August 30, 2019
Global artificial intelligence in the manufacturing market is anticipated to surpass US $16 billion by 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
Rise in venture capital investment is boosting growth in artificial intelligence (AI) in the manufacturing market. In the year 2016, global investment in artificial intelligence landscape was anticipated to be more than US $12 billion. The cost of deals has also grown exponentially with more than 60% of investments controlled by technology players and digital natives. Rise in availability of digital data is also encouraging the use of artificial intelligence-enabled systems in the industrial sector. It is predicted that over 1.7 megabytes of new data will be produced every second by 2020. This is motivating companies to use artificial intelligence technologies and innovative data analytics solutions among the manufacturing operations.
Rapid growth of industry 4.0 technologies is promoting the increase of artificial intelligence in the manufacturing market. Growing demand among manufacturers to cut down their functional costs and improve productivity is the main aspect leading to the adoption of industry 4.0. Innovative technologies effectively improve productivity and reduce the time to market products. This has allowed manufacturers to predict consumer demand and align their operations with consumer requirements in real-time. These solutions also allow reliable and cost-effective operations without sustaining any intensive capital investments.
The hardware component segment has recorded more than 57% share in artificial intelligence in manufacturing market. This growth can be attributed to the growing demand for artificial intelligence processors across many business verticals. GPUs (Graphic Processing Units) are dominating artificial processors market with more than 45% stake. The rising demand for enhanced visual content and high processing capabilities is also promoting graphic processing units in the industrial sector.
The machine learning segment recorded more than 47% revenue in artificial intelligence in manufacturing industry in the year 2018. The technology is used to check the quality management at every stage of the manufacturing process. It predicts product quality at each stage of production with high level of accuracy. The computer vision market is also predicted to increase at a CAGR of 45% during 2019-2025 owing to increase in automation and extensive adoption of loT systems in the industrial sector.
As per the report, material movement segment is anticipated to increase at a CAGR of more than 43% over the forecast timespan. As it is becoming increasingly problematic to recruit and retain trained labor, enterprises are moving towards artificial intelligence enabled machine movement solutions to manage labor problems to ensure profitability and efficiency.
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By end-user, the power and energy sector is anticipated to increase at a CAGR of more than 41.2% during the forecasted timeline. Companies are investing in artificial intelligence technology owing to its ability to adapt to changing environments. This enables power-generation organizations to create exact predictions regarding energy demand, decreasing their dependence on backup mechanisms.
In terms of regional landscape, APAC is leading in the artificial intelligence in manufacturing industry, with more than 43% market stake in the year 2018. This rise in market growth is attributed to the presence of highly innovative manufacturing facilities in countries including South Korea, Japan and China. Extensive adoption of industry 4.0 technologies is also encouraging the use of artificial intelligence solutions.
Prominent players operating in artificial intelligence in manufacturing market include Canvas Analytics, IBM, General Vision, Advanced Micro Devices, Graphcore, SAP, UBTECH Robotics, Landing AI, Vicarious, Sight Machine, AWS, Google, Intel, Progress Software, Microsoft, Oracle, Nvidia, Qualcomm and Falkonry. The market is increasingly dominated by prominent players like Intel and Nvidia. These companies are investing heavily in the expansion of high-performance business solutions.