The artificial intelligence (AI) in manufacturing market was valued at $272.5 million in 2016 and is expected to reach $4,882.9 million by 2023, at a CAGR of 52.42% between 2017 and 2023.
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“Growing usage of big data technology and industrial IoT is expected to drive the growth of the AI in manufacturing market”
The artificial intelligence (AI) in manufacturing market growth is driven by the growing usage of big data technology in manufacturing, Industrial IoT, extensive usage of robotics, computer vision technology, cross-industry partnerships and collaborations, and significant increase in venture capital investments. However, reluctance among manufacturers to adopt AI-based technologies is the major factors restraining the growth of the AI in manufacturing market.
Browse 61 Market Data Tables and 58 Figures spread through 189 Pages and in-depth TOC on "Artificial Intelligence in Manufacturing Market - Global Forecast to 2023"
The major players in the AI in manufacturing market are:
- Siemens AG (Germany)
- Intel Corporation (US)
- NVIDIA Corporation (us)
- Alphabet Inc. (us)
- IBM Corporation
- Microsoft Corporation (US)
- General Electric Company (US)
- Data RPM
- Sight Machine (US)
- General Vision, Inc. (US)
- AI Brain, Inc. (US)
- Rockwell, Automation Inc. (US)
- Cisco Systems, Inc. (US)
- Mitsubishi Electric Corporation (Japan)
- Oracle Corporation (US)
- SAP SE (Germany)
- Preferred Networks, Inc. (Japan)
- Vicarious Inc. (US)
- Skymind Inc. (US)
- Citrine Informatics (US)
- Cloud Minds Technologies (US)
- Ubtech Robotics Corp. (China)
Report at www.rnrmarketresearch.com/contacts/1158503 .
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This research study is obliging for following audience:
- Chipset companies
- Energy and power companies
- Automobile companies
- Aircraft companies
- Textile companies
- Heavy metal industries
- Food and beverages companies
- Packaging industries
- Pharmaceutical companies
- Semiconductor and electronics manufacturers
- Electrical companies
- Technology providers
- Software solution providers
- AI system providers
- Research organizations and manufacturing consulting companies
- Angel investors, venture capitalists, private equity firms, and start-up companies
“Easy technology transfer and participation of established market leaders are the factors driving the growth of the AI in manufacturing market for the hardware segment”
Hardware includes graphics processing unit GPUs, digital signal processing (DSPs), field programming gateway array (FPGAs), Microprocessors, and tensor processing unit (TPU) chips. This segment is expected to grow at the highest CAGR in the AI in manufacturing market for offering.
The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm. In terms of throughput, GPU is faster than FPGA, whereas in the case of power efficiency, FPGA is better than GPU.
Keeping these factors in mind, the AI providers choose the hardware accordingly.
“Extensive usage of computer vision camera in machinery inspection, material movement, field service, and quality control is driving the growth of the AI in manufacturing market”
Computer vision technology currently holds the largest market share among AI technologies. This demand has grown since the companies have started to structure the machine’s data for predictive analysis.
Moreover, the growing usage of internet and connected devices along with huge volumes of machine data is driving the growth of the AI in manufacturing market.
“APAC to witness the highest growth rate in the AI in manufacturing market”
Asia Pacific (APAC) is expected to be the fastest-growing region in the AI in manufacturing market during the forecast period. APAC, especially China, Japan, and South Korea, is considered as the largest market for industrial robots.
The industrial robots generate a huge amount of data. This data is used in deep learning algorithm to train the robots further.
This would act as one of the major drivers for the growth of AI in manufacturing market in APAC.
Research Coverage: The AI in manufacturing market has been segmented on the basis of offering, technology, application, industry, and geography. By offering, the market has been further segmented into hardware and software.
By technology, the market is segmented into deep learning, computer vision, context awareness, and natural language processing (NLP).By application, the market is segmented into material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control.
By industry, the market is segmented into semiconductor and electronics, energy and power, pharmaceuticals, automobile, heavy metals and machine manufacturing, food and beverages, others (textiles and aerospace)By geography, the market has been segmented into North America, Europe, Asia Pacific (APAC),and Rest of the World (RoW).
The breakup of the profile of primary participants has been given below:
- By Companies: Tier 1 – 40 %, Tier 2 – 20%, and Tier 3 – 40%
- By Designation: C-level Executives – 40%, Directors – 40%, and Others – 20%
- By Region: North America – 40%, Europe – 40%, APAC – 10%, and RoW – 10%
The report would help the market leaders/new entrants in the AI in manufacturing market in the following ways:
- This report segments the AI in manufacturing market comprehensively and provides the closest approximations of the market sizes for the overall market segments and sub segments across different applications and regions.
- This report helps stakeholders to understand the pulse of the AI in manufacturing market and provides them information on key market drivers, restraints, challenges, and opportunities.
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