Redding, California - September 5, 2024
AI in Manufacturing Market to Reach $84.5 Billion by 2031
AI in Manufacturing Market Size, Share, Forecast, & Trends Analysis by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Cybersecurity, Supply Chain Optimization), End-use Industry, and Geography—Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled, ‘AI in Manufacturing Market - Global Opportunity Analysis and Industry Forecast (2024-2031).’
According to the latest publication from Meticulous Research®, the AI in manufacturing market is projected to reach $84.5 billion by 2031, at a CAGR of 32.6% during the forecast period 2024–2031. The growth of the AI in manufacturing market is driven by the rising adoption of Industry 4.0 and smart manufacturing, the growing need for predictive maintenance and quality control, and the increasing demand for automation and operational efficiency. However, a shortage of skilled workforce restrains the growth of this market.
Furthermore, the rising number of manufacturing operations in emerging economies and the increasing adoption of AI in supply chain management and logistics are expected to generate growth opportunities for the stakeholders in this market. However, data security and privacy concerns are some of the challenges impacting the growth of the AI in manufacturing market.
The global AI in manufacturing market is segmented based on component (hardware [processors, memory, networking], software [AI platforms, AI solutions], and services [deployment & integration, support & maintenance]), technology (machine learning (ML), natural language processing (NLP), context-aware computing, computer vision, speech and voice recognition, and machine reasoning), application (field services, quality management, cybersecurity, robotics & factory automation, predictive maintenance & machinery inspection, material handling, production planning, safety planning, energy management, and supply chain optimization), end-use industry (semiconductor & electronics, energy & power, pharmaceuticals, medical devices, automotive, heavy metals & machine manufacturing, fast-moving consumer goods, aerospace and defense, and other end-use industries), and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.
Based on component, in 2024, the hardware component is anticipated to hold a dominant position in the global AI in manufacturing market with a share of 44.6%. The dominant position of this segment is mainly due to the growing adoption of AI hardware in the manufacturing sector, the increasing R&D expenditure to develop AI hardware, and stringent regulations to ensure safe manufacturing practices.
However, the services component is projected to record the highest CAGR over the next 5-7 years. The growth of this segment is driven by the growing adoption of smart manufacturing services and the shortage of skilled professionals.
Based on technology, in 2024, the machine learning technology is anticipated to hold a dominant position in the global AI in manufacturing market with a share of 67.7%. The dominant position of this technology is mainly due to the growing use of machine learning technology to process large volumes of data in the production, equipment, and products to help optimize time-consuming aspects of the manufacturing process, including quality control, supply chain optimization, equipment maintenance, and product design.
However, the natural language processing technology is projected to register the highest CAGR over the next 5-7 years. The growth of this segment is driven by the increasing demand for NLP technology for analyzing machinery data to predict and prevent failures, automating inspection report analysis, ensuring adherence to safety protocols through real-time analysis, enabling personalization based on customer feedback analysis, and optimizing manufacturing processes by evaluating production data.
By application: In 2024, the predictive maintenance & machinery inspection application is anticipated to hold a dominant position in the global AI in manufacturing market with a share of 20.6%. The dominant position of this application is mainly due to the rising demand for self-monitoring systems, the increasing need to reduce the costs of heavy equipment operation and maintenance, and the growing demand for real-time plant monitoring in the manufacturing sector.
Moreover, the predictive maintenance & machinery inspection segment is projected to register the highest CAGR over the next 5-7 years.
By end-use industry: In 2024, the automotive industry is anticipated to hold a dominant position in the global market with a share of 18.0%. The dominant position of this end use industry is mainly due to the increasing adoption of AI by automotive manufacturers, increasing demand for advanced driver-assistance systems (ADAS) and autonomous vehicles, and consumers' preference for vehicles with advanced safety features.
However, the medical devices industry is projected to register the highest CAGR over the next 5-7 years. The growth of this segment is driven by increasing demand for advanced healthcare technologies and the need for I mproved efficiency and quality in medical device manufacturing processes due to stringent regulations.
By geography: The global AI in manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia Pacific is anticipated to hold a dominant position in the global market with a share of 53.1%. Asia-Pacific’s dominant position is mainly due to to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based manufacturing solutions, and the presence of major market players in the region.
Moreover, the market in Asia-Pacific is also projected to record the highest CAGR of 34.1% over the next 5-7 years.
Geographic Review
China dominates the AI in manufacturing market in Asia-Pacific. China has been integrating artificial intelligence across industries at a staggering rate in recent years. The country came ahead of the U.S., Japan, South Korea, and Germany in automation infrastructure cluster development. The Chinese government has launched several initiatives to promote automation. These initiatives include Made in China 2025 and Robot Revolution. Furthermore, in July 2023, the United Nations Industrial Development Organization (Austria) launched the Global Alliance on Artificial Intelligence for Industry and Manufacturing (AIM-Global) in Shanghai, China. This initiative aims to foster the responsible, sustainable, and inclusive application of artificial intelligence in the industrial sector. This initiative offers low-interest loans, tax relief, and other incentives to encourage growth in the AI market in the manufacturing industry.
China aims to become the global leader in AI innovation by 2030. The Chinese government has set ambitious targets to scale its AI core industry to exceed USD 140.9 billion (CNY 1000 billion) and related industries to exceed USD 1380 billion (CNY 10000 billion) by the specified timeframe. Regions such as Guangdong, Shanghai, Jiangsu, Anhui, and Sichuan are also actively adopting AI technology. These initiatives are poised to drive the implementation of AI across various sectors, including manufacturing, in the coming years.
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=4983
Key Questions Answered in the Report:
- What are the high-growth market segments in component, technology, application, end-use industry, and geography?
- What is the historical market size for AI in manufacturing across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, opportunities, and challenges in the global AI in manufacturing market?
- Who are the major players in this market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global AI in manufacturing market?
- What are the different strategies adopted by major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the emerging players in the global AI in manufacturing market, and how do they compete with other players?
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