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Artificial Intelligence in Manufacturing Market Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026

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The rising need among manufacturers to enhance operational efficiency and reduce operational costs is the major factor driving the adoption of AI in the manufacturing industry. Additionally, it gives enterprises the freedom to analyse the manufactur
Artificial Intelligence in Manufacturing Market Global Trends, Market Share,
Industry Size, Growth, Opportunities, and Market Forecast 2019 to 2026
Global Artificial Intelligence in Manufacturing Market is estimated to value over USD
18 billion by 2026 end and register a CAGR of over 47%during the forecast period
2019 to 2026.
Global Artificial Intelligence in Manufacturing Market Overview:
The rising need among manufacturers to enhance operational efficiency and reduce
operational costs is the major factor driving the adoption of AI in the manufacturing
industry. Additionally, it gives enterprises the freedom to analyse the manufacturing
processes in real-time.
Furthermore, evolving customer demand and behaviour is stimulating the growth of
the market. The inculcation of smart AI-powered algorithms into manufacturing
allows enterprises to understand consumer demands and develop products
according to their requirements. This new era of empowered consumers is propelling
the adoption of AI in the manufacturing sector.
AI platforms provide algorithms with simplistic workflows coupled with features like
visual interfaces and drag and drop modelling which can easily connect necessary
data to the end solution. The GPU market held the highest share of over 46% of the
total AI in the manufacturing market in 2018.
The computer vision segment is projected to grow with the highest CAGR during the
forecast period. Widespread adoption of IoT technologies and the rise in automation
is accelerating the adoption of computer vision systems in the manufacturing
industry. The growing need for quality inspection of manufactured products is
fostering the use of computer vision technology. The natural language processing
(NLP) market is anticipated to grow rapidly over the forecast period. The growing
focus on machine-to-human communication for efficient handling of manufacturing
processes is promoting the use of NLP.
The predictive maintenance and machine inspection segment is anticipated to grow
with the highest CAGR during the forecast period. The manufacturing facilities are
under immense pressure to increase productivity. Maintenance is an integral area
that comprises the major production value and cost savings. Additionally, the cost of
machine downtime has been rising over the years. According to a survey conducted
by the International Society of Automation (ISA), over USD 647 billion is lost annually
due to machine downtime. The integration of AI with maintenance and machine
inspection will eliminate the need to shut the equipment down periodically and it
will also prevent the machinery from conducting preventive maintenance tasks thus
increasing productivity as a result.
The European market is projected to witness significant growth in CAGR during the
forecast period. The extensive augmentation of advanced technologies like big data,
industrial IoT and robotics in the manufacturing sector is the major reason for the
European market to thrive. Furthermore, rising labour costs is another factor
responsible for market growth. Europe, which is the hub of automobile
manufacturing companies, is a rapidly growing region as major automakers are
incorporating next-gen production technologies which have spurred the market
growth.
Key Market Players:
• Cisco Systems Inc.
• Bosch
• General Electric Co.
• IBM Corp.
• Intel Corp.
• Microsoft Corp.
• Mitsubishi Electric Corp.
• NVIDIA Corp.
• Oracle Corp.
• Siemens AG
FutureWise Key Takeaways:
• Implementing AI in the supply chains of manufacturing companies can prove
efficient as it is capable of estimating demand patterns for products, understanding
socio-economic segments and analysing geographical markets. These factors shall
assist in the augmentation of the market
• However, the risk of AI taking away jobs from humans will be an integral factor
hampering the market growth substantially
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Global Artificial Intelligence in Manufacturing Market Segmentation:
• By Offering
o Hardware
o Software
o Services
•
o
o
o
o
By Technology
Machine Learning
Computer Vision
Natural Language Processing (NLP)
Context-aware Computing
•
o
o
o
o
o
By Application
Material Movement
Predictive Maintenance and Machinery Inspection
Production Planning
Field Services
Quality Control and Reclamation
•
o
o
o
o
o
By Industry
Automobiles
Semiconductors and Electronics
Food & Beverages
Energy and Power
Pharmaceutical
•
o
o
o
o
o
By Region
Asia Pacific
North America
Europe
Latin America
Rest of the World
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Competitive Landscape:
• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
Objectives of the Study:
• To provide with an exhaustive analysis on the artificial intelligence in
manufacturing market by offering, by technology, by application, by industry and by
region
• To cater comprehensive information on factors impacting market growth (drivers,
restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America,
Europe, Asia Pacific, Latin America and rest of the world
• To record evaluate and competitive landscape mapping- product launches,
technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and
core competencies
Inquire further details about this report at: [email protected]
About FutureWise Research:
We specialise in high-growth niche markets, assuring flexibility, agility and
customised solutions for our clients. Through in-depth market insights and
consultancy, we present our clients with the tools they need to be at the forefront of
their industry – a position secured for far more than the near future.
Contact Us:
Company Name: FutureWise Research
Contact Person: Vinay Thaploo
Email: [email protected]
Phone: +44 141 628 9353 / +1 970 279 4295
City: Leeds
Country: United Kingdom
Website: www.futurewiseresearch.com
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