Global Artificial Intelligence (AI) Market in Food and Beverage (F&B) Industry 2017-2021
About Artificial Intelligence (AI) in Food and Beverage (F&B) Industry
AI technologies have been developed over the years, to assist humans in deliberating, deducing, analyzing, and inventing new technologies that can help end-users. AI embodies multiple disciplines that allow computers to perform functions associated with human intelligence such as reasoning, problem-solving, and learning. Manufacturers in the F&B industry can experience several benefits by deploying AI technology in the manufacturing sector.
Technavio’s analysts forecast the global artificial intelligence (AI) market in food and beverage (F&B) industry to grow at a CAGR of 42.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global artificial intelligence (AI) market in food and beverage (F&B) industry for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Artificial Intelligence (AI) Market in Food and Beverage (F&B) Industry 2017-2021
Technavio recognizes the following companies as the key players in the global artificial intelligence (AI) market in food and beverage (F&B) industry: Aboard Software, Ailyti, Analytical Flavor Systems, Deepnify, and ImpactVision.
Other Prominent Vendors in the market are: IntelligentX Brewing, Martec Of Whitwell, NotCo, Sight Machine, and TOMRA.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of IIoT. The development of Industrial Internet of Things (IIoT) and technological enhancements will fuel the adoption of AI in the F&B industry. The high demand and use of smart devices, wireless, and cloud technology will influence the future of industrial robots, such as collaborative robots, in terms of the range of utility and mode of operation.”
According to the report, one driver in the market is regulations to improve food safety. Manufacturers in the F&B industry are increasingly adopting automation to meet regulations and guidelines set by industry associations for ensuring maintenance in the quality of products offered. For instance, Food & Drug Administration’s Food Safety Modernization Act (FSMA) introduced regulations in September 2016, which necessitate large food manufacturers to meet preventive controls and Current Good Manufacturing Practice (CGMPS) requirements. F&B manufacturers are required to have a safety system in place for analysis of hazards and risk-based preventive controls.
Further, the report states that one challenge in the market is limited automation in the F&B industry in developing countries. A major factor that has limited the adoption of AI in the F&B industry is the limited investment in technology by manufacturers. The forecast period will see the limited adoption of technologies and automation as a major challenge for the growth of the AI market in F&B industry. This is a major challenge worldwide, as manufactures in the F&B industry are mainly family-run businesses and domestic companies with limited global presence. Thus, they face budgetary constraints in employing automated solutions, especially those relying on advanced technologies such as AI.
Aboard Software, Ailyti, Analytical Flavor Systems, Deepnify, ImpactVision, IntelligentX Brewing, Martec Of Whitwell, NotCo, Sight Machine, and TOMRA.