The global artificial intelligent in manufacturing market was a valued at USD 0.9 billion in 2019. It is projected to grow at a CAGR of 47.2% during forecast period.
COVID-19 has impacted artificial intelligent in manufacturing market. This pandemic has disrupted the supply chain and timely devilry of finished products. This has made all industries to reconsider and adapt to the global supply chain model. The production of many industries was halted. The new technology upgrade for many industries has been postponed to recover losses due to lockdown. The growth in AI is totally dependent on growth in manufacturing units. Due to corona virus pandemic manufacturing units upgrade is on halt thus the growth AI in manufacturing unit is expected to be slow. AI market is affected negatively by COVID-19.
For more details, visit: Global AI in Manufacturing Market By Offering(Hardware, Software, Services), By Technology(Machine Learning, Natural Language Processing, Others), By Application(Predictive Maintenance & Machinery Inspection, Material Movement, Others), By Region–Forecast & Opportunities to 2026
The industrial internet of things is gaining immense popularity these days. The IIoT plays a crucial role in adoption of AI-based technology in manufacturing units. It makes manufacturing process productive, efficient innovative by enabling architecture to provide real-time information about operational and business systems. This drives growth in artificial intelligent in manufacturing market.
On the basis of offerings, the AI in manufacturing market is segmented into Hardware, software and services. The Hardware segment is projected to account for maximum market share during the forecast period. The AI manufacturers provide hardware components for technologies such as machine vision cameras, connected cars and IoT. This helps companies in transferring the technology easily and develops the AI hardware. This is growth attributing factor in hardware segment during the forecast period.
On the basis of technology, the AI in manufacturing market is segmented into machine learning, natural language processing, computer vision, context-aware computing. The machine learning is further segmented into deep learning, supervised learning, unsupervised learning and others. The deep learning is expected to register growth at highest CAGR during the forecast period. The deep learning technology has sight wide adoption in various manufacturing applications. This is driving growth in deep learning segment.
On the basis of application, the AI in manufacturing market is segmented into predictive maintenance & machinery inspection, material movement, production planning, quality control, cyber security, reclaimation and industrial robots. The predictive maintenance & machinery inspection segment is expected to register growth at highest CAGR during the forecast period. The use of vision cameras in machinery inspection is increasing extensively along with increase in use of big data in manufacturing units across the world. This is attributing growth in predictive maintenance & machinery inspection segment during the forecast period.
Asia-Pacific region is expected to register growth at highest CAGR during the forecast period. The presence of large number of manufacturers in countries like china and Japan along with strong presence of semiconductors, electronics and automobile manufacturers is primary growth driver in Asia-Pacific region.
The key market players in AI in manufacturing market are IBM, Alphabet Inc., Google, Microsoft, NVIDIA, Intel, Siemens AG, General Electric Company, Micron Technology, Mitsubishi Electric Corporation, SAP SE, Rockwell Automation, Oracle, Amazon Web, AIBrain Spark Cognition Inc. and Cisco System.
- What are the expected industry trends over the next three to five years?
- Which of the artificial intelligent in manufacturing technology is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?