Zion Market Research has published a new report titled “Artificial Intelligence (AI) in Manufacturing Market by Offering (Hardware, Software, and Services), by Technology (Machine Learning, Context-Aware Computing, Natural Language Processing, and Computer Vision), by Application (Production Planning, Predictive Maintenance and Machinery Inspection, Material Movement, Quality Control, Field Services, Cybersecurity, and Others), and by End-User (Energy and Power, Automotive, Food & Beverages, Semiconductors and Electronics, Heavy Metals and Machine Manufacturing, Pharmaceuticals, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global artificial intelligence (AI) in manufacturing market was valued at around USD 1.1 billion in 2018 and is expected to reach approximately USD 18.5 billion by 2025, at a CAGR of slightly above 49.7% between 2019 and 2025.
Artificial Intelligence (AI) is currently transforming the manufacturing industry. The ongoing maintenance of manufacturing equipment and production line machinery results in huge expenditures due to unplanned downtime costs. Virtual reality, automation, Internet of Things (IoT), and robotics are some important features of AI that are benefitting the manufacturing industry.
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The escalating need for human-robot collaboration in the manufacturing industry for overall cost reduction is significantly driving the global artificial intelligence (AI) in manufacturing market. Robots play a crucial role in the manufacturing industry. Due to constant technological enhancements, it is predicted that the overall workforce and manpower will be replaced by robots in the future. AI-based robots are capable of monitoring every single stage of the manufacturing procedure and later provide gathered information through analytics software. As per the analysis of the International Federation of Robotics (IFR), a number of industrial robots deployed in factories accounted for over 1.3 million globally in 2018. This, in turn, will benefit the human workforce in labor reduction and help in attaining advanced positions in programming, designing, and maintenance. The accelerating demand for human-robot collaboration in production units is anticipated to drive the global artificial intelligence (AI) in manufacturing market in upcoming years. However, technological complexity and integration challenges related to AI technology in the manufacturing industry may restrain the market to some extent. The integration of AI has revolutionized product designing techniques. The rising demand for generative designs is estimated to create new market opportunities over the forecast timeframe.
The global artificial intelligence (AI) in manufacturing market is segmented on the basis of offering, technology, application, and end-user. The offering segment is classified into hardware, software, and services. Due to the rising demand for manufacturing system up-gradation, the software segment is estimated to grow rapidly in the upcoming years. The technology segment includes machine learning, context-aware computing, natural language processing, and computer vision. By application, the artificial intelligence (AI) in manufacturing market includes production planning, predictive maintenance, and machinery inspection, material movement, quality control, field services, cybersecurity, and others. The quality control segment is likely to grow significantly over forecast timeframe. By end-user, the artificial intelligence (AI) in manufacturing market include energy and power, automotive, food and beverages, semiconductors and electronics, heavy metals and machine manufacturing, pharmaceuticals, and others.
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By region, the Asia Pacific artificial intelligence (AI) in manufacturing market is likely to register prominent growth in the upcoming years due to the remarkable presence of the manufacturing industry. Out of all the emerging Asian countries, China is projected to dominate this regional market in the years ahead.
Some key participants operating in the global artificial intelligence (AI) in manufacturing market are Corporation, Google, Siemens, NVIDIA, General Vision, Darktrace, AIBrain, Oracle Corporation, Cisco Systems, Inc., General Electric Company, and Microsoft Corporation, among others.
The report segments artificial intelligence (AI) in manufacturing market as follows:
Artificial Intelligence (AI) in Manufacturing Market: Offering Analysis
Artificial Intelligence (AI) in Manufacturing Market: Technology Analysis
- Machine Learning
- Context-Aware Computing
- Natural Language Processing
- Computer Vision
Artificial Intelligence (AI) in Manufacturing Market: Application Analysis
- Production Planning
- Predictive Maintenance and Machinery Inspection
- Material Movement
- Quality Control
- Field Services
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Artificial Intelligence (AI) in Manufacturing Market: End-User Analysis
- Energy and Power
- Food and Beverages
- Semiconductors and Electronics
- Heavy Metals and Machine Manufacturing
Artificial Intelligence (AI) in Manufacturing Market: Regional Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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