AI in Manufacturing Market

Market Snapshot

Market Synopsis:

The market size of the Global AI in Manufacturing Market is valued at 1,482.50 USD Million in 2021 and is projected to reach a value of 17,925.50 USD Million by 2028 at a CAGR of 51.5% over the forecast period.

Growing innovations in digital technologies are being submerged into the generation of core value processes in businesses. With the increase in automation in manufacturing process in several organizations the demand for technologies like AI is also increasing. AI is believed to be the game changer in the field of manufacturing. The process of automation involves various sensors, software’s and IOT driven machines which processes large amount of data. To handle such large amount of data AI is the best solution. Along with AI the use of machine learning and pattern recognition can help transform the manufacturing sector completely. The factors such as to analyses and predict consumer behavior, predict preventive maintenance, detect abnormalities in production line, sharing real time information are major factors for the growth of Global AI in Manufacturing Market in the upcoming years. Moreover, the availability of high-speed broadband networks and upcoming implementation of 5g services will boost the Global AI in Manufacturing Market in forthcoming years.

Market Segmentation:

Computer Vision is Predicted to have a Significant Share in AI in Manufacturing Market

The computer vision category is estimated to witness substantial growth in the coming years. The computer vision interprets information by capturing images and video data. Computer vision is a subset of artificial intelligence that enables a machine to understand the visual world. Interfacing of computer vision with Artificial Intelligence increase the efficiency of task performed by the system. Computer vision is a combination of machine learning called deep learning and a convolutional neural network. With the help of computer vision, the robots can understand very quickly and navigate around machines and humans more safely. The AI based computer vision enables to detect faults and abnormalities in finished product which is estimated to enhance the market demand over the forecast period.

This technology facilitates process monitoring, control and predict planning. The factories uses this skillset as it acquires knowledge and solve issues. It also provides amount of energy used, employees' daily work hours, number of implemented tools in factory, and efficiency. Hence, the computer vision category is projected to witness substantial growth during the forecast period.

The Application of Predictive Maintenance and Machinery Inspection to Grow Remarkably during Forecast Period

The predictive maintenance and machinery inspection application of AI is growing as it prevents shutdown of machine and equipment with the help of machine learning. It notifies the manufacturer when there is need for the maintenance of machine. Due to one faulty machine or due to shutdown of one machine there is a possibility of the entire manufacturing plant to come at a standstill; resulting in economic loss for the manufacturer. Hence the category is gaining popularity day by day as it prevents loss.

There is also increase adoption of quality management in manufacturing industry to maintain the quality of product during manufacturing. It is necessary for the manufacturer to maintain the quality of product due to the competitive nature.

Asia Pacific is estimated to be the largest shareholder for the Global AI in Manufacturing Market due to the presence of large number of manufacturing companies in China, India, Japan and South Korea along with their rising focus on digitization and technological advancement. Also the government of India, China, Japan and Singapore are investing in technologies like AI and boosting its use in manufacturing sector. Besides, the initiative of Indian government like Make in India is motivating the manufacturing sector and startup’s to use advanced technology like AI. The government of Singapore is inviting private firm’s investment to test AI functionality for the country.

Europe is estimated to be the next biggest shareholder after Asia Pacific, because of countries like UK which are making huge investments in R&D of advanced technologies like AI. Also, the latest guidelines of government of Italy about the National Strategy in Artificial Intelligence is likely to boost the use of AI in the region.

Competitive Landscape:

The key players in the Global AI in Manufacturing Market are launching different strategies for the development of Global AI in Manufacturing Market such as new product development, geographic enhancement, mergers and amp; acquisitions, and product enhancement among others to increase their presence in the market and in market shares as well. Some of the major key players in the Global AI in Manufacturing Market are NVIDIA Corporation (US), IBM Corporation (US), Alphabet Inc. (Google) (US), Microsoft Corporation (US), Intel Corporation (US), Siemens AG (Germany), General Electric Company (US), General Vision Inc. (US), Progress Software Corporation (US), Micron Technology Inc.(US), Mitsubishi Electric Corporation (Japan), Sight Machine (US), Cisco Systems Inc. (US), SAP SE (Germany), Rockwell Automation Inc. (US), AIBrain Inc. (US), Vicarious Inc. (US),Oracle Corporation (US), Amazon Web Services (US), SparkCognition Inc. (US), Rethink Robotics (Germany), UBTECH Robotics Corp. (China), Aquant Inc. (Israel), Bright Machines (US), and Flutura Decision Sciences & Analytics (India)..

AI in Manufacturing Market is Segmented as Follows:

AI in Manufacturing Market is Tabulated as Follows: