The industrial AI software market is valued at USD 84.34 billion in the current year. It is expected to register a CAGR of 35.97% during the forecast period to become USD 391.97 billion by the next five years.
The industrial AI software market exhibits moderate fragmentation and comprises several key players, including Siemens AG, Nvidia Corporation, and Cisco Systems, among others. Market dominance is currently concentrated among a select few major players who employ strategic collaborations to expand their market presence and enhance profitability.
In June 2023, Intrinsic, an Alphabet company, announced a partnership with Siemens to explore integrations and interfaces between Intrinsic's robotics software, designed to facilitate seamless utilization of AI-based capabilities, and Siemens Digital Industries, renowned for its interoperable and open portfolio for industrial production automation and management.
In February 2023, Mastek, a reputable digital engineering and cloud transformation partner, joined forces with Netail, an innovative AI-driven retail software solutions provider. Their strategic alliance aims to empower e-commerce and Omni-channel retailers to optimize their retail value chain while attracting, converting, and retaining digital consumers. Combining Mastek's extensive expertise in digital commerce and data analytics with Netail's cutting-edge AI technology, which plays a pivotal role in decision-making related to product selection, pricing, and customer engagement, will result in a synergistic retail solution. Together, Mastek and Netail will provide online retailers with personalized merchandising, a deeper understanding of consumer behavior, an efficient user experience, a flexible assortment strategy, and real-time market visibility.
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