December 10, 2020
According to the research report titled ‘Global Artificial Intelligence in Manufacturing Market Size study, by Offering (Hardware, Software, and Services), Technology (Machine Learning, Computer Vision, Context-Aware Computing, and Natural Language Processing), Application (Predictive maintenance and machinery inspection, Material Movement, Production Planning, Quality Control, Cybersecurity, Industrial Robots, Others), by End-user Industry (Automobile, Energy and Power, Pharmaceuticals, Heavy Metals and Machine Manufacturing, Semiconductors and Electronics, Food & Beverages, Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global artificial intelligence in manufacturing market had reached a valuation of USD 1 billion in the year 2019 and is expected to grow with a CAGR of 57.5% between 2020 and 2027.
Increasing number of large-scale data centers, improving computing power and rising adoption of automation as well as IoT technologies are major factors driving the growth of global artificial intelligence in manufacturing market.
AI (artificial technologies) have been gaining robust recognition from the manufacturing sector since it offers a safe working environment, further improving the quality as well as the quantity aspects during production. Thus, growing demand for AI technologies from pharmaceuticals, food & beverages, automotive and power sectors are fueling the overall market size.
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Growing demand for hardware platforms and high-computing processors in order to run various types of AI software are propelling the expansion of global artificial intelligence in manufacturing industry. However, rising concerns regarding data privacy and shortage of skilled professionals may act as restraining factors to the growth of the overall market.
In terms of offering type, the market is segmented into services, software, and hardware. As per technology type, global artificial intelligence in manufacturing industry is split into natural language processing, context-aware computing, computer vision, and machine learning.
Based on application spectrum, the industry is bifurcated into industrial robots, cybersecurity, quality control, production planning, material movement, predictive maintenance and machinery inspection, and others. Meanwhile, the end-user reach of global artificial intelligence in manufacturing market consists of food & beverage, semiconductors & electronics, heavy metals & machine manufacturing, pharmaceuticals, energy & power, automobile and others.
From the regional perspective, North America presently dominates the overall market in terms of revenue share and is likely to display similar expansion trends in the upcoming years, primarily due to early adoption of AI technologies in manufacturing sector.
On the other hand, artificial intelligence in manufacturing industry in Asia-Pacific is predicted to expand significantly through 2026, owing to escalating investments towards industrial automation.
Micron Technology Inc., Progress Software Corporation, General Vision Inc., General Electric Company, Siemens AG, Intel Corp., Microsoft Corp., Alphabet Inc. (Google LLC), IBM Corp., and NVIDIA Corp. are the key participants in global artificial intelligence in manufacturing market space.