Artificial intelligence (AI) in the packaging market is projected to rise from US$2080.8 million to US$6015.6 million over the next ten years, according to a report from Future Market Insights. Sales are expected to grow at a CAGR of 11.2 per cent from 2023 to 2033.
The report defines AI in packaging as the use of advanced technologies, such as machine learning and computer vision, to improve various processes. This includes detecting defects or inconsistencies in packaging materials, managing supply chains, and analysing market trends and other variables to optimise production and distribution processes. AI algorithms can also generate personalised packaging designs or provide recommendations on packaging materials that align with branding and customer needs.
It says AI can also be used to facilitate the development of intelligent packaging solutions, such as active monitoring systems, temperature-sensitive labels, and interactive packaging experiences.
The report identifies a several trends which it says are “shaping the future of the industry and opening up new possibilities.”
AI algorithms are being used to identify potential issues in advance, allowing for proactive maintenance. Advanced computer vision algorithms are also being taken advantage of, which can quickly identify product defects. AI-driven analytics and optimisation tools are helping with supply chain management. Voice and image recognition facilitates hands-free operations, improves accuracy and enhances user experience. Data analytics are being used by businesses to gain valuable insights into consumer behaviour and market trends.
However, the report also highlights several market barriers, such as high implementation costs, data privacy and security concerns, difficulty integrating with existing infrastructure, as well as ethical and legal considerations, such as the impact on human labour.
Access the full report by Future Market Insights here.
