Swarm Intelligence Market is expected to generate US$ 450 million by 2033
Published on : Thursday 26-01-2023
Swarm intelligence is a subset of artificial intelligence that is inspired by the behavioral models of insects such as wasps, bees, and ants.
January 2023 – The global swarm intelligence market is estimated to achieve a valuation of US$ 450 million by 2033, skyrocketing at 45.2% CAGR from 2023 to 2033, as per a new industry analysis by Fact.MR, a market research and competitive intelligence provider.
Swarm intelligence is a subset of artificial intelligence that is inspired by the behavioral models of insects such as wasps, bees, and ants. The technology consists of several individuals that work on a platform to accomplish a common objective that, on a big scale, not only enhances human group decisions but also assists in predicting occurrences. Swarm intelligence is commonly employed in drones and robotics, which often consists of agents such as sonar, radar, and cameras that aid in data and information collection.
Growing demand for innovative concepts and strategies for efficiently handling significant data-related challenges and the rising usage of swarm intelligence-powered drones and other products in the military and defense sectors are propelling the global swarm intelligence market. Swarm intelligence has developed a realistic and practical way of performing the required goal of locating and striking a target. Swarm-based drones and robots are used in a variety of applications such as surveillance and environmental monitoring, disaster relief, and military.
Several other industries are also increasing their investments in adopting analytical solutions that can reduce operational expenses and make operations faster and more efficient. As swarm intelligence-based algorithms demonstrate their efficacy in these domains and public awareness of their benefits grows, swarm intelligence is predicted to gain greatly from a potential increase in the variety of applications.
Key Takeaways from Market Study
· The global swarm intelligence market is valued at US$ 15 million in 2023.
· Worldwide demand for swarm intelligence solutions is projected to surge at a CAGR of 40.5% from 2023 to 2033 (forecast period).
· The global market is forecasted to hit a valuation of US$ 450 million by 2033.
· North America held 45.2% share of the global market in 2022.
· The drone segment is expected to witness massive growth during the study period.
The global market is moderately competitive. Key players in the swarm intelligence market are actively pursuing marketing techniques such as partnerships, acquisitions, investments, technological innovations, and R&D activities to strengthen and widen their overseas footprint.
The market has witnessed numerous new developments in recent years. Moreover, many start-ups are exploring ways to integrate swarm intelligence with previously untapped applications.
Cubbit, an Italian start-up, is developing a distributed system for cloud storage. To achieve speed and anonymity, the start-ups solution employs swarm intelligence, with each Cubbit Cell operating as a node in a swarm. Cubbit Cells peer-to-peer (P2P) network offers extremely secure, sustainable, and collaborative cloud storage. Furthermore, when compared to conventional data centers, the cost of maintaining these systems is substantially lower.
Brainalyzed, a German start-up, provides an enterprise AI platform for swarm intelligence. The system allows fintech customers to scale profits and predict market fluctuations. To enhance decision-making, the start-ups technology integrates artificial swarm intelligence with data analytics. The technology also detects irregularities in a variety of industries, including energy, manufacturing, and telecommunications.
More valuable insights on offer
Fact.MR, in its new offering, presents an unbiased analysis of the global swarm intelligence market, presenting historical demand data (2018 to 2022) and forecast statistics for the period of 2023 to 2033.
The study divulges essential insights on the market on the basis of capability (optimization, clustering, scheduling, routing), application (robotics, drones, human swarming), and end user (transportation & logistics, robotics & automation, healthcare, retail & e-Commerce, others), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).
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