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Food and Beverages | Wednesday, November 20, 2019
In the food and beverage market, artificial intelligence is segmented by applications like consumer engagement, quality control, and so on, end-user like the food processing industry, and geography.
Fremont, CA: AI, especially in the food and beverage market, is predicted to register a CAGR of more than 65.3 percent in the forecast period, 2019 to 2024. The food and beverage industry is transforming due to the changes in consumer demands toward preferring fast, affordable, and easily accessible food options. Market leaders leverage advanced technologies, like AI and Machine learning, to scale operations, and allow businesses to stay significant in a robust market environment.
• AI has gained a lot of prominence in the past few years, and numerous companies actively invest in exploring the potential of technology in the industry. The innovative and evolving technology of AI is helping the food and beverage companies with their supply chain management via logistics, predictive analytics, and also transparency.
• In order to better the efficiency throughout the supply chain, organizations are rapidly digitizing the supply chain to stand out in the crowd and also drive revenue growth. AI is helping the organizations to analyze data derived from the supply chain, which results in a better understanding of variables in the supply chain by evaluating future scenarios.
• In the supply chain, AI is helping businesses to innovate quickly by reducing the time to market and establishing an agile supply chain that possesses the capability to foresee and deal with uncertainties, which is also a driving factor of the growth of AI in the food and beverage sector.
• AI provides benefits to the food and beverage industry, but the high cost of a large-scale deployment is leading to a restriction in market growth. Feedstock, being one of the challenges of the food processing industry, is very rarely found to be uniform. This storage of food is carried out by manual labor, but with the help of AI, this sorting process can be automated, resulting in reduced labor costs, increased speed, and improved yields.