Market Research Future published a research report on “AI in Manufacturing Market Research Report — Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
The take of AI in Manufacturing Market 2020 recorded by Market Research Future reveals that the market can hit 47.09% to the net worth with USD 14.77 billion by 2024 amid the long-term impact of COVID-19. The years of growth is calculated to be from 2019-2024.
Top Grossing Factors
The global AI in Manufacturing Market has gathered pace in its growth amid COVID-19 breakthrough with rapidly evolving industrial automation and IoT, at present. Artificial intelligence is one of the highest-growing technologies in recent years. Artificial intelligence is allied with human intelligence with similar characteristics such as understanding, problem-solving, reasoning, language, and learning. An amalgamation of AI in the manufacturing industry offers a safer operational environment, which further assists in enhancing the quality and quantity of production.
One of the main factors, such as the exponential growth in digital data, is motivating the growth of AI in Manufacturing Market. It is approximated that by the year 2020, around 1.7 megabytes of new data will be created every second. It is further approximate to expand at 40% over the next ten years. Such growth is attributed to the escalating adoption of big data technologies and IoT devices along with the ascend in popularity of cloud platforms among enterprises. All these factors are cheering the adoption of artificial intelligence solutions among the manufacturers to process the data and extract actionable insights.
Furthermore, the factor of enhancement in automation in the manufacturing industry and the rise in demand for big data integration boost the escalation of Artificial Intelligence in Manufacturing Market. With this, prevalent usage of machine vision cameras in manufacturing applications, such as material movement, machinery inspection, quality control, and field service, is also to drive the growth of artificial intelligence in the manufacturing market for the forecast period.
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Market Research Future report offers a wide segmental analysis of the artificial intelligence in manufacturing market on the basis of technology, component, vertical, and application.
Based on component, the Artificial Intelligence in Manufacturing Market is segmented into services, software, and hardware. The hardware segment is further segmented into network, memory, and processor. The processor is again segmented into application-specific integrated circuits (ASICs), field programmable gate array (FPGA), graphical processing unit (GPU) and microprocessor unit (MPU). The services segment is again segmented into support and maintenance and deployment and integration. Of these, the software will have the largest share in the market over the predicted years.
Based on technology, the artificial intelligence in manufacturing market is segmented into computer vision, context-aware computing, natural language processing, deep learning, and machine learning. Of these, machine learning will domineer the market over the predicted years.
Based on application, the artificial intelligence in manufacturing market is segmented into robotics, quality control, field services, IT management, supply chain management, predictive maintenance, and others. Of these, predictive maintenance will lead the market over the predicted years.
Based on vertical, the artificial intelligence in manufacturing market is segmented into pharmaceuticals, food and beverage, semiconductor and electronics, energy and power, aerospace and defense, automobile, and others. Of these, the automobile will have a significant share in the market over the predicted years.
Artificial Intelligence (AI) in manufacturing is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. Nvidia Corporation, Intel, Inc., IBM Corporation, Siemens AG, General Electric company, Google, Inc., Microsoft Corporation, Amazon Web Services, Bosch, Rockwell Automation, Cisco Systems, SAP SE, Foxconn, and others are the companies leading the market globally.
Based on region, the artificial intelligence in manufacturing market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, Europe, and North America. Of these, Asia Pacific will domineer the market over the predicted years. The primary economic countries, namely the Philippines, South Korea, India, and China, are the key manufacturing centers of pharmaceuticals, energy, and power, electronics, and semiconductors. Also, the growing use of robots in the manufacturing process is predicted to help this region to dominate the market all through the predicted years. The artificial intelligence in manufacturing market in North America will have the second major share in the market over the predicted years. The US is an early adopter of novel technologies for application, including product scheduling, engineering design, process planning, factory automation, and others. The artificial intelligence in manufacturing market in Europe is predicted to witness high momentum over the predicted years owing to the growing use of robotics and industry 4.0 by aerospace and automotive industry.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Dynamics
4.1 Market Drivers
4.1.1 Developing Market Of Industry 4.0 And Smart Factories
4.1.2 Increasing Adoption Of Automation By SMEs As Well As Large Enterprises
4.1.3 Development In Advanced Technologies Such As Artificial Intelligence, Machine Learning & Deep Learning
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