Artificial Intelligence in Food and Beverages Market: Overview
Changing and growing consumer preference towards affordable, easily accessible, and fast food options has ushered in transformation in the food and beverage industry. Prominent market leaders are making optimum usage of advanced technologies, such as machine learning and artificial intelligence. These technologies are scaling up operations and assisting companies to retain its relevance in a dynamic environment of the market.
The prevalence of artificial intelligence in food and beverage market is a recent phenomenon and comprises numerous major players. Therefore, the global artificial intelligence in food and beverages market is competitive. Nevertheless, in terms of market share only a handful of market players dominate the market globally. The major players are emphasizing on expanding their footprint on unexplored geographies and expanding their customer base on foreign shores.
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In its latest offering, Transparency Market Research has come up with a report titled “Artificial Intelligence in Food and Beverages Market”. This report attempts to elucidate all the aspects of global artificial intelligence in food and beverages market so that enough relevant information could be provided to the businesses operating in the market.
Artificial Intelligence in Food and Beverages Market: Notable Developments
India based precious metals producer and refiner Hindustan Platinum Pvt. Ltd has acquired electrical contacts manufacturing plant of ABB, Swiss engineering firm, in Puerto Rico.
Honeywell International Inc., Rockwell Automation Inc., ABB Ltd, Key Technology Inc., and Raytec Vision SpA are key players operating in the global artificial intelligence in food and beverage market.
Artificial Intelligence in Food and Beverages Market: Key Trends
Below-mentioned are market trends and opportunities that are associated with the global artificial intelligence in food and beverage market:
Better Customer Service by Companies to Stimulate Market Growth
Artificial intelligence is used in the understanding of consumer behavior, which is estimated to result in predictions that are more correct and precise. Furthermore, it enables organizations and marketers to engage in deeper interactions, communicate with consumers at a personal level, and augment their brand-related overall experience.
Besides, increasing adoption of chatbots by people so as to work effectively on the offline mode. According to an American express report, more than 50% of the customers are ready to spend more on companies that offer better customer service. This opens up vistas of opportunity for artificial intelligence. Such opportunities are likely to trigger growth of global artificial intelligence in the food and beverage market.
Artificial intelligence also assists in the deduction, monitoring and analysis of customer sentiments and behavior across various social media platforms.
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Artificial Intelligence in Food and Beverages Market: Geographical Analysis
North America, Latin America, Europe, Middle East and Africa, and Asia Pacific comprise regional segments of global artificial intelligence in the food and beverage market. The North American artificial intelligence in the food and beverage market is growing and accounts for the second-largest market share. The regional market is driven by the United States.
The preparedness for high fractional increase in and adoption of replacement artificial intelligence are driving the regional market for artificial intelligence in the food and beverage. Furthermore, food processing is one of the important manufacturing segments in the United States.
The artificial intelligence in the food and beverage market in Asia Pacific is expected to expand with the highest CAGR. Increased taking up of deep learning and Neuro-Linguistic Programming (NLP) technologies in law applications, agriculture, marketing, and finance in Asia Pacific are reasons for such rapid expansion of artificial intelligence in the food and beverage market in the region. In addition to that, existence of many of the leading market players in the regions also contributed towards exponential growth of artificial intelligence in the food and beverage market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.