April 21, 2020
According to the research report titled ‘Artificial Intelligence (AI) in Manufacturing Market Size By Component Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, artificial intelligence in manufacturing market is expected to exceed USD 16 billion by the year 2025.
Surging venture capital investments and rapid digitalization of manufacturing processes are driving the growth of worldwide artificial intelligence in manufacturing industry. Large amounts of data generated due to industrial digitalization is fostering the demand for advanced data analytics and AI technologies in manufacturing processes across the globe.
Emergence of Industry 4.0 and growing focus towards improving productivity while minimizing operational costs are further aiding the market expansion. Adoption of these advanced technologies has allowed manufacturers to predict the consumer demand and further align their respective operations according to the consumer requirements.
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As per component type, hardware segment presently accounts for 57% share in the overall market, primarily due to growing integration of artificial intelligence solutions across various industries. Meanwhile, GPU (graphic processing unit) segment holds 45% market share owing to growing demand for high processing capabilities and improved visual content.
In terms of technology, machine learning segment held 47% revenue share in 2018 and is presumed to expand continuously through 2025. The technology not only enhances quality management throughout all the stages of the manufacturing process, but also predicts the product quality at an early stage of development. On the other hand, computer vision segment is expected to grow with a CAGR of 45% during 2019-2025, owing to increasing utilization of automation and IoT solutions.
Considering the geographical landscape, Asia-Pacific held 43% share of global artificial intelligence in manufacturing market in 2018. High concentration of advanced manufacturing facilities in South Korea, Japan and China along with surging incorporation of Industry 4.0 are promoting the business scenario in APAC.
The prominent companies operating in artificial intelligence in manufacturing industry are Vicarious, AWS, Falkonry, Google, Intel, Nvidia, Microsoft, Qualcomm, Progress Software, Oracle, UBTECH Robotics, Sight Machine, Landing, IMB, Graphcore, General Vision, Canvas Analytics and Advanced Micro Devices among others.
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