA released the NVIDIA IGX, an industrial-grade edge AI platform. This solution aimed to offer highly secure and low-latency AI inference to help in fulfilling the demand for instant insights from a range of devices and sensors for medical applications.
Jul-2022: GE Healthcare rolled out its 5G Innovation Lab in India. With this launch, the company aimed to increase patient’s access to high-quality care through 5G-enabled healthcare solutions, including Augmented & Virtual Reality, Artificial Intelligence, and Advanced Visualization. In addition, it would also streamline teleradiology and image transfers to entirely transform remote care.
Mar-2022: Siemens introduced NAEOTOM Alpha and MAGNETOM Free.Star. Through this launch, the company aimed to strengthen its position within the clinical decision-making sector throughout the full healthcare spectrum. The MAGNETOM Free.Star encompasses the ability to expand patients’ access to high-value care. Furthermore, NAEOTOM Alpha offers high-resolution data images at minimal doses, enhanced contrast at lower noise, and spectral information in each scan.
Mar-2022: NVIDIA rolled out Clara Holoscan MGX, a platform for the medical device sector. Through this launch, the company aimed to develop and install real-time AI applications at the edge, particularly manufactured to comply with regulatory standards.
Nov-2021: IBM Watson rolled out the IBM Imaging AI Orchestrator, a cloud-based AI service. Following this launch, the company aimed to aid radiologists in managing their access to AI insights in terms of reading workflow. Furthermore, this solution would offer managed access to regulatory-cleared AI applications through the best-in-class AI solution providers to imaging businesses.
May-2021: GE Healthcare unveiled Xeleris V, a virtual review and processing solution. This solution aimed to eliminate the requirement for a standalone nuclear medicine workstation, which would allow healthcare providers to securely access data from multiple locations.
Nov-2020: GE Healthcare released the Edison Developer Program, a range of breakthrough imaging innovations. Through this launch, the company aimed to aid customers in redefining the future of healthcare by addressing the two-part challenge of the modern healthcare environment, including the delivery of high-quality care with higher capacity and workflow issues.
Apr-2020: IBM unveiled AI-Powered Technologies. Through this launch, the company aimed to aid research and the health community in expediting medical treatments and insights discovery for COVID-19.
Jan-2020: Microsoft introduced AI for Health, a five-year program of the company. This solution aimed to leverage AI capabilities in order to help businesses along with researchers in addressing major healthcare challenges throughout the world.
Approvals and Trials:
Apr-2020: Siemens received FDA approval for its AIDAN artificial intelligence technologies. This patient foundation-focused bed aimed to offer four new features viz. OncoFreeze AI, PET FAST Workflow, FlowMotion, and Multiparametric PET Suite AI.
Scope of the Study
Market Segments covered in the Report:
By Application
• In Vivo Diagnostics
o Vivo Diagnostics Specialty Type
Radiology
Cardiology
Neurology
Obstetrics/gynecology
Ophthalmology
Others
o Vivo Diagnostics Modality Type
Computed Tomography
X-Ray & Ultrasound
Magnetic Resonance Imaging
Others
• In Vitro Diagnostics
By End User
• Hospitals
• Diagnostics Imaging Centers
• Diagnostics Laboratories
• Others
By Component
• Services
• Software
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Microsoft Corporation
• Nvidia Corporation
• IBM Corporation
• Intel Corporation
• Google LLC
• Siemens Healthineers AG (Siemens AG)
• General Electric (GE) Co. (GE Healthcare)
• Xilinx, Inc.
• Digital Diagnostics, Inc.
• InformAI, LLC
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Artificial Intelligence
Free Your Hands, QIDI Vida Smart AR Glasses Lead the Way in New Sports Experience.
NEW YORK, April 19, 2024 /PRNewswire/ — Outdoor smart AR glasses, QIDI Vida, will officially launch on 23rd April on the Kickstarter platform. QIDI Vida integrates the many functions of smart watches, sports headphones, cycling computers, heart rate monitors, and walkie-talkies using AR+AI technology, allowing users to bid farewell to cumbersome device management and enjoy outdoor sports anytime, anywhere with just one pair of glasses.
Function:
QIDI Vida uses high-tech HUD (Head-Up Display) which is similar to the technology used for aircrafts and premium cars and introduces it to the sports industry. Users can activate the HUD function at any time using voice control, enabling them to focus on the route ahead whilst simultaneously having access to information such as navigation, speed, heart rate, power and cadence, among other metrics. Another great function of the QIDI Vida is that users can also enjoy audiovisual entertainment through the optically perceived 100-inch AR HUD screen, when having some down time.
As cyclists and hikers often travel in groups, QIDI Vida supports eSIM and team functionality, allowing real-time voice communication without releasing handlebars, and users can monitor their groups’ real-time locations. The glasses also have comprehensive sensing and monitoring capabilities including temperature, humidity, UV, air pressure, geomagnetism and acceleration. In addition to obtaining environmental and health information, it also features health warnings such as altitude sickness symptoms and high heart rate, as well as fall and collision detection functions. And, in the event of danger, it can send distress signals to teammates.
Perks:
QIDI Vida has a global voice recognition and interaction feature that allows you to control all functions within the device by voice. To better provide users with an immersive sports experience, QIDI Vida’s intelligent system will have the capability to instantly gather personalised sports data, enabling it to deliver timely voice alerts and broadcasts, including the duration of exercise, distance, the environment and the weather – all tailored to the user’s preferences.
QIDI Vida enables voice-controlled photos and video recordings, allowing users to capture moments whilst cycling or hiking without the need to stop. QIDI Vida supports connections with common cycling smart hardware such as Garmin, Wahoo, Apple, and Samsung, supports GPX route files, and is compatible with professional sports apps such as Strava, Keep, Zwift, Apple Health, and All Trails.
QIDI Vida stands out for its lightweight and comfortable design with a dual lens for a full-colour data display, unlike competing AR glasses that typically have a single lens and limited colour. This innovation significantly enhances and augments the user’s sports and reality experience.
QIDI Vida will launch on the Kickstarter platform: https://www.kickstarter.com/projects/109560964/qidi-vida-smart-ar-glasses-for-sports
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Artificial Intelligence
Risk Analytics Market worth $180.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The growing use of real-time monitoring and advanced analytics, integration with cutting-edge technologies like blockchain and IoT, and an emphasis on cybersecurity, cross-industry applications, and regulatory compliance are the key factors that will shape the risk analytics market in the future. The market’s development will also be influenced by collaborative risk management, improved user experience, and an increasing focus on ESG factors and risk culture.
The Risk Analytics Market is estimated to grow from USD 59.7 billion in 2024 to USD 180.9 billion in 2029, at a CAGR of 24.8% during the forecast period, according to a new report by MarketsandMarkets™. Several trends fuel the global spread of Risk Analytics. Increasingly Increasing Data Complexity, Rising Cybersecurity Threats and Rising Adoption of Cloud-Based Solutions A growing talent pool of data scientists and engineers is building the necessary tools and infrastructure. Governments are recognizing the potential of risk analytics for economic growth and are investing in research and development. These trends make DI more accessible and valuable, leading to its global adoption.
Browse in-depth TOC on “Risk Analytics Market”260 – Tables 60 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2023
Base year considered
2023
Forecast period
2024–2029
Forecast units
USD Billion
Segments Covered
Offering,Risk Type, Risk stages, Vertical, and Region.
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US)
By offering the services segment to account for higher CAGR during the forecast period
In the Risk Analytics Market, the highest CAGR of services is fueled by Increasing Complexity of Risks, AI and machine learning advancements, big data analytics integration, business process optimization, cloud-based solutions adoption, data-driven culture, and diverse industry adoption. These trends reflect a global shift towards leveraging data for competitive advantage, driving a continuous need for sophisticated risk analytics services across sectors. As businesses prioritize agility, the growth of services in the Risk Analytics Market is driven by the need for effective risk management strategies in an increasingly complex and uncertain business environment.
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By Type, GRC software is expected to hold the largest market size for the year 2024
GRC software typically offers comprehensive solutions that cover a wide range of risk management needs, including compliance management, policy management, audit management, and risk assessment. They also provide organizations with enhanced visibility into their risk landscape. Through features such as risk assessment, risk monitoring, and reporting, organizations can identify and prioritize risks more effectively, enabling proactive risk management strategies. GRC software streamlines risk management processes through automation, reducing manual effort and increasing efficiency. Tasks such as risk assessments, control testing, and incident management can be automated, freeing up resources to focus on strategic risk mitigation efforts. the combination of comprehensive functionality, regulatory compliance support, efficiency gains, scalability, integration capabilities, and culture enhancement makes GRC software a preferred choice for many organizations seeking to manage risk effectively.
By Vertical, Healthcare & Life Sciences is projected to grow at the highest CAGR during the forecast period
The Healthcare and Lifesciences is experiencing a surge in the adoption of risk analytics due to a confluence of factors. Healthcare providers and life sciences companies wants to ensure the safety and well-being of patients. Risk analytics helps in identifying potential risks to patient safety, such as medication errors, adverse events, and medical device failures. The healthcare and life sciences industries are heavily regulated, with strict guidelines for patient care, data privacy, drug development, and clinical trials. Risk analytics helps organizations ensure compliance with these regulations by identifying and mitigating risks of non-compliance. Healthcare organizations and life sciences companies also face financial risks associated with fraud, billing errors, revenue cycle management, and reimbursement challenges. Risk analytics helps in detecting anomalies and optimizing financial processes to mitigate these risks.
Asia Pacific is expected to grow at the highest CAGR during the forecast period
The Asia-Pacific (APAC) region is experiencing rapid growth in the Risk Analytics Market, boasting the highest Compound Annual Growth Rate (CAGR). This surge is primarily attributed to rising demand for data-driven decision-making solutions, expanding digital transformation initiatives across industries.. Moreover, the region’s favorable regulatory environment, growing investments in big data analytics, and the integration of advanced technologies like the Internet of Things (IoT) further propel APAC’s dominance in Risk Analytics Market growth.
Top Key Companies in Risk Analytics Market:
The major risk analytics software and service providers include IBM (US), SAS Institute (US), Oracle (US), FIS(US), Moody’s Analytics (US), ProcessUnity(US), ServiceNow (US), Marsh (US), Aon (UK), MetricStream (US), Resolver (Canada), SAP (Germany), Milliman(US), LogicManager(US), Provenir(US), SAI360(US), Deloitte(UK), OneTrust(US), Diligent(US), Alteryx(US), CRISIL(India), Archer(US), ZestyAI(US), Fusion Risk Management(US), RiskVille(Ireland), SPIN Analytics(UK), Kyvos Insights(US), Imperva(US), Cirium(UK), Quantexa(UK), ClickUp(US), Sprinto(US), Ventiv(US), Adenza(US), Centrl.AI(Canada), SafetyCulture(Australia), Quantifi(US), CubeLogic(UK), Onspring(US), Riskoptics(US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the Risk Analytics Market.
Recent Developments:
In March 2024, Orcale announced Oracle Risk Management Cloud in Release 24B. It offers comprehensive solution designed to help organizations identify, assess, and mitigate risks across their business operations. It offers advanced analytics, automation, and collaboration tools to streamline risk management.In March 2024, FIS Global announces card fraud detection capabilities leveraging artificial intelligence (AI) with aim to bolster FIS’s ability to identify and prevent fraudulent transactions, providing greater security for cardholders and financial institutions alike.In March 2024, Aon acquired an AI-powered platform to assist fleet and mobility clients in making data-driven decisions, enhancing operational efficiency and risk management. The platform utilizes artificial intelligence to analyze data and provide insights, enabling clients to optimize their fleet operations and improve decision-making processes.In March 2024, Crisp joined Resolver, with the aim to enhance Resolver’s risk intelligence capabilities by integrating Crisp’s expertise and technology into its platform, offering clients improved risk assessment and mitigation tools.In February 2024, SAS partnered with Carahsoft to bring analytics, AI, and data management solutions to the public sector. The aim is to leverage SAS’s expertise in advanced analytics and Carahsoft’s extensive government market reach to offer tailored solutions that enable public sector organizations to harness the power of data for informed decision-making and improved outcomes.Inquire Before Buying@ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=210662258
Risk Analytics Market Advantages:
By offering insights into potential risks, opportunities, and trends, risk analytics helps organisations make data-driven decisions that improve strategic planning and resource allocation.In order to improve risk management procedures and lessen exposure to possible threats, risk analytics solutions assist businesses in identifying, evaluating, and mitigating risks across a range of business activities, including finance, operations, and compliance.Through real-time monitoring and anomaly detection made possible by risk analytics, organisations may proactively address shifting market situations, legal requirements, and cybersecurity threats.Risk analytics solutions assist organisations lower operating costs, increase productivity, and streamline compliance activities, which results in cost savings and resource optimisation. They do this by streamlining risk management procedures and automating routine work.Accurate risk assessments, audit trails, and reporting capabilities are just a few of the ways that risk analytics solutions help organisations comply with regulations and stay out of trouble.Organisations can enhance their resilience and competitiveness by anticipating and mitigating potential hazards before they materialise through the use of predictive modelling and advanced analytics approaches in risk analytics.Report Objectives
To define, describe, and predict the Risk Analytics Market by offering, risk type, risk stages, vertical, and regionTo provide detailed information about the major factors (drivers, restraints, opportunities, and challenges) influencing the market growthTo analyze the opportunities in the market and provide details of the competitive landscape for stakeholders and market leadersTo forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin AmericaTo profile the key players and comprehensively analyze their market rankings and core competenciesTo analyze the competitive developments, such as partnerships, product launches, and mergers & acquisitions, in the Risk Analytics MarketBrowse Adjacent Markets: Analytics Market Research Reports & Consulting
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Artificial Intelligence
Robotic Palletizer Market worth $1.9 billion by 2029 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 19, 2024 /PRNewswire/ — The robotic palletizer market is projected to grow from USD 1.4 billion in 2024 and is expected to reach USD 1.9 billion by 2029, growing at a CAGR of 5.9% from 2024 to 2029 according to a new report by MarketsandMarkets™. Rising awareness towards workplace safety and reducing the risk of work-related injuries to drive the market. Robotic palletizers significantly enhance workplace safety and reduce the risk of work-related injuries and associated costs. By automating repetitive tasks like palletizing, businesses can redeploy their human workforce to higher-value activities that require human skills like problem-solving, critical thinking, and customer interaction. This allows them to optimize their workforce and leverage human capabilities more effectively.
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Browse in-depth TOC on “Robotic Palletizer Market” 100 – Tables60 – Figures200 – Pages
Robotic Palletizer Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 1.4 billion
Estimated Value by 2029
$ 1.9 billion
Growth Rate
Poised to grow at a CAGR of 5.9%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Component, Robot Type, Application, End-use Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
High initial investment cost
Key Market Opportunities
Increasing application in small and medium-sized enterprises
Key Market Drivers
Growing labor shortage and need for workforce optimization
Collaborative robots in the robot type segment are expected to witness higher growth rate during the forecast period.
Collaborative robots are expected to witness a higher CAGR during the forecast period. Unlike traditional industrial robots that often require physical barriers or cages to protect human workers, cobots are equipped with advanced safety features, such as force and torque sensors, collision detection, and speed monitoring. These features enable cobots to operate safely in proximity to humans without posing significant risks of injury.
The Pharmaceutical segment in the robotic palletizer market is expected to witness highest growth rate during the forecast period.
Pharmaceutical products are subject to strict regulations regarding storage, handling, and quality control. Robotic palletizers play a crucial role in providing greater precision and consistency in palletizing tasks and minimizing the risk of contamination within pharmaceutical manufacturing facilities. It also reduces human intervention in the handling and stacking of products and helps mitigate the potential for cross-contamination and ensures adherence to strict hygiene standards.
End-of-Arm- Tooling (EOAT) component is expected to witness the highest CAGR in the robotic palletizer market during the forecast period.
End-of-arm tooling (EOAT) is a crucial element of a robotic arm system, especially in applications like robotic palletizing, where the robot needs to interact with various objects or products. EOAT essentially acts as the hand of the robotic arm, designed to securely grasp, lift, and place boxes or cases onto pallets. Overall, EOAT plays a vital role in the effectiveness of robotic palletizers as it ensures secure handling of products, efficient palletizing patterns, and smooth operation of the entire system.
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North America is expected to hold the largest share of the robotic palletizer industry during the forecast period.
North America is home to major automobile and retail companies, which has accelerated the demand for robotic palletizers in this region. Additionally, the rise in manufacturing activity, fueled by plans for reshoring and technological improvements, has further driven the need for robotic palletizers. In North America, certain government funds are available to increase workplace safety. In 2023, the Occupational Safety and Health Administration announced a grant of approximately USD 12.7 million to 100 non-profit organizations across the nation to provide education and training for workers and employers about recognizing workplace hazards, injury prevention, and understanding workers’ rights and employers’ responsibilities under federal law. Businesses that use robotic palletizers may be eligible for funding as they lower the risk of worker injuries from manual lifting.
Key Players
Leading players in the robotic palletizer companies include FANUC CORPORATION (Japan), KION GROUP AG (Germany), KUKA AG (Germany), ABB (Switzerland), and Krones AG (Germany). Schneider Packaging Equipment Company, Inc. (US), Honeywell International Inc. (US), Kaufman Engineered Systems (US), Concetti S.p.A. (Italy), Sidel (France), Brenton, LLC. (US), A-B-C Packaging Machine Corporation (US), Antenna Group (Italy), BEUMER GROUP (Germany), Brillopak (UK), BW Integrated Systems (US), Columbia Machine, Inc. (US), Euroimpianti S.p.A. (Italy), Fuji Yusoki Kogyo Co., Ltd. (Japan), HAVER & BOECKER OHG (Germany), KHS Group (Germany), MMCI (US), Okura Yusoki Co., Ltd. (Japan), Rothe Packtech Pvt. Ltd. (India), and S&R Robot Systems, LLC. (US) are few other key companies operating in the robotic palletizer market.
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