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Meticulous Research® – Leading global market research company published a research report titled “Artificial Intelligence in Manufacturing Market by Component, Technology (ML, Computer Vision, NLP), Application (Cybersecurity, Robot, Planning), Industry (Electronics, Energy, Automotive, Metals & Machine, Food & Beverages) - Global Forecast to 2027”.
According to this latest publication from Meticulous research®, the artificial intelligence (AI) in manufacturing market is expected to grow at a CAGR of 41.2% from 2020 to 2027 to reach $18.8 billion by 2027. The market is majorly driven by the factors such as the advent of Industrial 4.0, increasing huge & complex amount of dataset, and rising adoption of industrial IoT in manufacturing industry. Moreover, emerging economies such as Asia Pacific and Latin America are offering significant opportunities for the vendors operating in the artificial intelligence in manufacturing market. However, lack of infrastructure & high procurement operating costs across several developing countries obstructs the growth of this market to some extent.
The global artificial intelligence in manufacturing market study presents historical market data in terms of value (2017 and 2018), current data (2019), and forecasts for 2027. The overall AI in manufacturing market is segmented on the basis of component (hardware, software, services), technology (machine learning, computer vision, natural language processing, context-aware computing), application (field services, quality management, cybersecurity, industrial robot, predictive maintenance & machinery inspection, material handling, production planning), industry vertical (semiconductors & electronics, energy & power, pharmaceuticals, medical devices, automotive, heavy metals & machine manufacturing, food & beverages), and geography. The study also evaluates industry competitors and analyses the market at a country level.
Check complete table of contents with list of table and figures:https://www.meticulousresearch.com/product/artificial-intelligence-in-manufacturing-market-4983/
Based on component, the AI in manufacturing market is segmented into hardware, software, and services. The AI software segment commanded largest share of the overall artificial intelligence in manufacturing market in 2018. The large share of this segment is attributed to the factors such as growing usage of learning analytics; growing acceptance of assistants driven by machine learning, NLP, computer vision techniques; and an increase in demand for AI platforms for manufacturing operations. Moreover, high focus of manufacturing companies towards the improvement of their product and operations process is further contributing to the growth in the AI in software market in the coming years. However, in coming years, the service segment is expected to grow with the fastest growth rate. Matured markets are expected to draw more companies towards incorporation of AI in manufacturing and thus, accelerating the demand for AI services.
Based on technology, the AI in manufacturing market is segmented into machine learning, computer vision, natural language processing, and context-aware computing. The machine learning technology segment commanded the largest share of the overall AI in manufacturing market in 2019. However, the computer vision technology segment is projected to grow with the fastest CAGR during the forecast period, owing to the increasing demand from end-users for higher quality products; and increasing demand to eliminate the maintenance time and costs associated with wear and tear of mechanical components.
Based on industry vertical, the AI in manufacturing market is segmented into semiconductors & electronics, energy & power, pharmaceuticals, medical devices, automotive, heavy metals & machine manufacturing, and food & beverages. At present, the automotive segment commanded the largest share of the overall AI in manufacturing market in 2019. The large share of this segment is primarily attributed to the growing demand for autonomous vehicles, adoption of the advanced automotive solutions for quality management, and need for predictive maintenance & machinery inspection solutions. The AI enables applications that span the automotive manufacturing floor. Automakers can use AI-driven systems to create schedules and manage workflows, enable robots to work safely alongside humans on factory floors and assembly lines, and identify defects in components going into cars and trucks. These capabilities can help manufacturers reduce costs and downtime in production lines while delivering better finished products to consumers.
Geographically, the North America region commanded the largest share of the global AI in manufacturing market in 2019. The large share of this region is primarily attributed to the presence of major manufacturing companies and their focus on developing advanced solutions to optimize manufacturing operations and process, along with increasing funding by government for technological advancements. In addition, presence of large number of startups, increasing computing power, growing industrial IoT, rising automation for intelligent business processes, and increasing adoption of robotics in the U.S. and Canada further supports the dominance of this region in the global AI in manufacturing market. However, Asia-Pacific region is expected to witness rapid growth during the forecast period.
The key players operating in the global artificial intelligence in manufacturing market are Alphabet, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Robert Bosch GmbH (Germany), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Advanced Micro Devices, Inc. (U.S.), and Sight Machine, Inc. (U.S.) among others.
Key questions answered in the report-
- Which are the high growth market segments in terms of the component, technology, application, industry vertical, and countries in the overall AI in manufacturing market?
- What are the AI in manufacturing market forecasts and estimates from the period of 2020-2027?
- What are the major drivers, restraints, and opportunities in the global AI in manufacturing market?
- Who are the major players in the global market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the global AI in manufacturing market?
- What are the different strategies adopted by the major players in the market?
- What are the geographic trends and high growth countries?
- Who are the local emerging players in the global AI in manufacturing market and how do they compete with the other players?
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