Market Research Future published a research report on “Artificial Intelligence (AI) in Manufacturing Market Research Report — Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
The global artificial intelligence manufacturing market is poised to touch USD 14.77 billion at a notable 47.09% CAGR over the predicted years (2019-2024). The manufacturing domain is leading the way when it comes to the use of artificial intelligence technology. Right from better-designed products to significant cuts in unplanned downtime, manufacturers are using analytics to data that is AI-powered to improve the safety of employees, product quality, and efficiency. This technology is utilized to warrant proper quality management at each phase of the manufacturing process.
Various factors are pushing the growth of Artificial Intelligence (AI) in Manufacturing Market. These factors in accordance to the Market Research Future (MRFR) report include huge accessibility of big data, boost in venture capital investments, evolving automation and industrial IoT, developing smart factories, and industry 4.0. The additional factors pushing the market growth include growing use of automation by large and small and medium-sized enterprises alike, development in advanced technologies namely deep learning, machine learning, and artificial intelligence, rising application of artificial intelligence for business intelligence and growing market of big data technology. On the contrary, scarcity of skilled expertise, high integrating price of AI-based solutions, privacy concerns, and data security are factors that may deter artificial intelligence in manufacturing market growth over the predicted years.
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Artificial Intelligence (AI) in manufacturing is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. Nvidia Corporation, Intel, Inc., IBM Corporation, Siemens AG, General Electric company, Google, Inc., Microsoft Corporation, Amazon Web Services, Bosch, Rockwell Automation, Cisco Systems, SAP SE, Foxconn, and others are the companies leading the market globally.
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Market Research Future report offers a wide segmental analysis of the artificial intelligence in manufacturing market on the basis of technology, component, vertical, and application.
Based on component, the Artificial Intelligence in Manufacturing Market is segmented into services, software, and hardware. The hardware segment is further segmented into network, memory, and processor. The processor is again segmented into application-specific integrated circuits (ASICs), field programmable gate array (FPGA), graphical processing unit (GPU) and microprocessor unit (MPU). The services segment is again segmented into support and maintenance and deployment and integration. Of these, the software will have the largest share in the market over the predicted years.
Based on technology, the artificial intelligence in manufacturing market is segmented into computer vision, context-aware computing, natural language processing, deep learning, and machine learning. Of these, machine learning will domineer the market over the predicted years.
Based on application, the artificial intelligence in manufacturing market is segmented into robotics, quality control, field services, IT management, supply chain management, predictive maintenance, and others. Of these, predictive maintenance will lead the market over the predicted years.
Based on vertical, the artificial intelligence in manufacturing market is segmented into pharmaceuticals, food and beverage, semiconductor and electronics, energy and power, aerospace and defense, automobile, and others. Of these, the automobile will have a significant share in the market over the predicted years.
Based on region, the artificial intelligence in manufacturing market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, Europe, and North America. Of these, Asia Pacific will domineer the market over the predicted years. The primary economic countries, namely the Philippines, South Korea, India, and China, are the key manufacturing centers of pharmaceuticals, energy, and power, electronics, and semiconductors. Also, the growing use of robots in the manufacturing process is predicted to help this region to dominate the market all through the predicted years. The artificial intelligence in manufacturing market in North America will have the second major share in the market over the predicted years. The US is an early adopter of novel technologies for application, including product scheduling, engineering design, process planning, factory automation, and others. The artificial intelligence in manufacturing market in Europe is predicted to witness high momentum over the predicted years owing to the growing use of robotics and industry 4.0 by aerospace and automotive industry.
TABLE OF CONTENTS
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.3 Research Objectives
2.4 Markets Structure
3 Research Methodology
4 Market Dynamics
4.1 Market Drivers
4.1.1 Developing Market Of Industry 4.0 And Smart Factories
4.1.2 Increasing Adoption Of Automation By SMEs As Well As Large Enterprises
4.1.3 Development In Advanced Technologies Such As Artificial Intelligence, Machine Learning & Deep Learning
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