Global AI in Packaging Market Forecast, Trend Analysis And Competition Tracking - Market Insights: 2015 – 2031

Global AI in Packaging Market Introduction

The global AI in the packaging market was valued at US$ 4,815.3 million in 2020 and is projected to grow at a CAGR of 4.5% over the forecast period.

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Artificial Intelligence, or AI, is a science that revolves around the notion of machines being able to think and make decisions independently. With the rise of healthcare, finance, and retail industries, businesses are becoming more dependent on AI to gain an edge over competitors. Packaging itself is no different as companies are turning to robots for assembly jobs at a much faster rate than human workers. These intelligent machines can assemble products quicker than humans, with fewer errors.

In a world with a rapid rise in population and shrinking resources, the need for better food security is becoming a reality. In a world filled with challenges, many wonder how to tackle the challenge of food safety. One way is to reduce the likelihood of foodborne illness from meat contaminated by pathogens. The use of Artificial Intelligence, or AI, in packaging is becoming more and more common. AI in packaging can revolutionize logistics for corporations and small businesses. AI can automate routing packages to their various destinations by optimizing different routes for overall efficiency and minimizing costs.

In today's tech-driven society, it would be difficult for any industry not to consider artificial intelligence as a way to stay at the forefront of trends. Many industries are beginning to embrace the idea of artificial intelligence as a way to make their products more efficient. With tech giants such as Google, Amazon, and Apple investing billions into artificial intelligence research, it may seem like a natural fit for other industries to do the same.

The global AI in the packaging market is segregated into technologies, applications, end-users, and regions. The global AI in the packaging market is sub-segmented into machine learning, machine vision, and other technologies based on technology. Concerning application, the market is distributed into data labeling, smart warehousing, quality inspection, AI-based recycling systems, and other applications. The market is sub-segmented into food & beverages, pharmaceutical, cosmetics, consumer electronics, and other end-users based on end-user. The global AI in the packaging market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

The Increasing Number Of Large And Complex Dataset

The rise in sales of artificial intelligence in packaging is due to the growth of large and complex datasets. The AI helps improve efficiency by simplifying tasks like turning raw data into valuable insights for marketing purposes. This way, companies can produce better products and increase their customer base while generating higher profits.

Rising Demand For Contamination-Free Packaging Process

Packaging is becoming more critical than ever; the term "organic" has become synonymous with food in recent years. There are many concerns over what chemicals or plastics may be leaching into our food supply. Packaging that is free of these substances is becoming increasingly popular in the market. It's not just in grocery stores but also in restaurants and other gastronomic establishments.

Evolving Industrial Iot And Automation Process

Artificial intelligence software such as IBM Watson continuously evolves and can provide real-time data analysis and predictive capabilities for the supply chain management. Many companies are embracing Industrial IoT and automation processes as a means to improve business efficiencies. This is causing the sales of artificial intelligence in packaging to grow, as companies want to use AI to improve their operational efficiency and reliability and generate new revenue streams.

Growing Need For Warehouse Automation

The need for warehouse automation has been on the rise due to the economic downturn in America. In 2015, a survey found that "85% of supply chain professionals believe their supply chains are not fully optimized." The most common problem with traditional warehouses is that manual labor can be time-consuming and expensive. Technology has been an answer for this issue: robotics and automation can help reduce costs and increase efficiency while improving quality control.

Increasing Monetary Support By Public-Private Ventures For Developing Smart Robots And Machines

Alongside its new initiatives to invest in robotics, Amazon recently announced that it will start using more robots and machines to make deliveries, which could outpace their use of delivery drivers. Nearly half of the leading companies in the US are developing some form of robot or machine that can do tasks like packaging food or checking inventory. Critical developments in artificial intelligence software are facilitating this trend.

Limiting factors

Despite embodying many reported advantages, there are several issues that an AI implementation must deal with. Before implementing AI, it's essential to identify specific use cases to facilitate data collection. Therefore, it is vital to work with a packaging company that has already identified its potential needs.

COVID-19 Impact Analysis on AI in Packaging Market

The widespread devastation caused by COVID-19 had a positive and a negative impact on the AI industry, leading to a shortage in raw materials and fluctuations in their value. This stagnation also forced the temporary closure of manufacturing and packaging sites. Nonetheless, due to the ease of lockdown rules and the resumption in the implementation of touchless packaging, the market set up for artificial intelligence in packaging should develop gradually during the following year.

Regional Analysis 

The global AI in the Packaging market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Markets in North America are expected to account for the largest share of the global AI in the packaging market over the next decade, owing to rapidly increasing globalization and increasing public-private partnerships to launch smart machinery.

Competitive Landscape

• NCR
• Tokheim
• Gilbarco Veeder-Root
• Invenco Group
• Verifone
• Scheidt and Bachmann
• KVSIO
• Unixfor S.A.
• Quest Payment Systems
• Orpak Systems(Gilbarco)
• Other Key Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020