Market Overview
The global artificial intelligence in manufacturing market is expected to exhibit a strong CAGR of more than 45% over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global artificial intelligence in manufacturing market is expected to be driven by the growing demand for machine learning, computer vision, and other AI applications in the manufacturing sector over the forecast period. The report forecasts the global artificial intelligence in manufacturing market to reach a valuation of USD 4.9 billion by 2023. This projection is based upon a detailed analysis of the market’s historical growth trajectory, taking into consideration the impact various key drivers and restraints have had on the market’s growth in the recent past.
The Artificial Intelligence in Manufacturing Market is mainly driven by the growing use of AI for quality checking and quality enhancement purposes in the manufacturing line. The use of Quality 4.0 principles in the manufacturing sector has led to a growing demand for AI-based quality checking algorithms. Artificial intelligence provides a solid base for quality check programs, as the minutest deviations from the expected norm can be recorded with tools such as machine vision. The use of artificial intelligence also allows a customized configuration of parameters on which to judge the finished products, allowing the manufacturer to keep an eye on various product parameters and ensure high quality standards.
The increasing demand for smooth integration of robotic equipment into the traditionally human-dominated manufacturing sector has also been a major driver for the global artificial intelligence in manufacturing market. The growing demand for smooth human-machine interfaces in robotic tools and equipment is likely to be a key driver for the artificial intelligence in manufacturing market over the forecast period.
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Key players
Market Research Future has identified following key players in the 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.
Segments
- By Component, artificial intelligence (AI) in the manufacturing market has been sub-segmented into hardware, software, service. Hardware has been further sub-segmented into processor, memory, and network. Among processors, microprocessor units (MPU), and graphical processor units (GPU) currently holds the largest market share in the market due to their adoption for cutting-edge scientific research, financial modeling, and oil & gas exploration applications. Whereas, FPGA, followed by ASICs are expected to gain high momentum during the forecast period due to increasing market growth of data centers and network communications.
- By Technology, the artificial intelligence (AI) in the manufacturing market has been segmented into machine learning & deep learning, natural language processing, context-aware computing, and computer vision. Among these, machine learning & deep learning is currently dominating the market due to its adoption in various manufacturing processes for predictive analytics, security, and quality check & inspection process. Whereas, natural language processing is projected to gain high momentum during the forecast period.
- By Application, the market has been segmented into predictive maintenance, supply chain management, IT management, field services, quality control, robotics, and others. Among these, robotics, followed by predictive maintenance is currently holding the highest market share in artificial intelligence (AI) in manufacturing market. Predictive maintenance market is expected to have high market share throughout the forecast period due to increasing usage of machine learning for inspections, increasing adoption of IoT & connected devices among others.
- By Vertical, the market has been segmented into automobile, aerospace & defense, energy & power, semiconductor & electronics, food & beverage, pharmaceuticals, and others. Among these, the automotive segment is currently dominating the market, followed by the aerospace & defense segment. Whereas, the pharmaceutical segment is projected to gain high momentum during the forecast period.
Regional Analysis
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Russia, Spain, the Netherlands, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, Singapore, Australia, the Philippines, and South Korea in Asia-Pacific. And the rest of the world has been classified into the Middle East & Africa and South America.
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Intended Audience
- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- Software Developers
- OEMs
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