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Redding, California - May 30, 2024

AI in Manufacturing Market to Reach $84.5 Billion by 2031

AI in Manufacturing Market 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 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.’

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 a major challenge 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, the global AI in manufacturing market is segmented into hardware, software, and services segment. In 2024, the hardware segment is expected to account for the largest share of 44.6% of the global AI in manufacturing market. This segment’s large market share can be attributed 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 segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the growing adoption of smart manufacturing services and the shortage of skilled professionals.

Based on technology, the global AI in manufacturing market is segmented into machine learning (ML), natural language processing (NLP), context-aware computing, computer vision, speech and voice recognition, and machine reasoning. In 2024, the machine learning segment is expected to account for the largest share of 67.7% of the global AI in manufacturing market. This segment’s large market share can be attributed 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 segment is projected to register the highest CAGR during the forecast period. This segment's growth 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.

Based on application, the global AI in manufacturing market is segmented into field services, quality management, cybersecurity, robotics & factory automation, predictive maintenance & machinery inspection, material handling, production planning, safety planning, energy management, and supply chain optimization. In 2024, the predictive maintenance & machinery inspection segment is expected to account for the largest share of 20.6% of the global AI in manufacturing market. This segment’s large market share can be attributed 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 during the forecast period.

Based on end-use industry, the global AI in manufacturing market is segmented into semiconductor & electronics, energy & power, pharmaceuticals, medical devices, automotive, heavy metals & machine manufacturing, fast-moving consumer goods, aerospace and defense, and other end-use industries. In 2024, the automotive segment is expected to account for the largest share of 18.0% of the AI in manufacturing market. This segment’s large market share is attributed 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 segment is projected to register the highest CAGR during the forecast period. This segment's growth is driven by increasing demand for advanced healthcare technologies, regulatory compliance requirements, and the need for improved efficiency and quality in medical device manufacturing processes.

Based on 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 expected to account for the largest share of 53.1% of the global AI in manufacturing market, followed by Europe, North America, Latin America, and the Middle East & Africa. Asia-Pacific’s significant market share can be attributed 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 prominent market players in the region.

Moreover, the market in Asia-Pacific is projected to record the highest CAGR of 34.1% during the forecast period.

Key Players

The key players operating in the AI in manufacturing market include Google LLC (A Subsidiary of Alphabet Inc.) (U.S.), International Business Machines Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Advanced Micro Devices, Inc. (U.S.), Robert Bosch GmbH (Germany), and Sight Machine Inc. (U.S.).

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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 the 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 local emerging players in the global AI in manufacturing market, and how do they compete with other players?

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AI in Manufacturing Market - Global Opportunity Analysis and Industry Forecast (2024-2031)
Report ID: MRICT - 104281 Pages: 326 Formats*:PDF Category: Information and Communications Technology
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