Artificial intelligence in manufacturing Market is projected to witness a significant growth attributed to increased use of industrial IoT and big data technology in the manufacturing industry, cross-industry partnerships, widespread implementation of robotics, augmented usage of computer vision technology in manufacturing companies, and noteworthy rise in venture capital investments.
The manufacturing industry has always has been open to adopting latest technologies. Industrial robots and drones have been a part of the manufacturing industry subsequently since 1960s.
The next automation revolution is just around the turn and the US Manufacturing Sector is awaiting these technological advancements eagerly. The adoption of AI by the companies can keep inventories lean and decrease the cost, there is a high possibility that the American manufacturing Industry will experience a drastic growth.
It is said that, the manufacturing sector has to grow fast for networked factories where design team, supply chain, production line, and quality control are highly integrated into an intelligent engine that provides actionable insights.
Global artificial intelligence in manufacturing market has be categorized into offering, technology, application, industry and regions. Based on the offering the market has been segmented into software, and hardware.
On the basis of technology the artificial intelligence in manufacturing market has been divided into natural language processing, deep learning, computer vision, and context awareness. Application segment has been bifurcated into quality control, predictive maintenance and machinery inspection, material movement, production planning, field services and reclamation.
Industry segment has been categorized into pharmaceuticals, automobile, power & energy, heavy metals & machine manufacturing, food & Beverages, semiconductors & electronics among others.
The major factors driving the artificial intelligence in manufacturing market are the increasing usage of robotics in manufacturing, usage of big data technology in the manufacturing sector, computer vision technology being used in manufacturing, and industrial IoT in the manufacturing sector. Reluctance among the manufacturers to adopt AI-Based technologies are the major factors that may hinder the progress of the artificial intelligence in Manufacturing market in the near future.
Additionally the growth opportunities of AI-Based technology in emerging and developed countries and more over improving operational efficiency of manufacturing plants are some of the major growth opportunities for the artificial intelligence in Manufacturing market players.
Geographically, the artificial intelligence in Manufacturing market has been bifurcated into five regions North America, Europe, Asia Pacific, Middle East & Africa and Latin America. The Artificial Intelligence in Manufacturing market size and forecast period for each region has been estimated from 2017 to 2023.
Additionally the CAGR (%) for the forecasted period 2017 to 2023. The study also includes market estimates for major countries/regions such as the U.S, the U.K., Germany, France, Japan, China, India, GCC, North Africa, South Africa and Brazil.
The detailed analysis by Offering, Technology, Application, industry and regions supports in evaluating the present scenario, growth prospects and the future scenario for the artificial intelligence in manufacturing market over the forecast period. Thus, the report delivers in-depth segment analysis of the market and classifies it into various industries, thereby providing valuable perceptions.
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The growing necessity for the usage of robotics in the manufacturing industry is anticipated to drive the Europe market for Artificial Intelligence in manufacturing in the future years. The major companies that are involved artificial intelligence in manufacturing are Intel Corporation, NVIDIA Corporation, Microsoft Corporation, IBM Corporation, Siemens AG, Alphabet Inc., General Electric Company, Datarpm, General Vision, Inc., Sight Machine, Aibrain, and Rokwell Automation Inc.
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