Meticulous Research®—a leading global market research company published a research report titled “Artificial Intelligence in Manufacturing Market By Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance Quality Management, Supply Chain, Production Planning), Industry Vertical, and Region—Global Forecast To 2028”.
According to this latest publication by Meticulous Research®, the artificial intelligence (AI) in manufacturing market is expected to grow at a CAGR of 38.6% from 2021 to reach $13.96 billion by 2028. The growth of this market is largely attributed to factors, such as the advent of industry 4.0, increasing volumes of complex datasets, and the rising adoption of industrial IoT and automation. In addition, the growing scale of manufacturing operations in emerging economies, rising acceptance of modern manufacturing techniques, and increasing deployment of automation technologies are expected to offer growth opportunities for the growth of the AI in manufacturing market. However, high procurement & operating costs and a lack of infrastructure are the biggest restraining factors for the growth of this market.
The AI in manufacturing market study presents historical market data (2018 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on component, technology, application, industry vertical, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on the component, the AI in manufacturing market is segmented into hardware, software, and services. Among these, the hardware segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of the segment is mainly attributed to the increasing demand for robust and cost-effective devices, including servers, storage, and networking devices, among business enterprises to enhance operational efficiency.
However, the software segment is slated to register the highest CAGR during the forecast period due to the growing usage of learning analytics, high adoption of cloud-based technology, and the increasing demand for AI platforms for operations for enabling an intelligent manufacturing environment.
Based on the technology, the AI in manufacturing market is segmented into machine learning, computer vision, natural language processing, and context-aware computing. Among these, the machine learning segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of the segment is mainly attributed to the growing demand for AI-based intelligent solutions, increasing demand for predictive maintenance & machinery inspection, material handling & production planning, and the increase in unstructured data generated by the manufacturing industry.
However, the natural language processing segment is slated to register the highest CAGR during the forecast period due to the growing demand for cloud-based NLP solutions to reduce overall costs and enhance scalability and the increasing usage of smart devices to facilitate smart factories/environments.
Based on application, the AI in manufacturing market is segmented into predictive maintenance & machinery inspection, quality management, supply chain optimization, industrial robot/robotics & factory automation, production planning, material handling, field services, safety planning, cybersecurity, energy management. Among these, the predictive maintenance & machinery inspection segment is estimated to account for the largest share and witness the fastest CAGR in the AI in manufacturing market in 2021. This segment's large market share and high growth rate are attributed to the growing demand for self-monitoring, improved production capacity, minimized unplanned downtime, reduced costs related to operating heavy equipment, and the rising demand for real-time plant monitoring in manufacturing industries.
Based on industry vertical, the AI in manufacturing market is segmented into automotive, semiconductors & electronics, heavy metals & machine manufacturing, energy & power, aerospace and defense, medical devices, pharmaceuticals, and FMCG. Among these, the automotive industry is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of the segment is mainly attributed to the growing demand for autonomous vehicles, the adoption of advanced automotive solutions for quality management, and the need for predictive maintenance & machinery inspection solutions.
However, the medical devices manufacturing sector is slated to register the highest CAGR during the forecast period due to the rising focus on preventive medical equipment maintenance to reduce unplanned downtime and improve operational productivity, surging prevalence of chronic diseases, increasing geriatric population, and the outbreak of COVID-19 pandemic.
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Based on geography, the AI in manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is estimated to account for the largest share and witness the fastest CAGR of the AI in manufacturing market in 2021. This segment’s large market share and high growth rate are mainly attributed to the presence of major manufacturing companies in China, South Korea, and Japan, along with the strong presence of automobile and electronics & semiconductor companies and their focus on developing advanced solutions to optimize manufacturing operations and processes, increasing investment by technology leaders, and increasing digitization in this region.
The key players operating in the AI in manufacturing market include 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.).
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