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AI In Food & Beverage Market Forecast and Trends

The global market of AI in Food & Beverage projected a CAGR rise of 42.5% to reach USD 12.58 billion by 2026. Changes in consumer demand to favor easy, inexpensive and easily accessible food options have resulted in a transformation in the food and beverage industry, with market leaders leveraging advanced technologies such as artificial intelligence and machine learning to scale up operations and helping businesses remain relevant in a challenging market environment.

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AI In Food & Beverage Market Forecast and Trends

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  1. AI In Food & Beverage Market

  2. According to BlueWeave Consulting, The global AI in food & beverages Market expected to reach US$ 12.58 billion in 2026 with a lucrative CAGR of 42.5%. Key factors driving growth are the growing need to reduce the cost of food & beverage, raising the value of big data in food & beverage, increasing adoption of precision medicine and increasing the cost of hardware. Increasing applicability of AI-based medical care technologies and increasing venture capital funding can also be attributed to the surge in demand for this technology. CarePrevist, Inc., for example. Uses AI technology to track changes in behavioral patterns and activity for early prediction of health problems. Increasing number of cross-industry collaborations are expected to improve the adoption of AI by the food & beverage sector which is also responsible for its lucrative rate of growth. In September 2018 GNS food & beverage entered into a cross-industry agreement with Alliance and Amgen to perform clinical oncology studies. The goal of the collaboration was to use data from clinical trials and artificial intelligence (AI) to identify factors that enhance treatment responses in patients with colorectal metastatic cancer (CRC).

  3. Growth drivers Growing Need for Analysis of Consumer Buying Behavior and Prediction of Inventory Levels to Reduce Food Wastage With every passing day, the rising number of customers to be addressed by food and beverage companies is overwhelming and it needs enormous efforts to engage with customers. Using AI-enabled algorithms, Artificial Intelligence uses data derived from past records, so that sales-related outcomes can be predicted for a specified time. AI mainly helps food producers and retailers understand their customers better. The companies will be able to recognize the tastes and preferences of the consumers, which would help them anticipate potential sales trends for their goods. They would also be able to identify with those clients who engage with them repeatedly and predict their buying patterns. This would help them stock up on their inventories.  Read More:https://www.blueweaveconsulting.com/ai-in-food-&-beverage-market-bwc19398/report-sample

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