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Global Artificial Intelligence (AI) in Food & Beverages Market 2021 Segmented by Application and Geography Trends, Growth and Forecasts

Artificial Intelligence (AI) in Food & Beverages

The report focuses on the favorable Global “Artificial Intelligence (AI) in Food & Beverages market” and its expanding nature. The Artificial Intelligence (AI) in Food & Beverages market report provides a comprehensive study of the market segmentation, service providers, stockholders, sponsors, and important market players, size, and share, market dynamics such as the growth drivers, restraints, challenges, and opportunities.

Market Overview:

  • The Artificial Intelligence in Food and Beverages Market is expected to register a CAGR of over 65.3% during the forecast period 2019 – 2024. Changes in consumer demands towards preferring fast, affordable, and easily accessible food options has led to a transformation in the food and beverages industry, with market leaders leveraging advanced technologies, such as artificial intelligence and machine learning to scale operations and help companies stay relevant in a dynamic market environment.
  • The AI has been actively gaining prominence over the last five years, with many of the companies actively investing in exploring the potential of technology in the industry. This emerging technology of AI is helping F&B companies with supply chain management through the logistics, predictive analytics and also the transparency.
  • Organisations are increasingly digitizing their supply chain to differentiate and also to drive revenue growth which is improving the efficiency across the supply chain. Supply chains are generating a massive amount of data, where AI is helping the organization to analyze this data and gain a better understanding of variables in the supply chain by anticipating future scenarios.
  • AI in supply chains is helping businesses to innovate rapidly by reducing the time to market and establishing an agile supply chain which is capable of foreseeing and also dealing with the uncertainties. This is driving the growth of AI in the food and beverages sector.
  • AI provides many benefit to the F&B industry, but the high cost of large-scale deployment in the sector is restricting the market to grow. There are thin margins in the industry already, and many food and beverage companies have limited resources and cannot make significant investments, like Google or Amazon.
  • F&B brands usually build tightly integrated and customized in-house technology that would reflect the unique needs of the company. In today’s world, the battle for AI so competitively that leading technology companies are spending over USD 650 million annually for desirable candidates.
  • Companies who have the fortune of established data analytics capabilities and also the team of competent developers can safely build their own AI platform. F&B players are without such resources are seeking out solutions and providers by clearly defined goals needs, goals and also budgets.
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    Key Manufacturers

  • 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
  • NotCo

    Market Dynamics: –

    • Drivers: (Developing regions and growing markets)
    • Limitations: (Regional, Key Player facing Issues, Future Barriers for growth)
    • Opportunities: (Regional, Growth Rate, Competitive, Consumption)

    Artificial Intelligence (AI) in Food & Beverages market report focuses on the latest trends in the global and regional spaces on all the significant components, including the capacity, cost, price, technology, supplies, production, profit, and competition. Moreover, the old data and present development of the Artificial Intelligence (AI) in Food & Beverages market have been given in the scope of the report. The latest trends, product portfolio, demographics, geographical segmentation, and regulatory framework of the Artificial Intelligence (AI) in Food & Beverages market have also been involved in the study.

    Scope of the Report:

  • Changes in consumer demands towards preferring fast, affordable, and easily accessible food options has led to a transformation in the food and beverages industry, with market leaders leveraging advanced technologies, such as artificial intelligence and machine learning to scale operations and help companies stay relevant in a dynamic market environment.

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    TOC of Artificial Intelligence (AI) in Food & Beverages Market Report Covered:

    Introduction, Research Methodology, Executive Summary, Key Inferences, Market Overview, Artificial Intelligence (AI) in Food & Beverages market Dynamics, Market Segmentation, Competitive Landscape, Key Players, Future of the Market, and continued…

    Reasons to Purchase Artificial Intelligence (AI) in Food & Beverages Market Report Covered:

    • The report analyses how Artificial Intelligence (AI) in Food & Beverages market will grow in the future.
    • Analyzing various perspectives of the Artificial Intelligence (AI) in Food & Beverages market with the help of Porter’s five forces analysis.
    • Study on the product type that is expected to dominate the market and regions that are expected to witness the fastest growth during the forecast period
    • Recognize the new developments, Artificial Intelligence (AI) in Food & Beverages market shares and policies employed by the major market players.
    • Competitive landscape including the Artificial Intelligence (AI) in Food & Beverages market share of major players along with the key policies accepted for development in the past five years
    • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis and strategies employed by the major Artificial Intelligence (AI) in Food & Beverages market players

    Key Market Trends:

    Consumer Engagement is expected to register a Significant Growth

    Investment made by the former chairman of Tata Sons, in Techbin Solutions Pvt Ltd’s Niki.ai (which is an AI fueled chatbot that conducts conversations with consumers to assist them to order a wide range of services with the help of a chat interface), is depicting the investments and growth of the usage of chabots.

    AI is being applied to understand the consumer behavior, which is expected to lead to more accurate predictions. It can further enable marketers and organizations to reach out to the customers at a personal level, engage in deeper interactions, and enhance their overall experience with the brand.

    Furthermore, many consumers are adopting chabots, as they can effectively work on the offline mode. An American express report stated that more than 50% of the customers are willing to spend more in the companies that provide superior customer service. This opens up a tremendous opportunity for AI, which, in turn, is likely to fuel the growth of AI in the food and beverage sector.

    AI can also help to analyze, monitor, and deduce the customer behavior and sentiments across the various social media channels. Therefore, when AI builds an in-depth customer profile, it matches it to their social experiences about the product. With the help of such powerful insights, firms can now aim to improve the customer experience and make it more productive, thereby leading to the growth of the market.

    North America is Expected to Hold Major Share in the United States

    The market for AI in food and beverage sector is growing in North America, with the United States leading the way. North America held a market share of 29.1% in 2017, which is second-largest region for AI in the food and beverage market.

    In North America, the readiness for adoption and high fractional increase in replacement AI are the leading drivers of their economic impact, which reflects the regions leading stance on AI and its implementation, and also the high automation potential that is expected to occur at the regional level, between now and 2030.Besides, food processing is one of the major manufacturing sectors in the United States. According to the United States Department of Agriculture, 16% of value of shipments from all the US manufacturing plants comes from the food processing plants.

    For most part, this sector is a very high-volume and low-margin industry. Finding new ways to gain modest increase in efficiency can make the difference between a facility turning a profit or a loss. Due to such functional constraints, many of largest food processing companies are shifting to AI technology, in order to improve the various aspects of the process. This is supporting to growth of the AI in food and beverage sector in the region.

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    Study objectives of Artificial Intelligence (AI) in Food & Beverages Market Report:

    • To provide a detailed analysis of the market structure along with the Artificial Intelligence (AI) in Food & Beverages market forecast of various segments and sub-segments of the Artificial Intelligence (AI) in Food & Beverages market
    • To provide insights into factors influencing and affecting market growth
    • To provide historical, current, and forecast revenue of market segments based on material, type, design, and end user
    • To provide historical, current, and forecast revenue of market segments and sub-segments with respect to regional markets and key countries
    • To provide strategic profiling of key players in the market, comprehensively analyzing their market shares, core competencies, and drawing a competitive landscape for the market
    • To provide economic factors, technology and Artificial Intelligence (AI) in Food & Beverages market trends that influence the global Artificial Intelligence (AI) in Food & Beverages market

    Detailed TOC of Artificial Intelligence (AI) in Food & Beverages Market Report 2019-2024:

    1 INTRODUCTION
    1.1 Study Deliverables
    1.2 Study Assumptions
    1.3 Scope of the Study

    2 RESEARCH METHODOLOGY

    3 EXECUTIVE SUMMARY

    4 MARKET DYNAMICS
    4.1 Market Overview
    4.2 Introduction to Market Drivers and Restraints
    4.3 Market Drivers
    4.3.1 Drastic Improvements in Efficiency Across the Supply Chain
    4.3.2 Reduced Chance of Human Error and Associated Inaccuracies
    4.3.3 Attractive, with the Ability to Generate Consumer Interest
    4.4 Market Restraints
    4.4.1 High Cost Associated with Large-scale Deployment of the Technology
    4.5 Value Chain / Supply Chain Analysis
    4.6 Industry Attractiveness Porters Five Force Analysis
    4.6.1 Threat of New Entrants
    4.6.2 Bargaining Power of Buyers/Consumers
    4.6.3 Bargaining Power of Suppliers
    4.6.4 Threat of Substitute Products
    4.6.5 Intensity of Competitive Rivalry

    5 MARKET SEGMENTATION
    5.1 By Application
    5.1.1 Food Sorting
    5.1.2 Quality Control and Safety Compliance
    5.1.3 Consumer Engagement
    5.1.4 Production and Packaging
    5.1.5 Maintenance
    5.1.6 Other Applications
    5.2 By End Users
    5.2.1 Food Processing Industry
    5.2.2 Hotel and Restaurant
    5.2.3 Beverage Industry
    5.3 Geography
    5.3.1 North America
    5.3.2 Europe
    5.3.3 Asia Pacific
    5.3.4 Rest of the World

    6 COMPETITIVE LANDSCAPE
    6.1 Company Profiles
    6.1.1 Raytec Vision SpA
    6.1.2 Rockwell Automation Inc.
    6.1.3 ABB Ltd
    6.1.4 Honeywell International Inc.
    6.1.5 Key Technology Inc.
    6.1.6 TOMRA Sorting Solutions AS
    6.1.7 GREEFA
    6.1.8 Sesotec GmbH
    6.1.9 Martec of Whitell Ltd
    6.1.10 NotCo

    7 INVESTMENT ANALYSIS

    8 MARKET OPPORTUNITIES AND FUTURE TRENDS

     

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