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.
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.
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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.
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.
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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.