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.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold 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.