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 Request a Sample Report @ https://www.futurewiseresearch.com/requestsample.aspx?id=27&page=requestsample 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 Purchase a Copy & Ask For Discount: https://www.futurewiseresearch.com/requestsample.aspx?id=27&page=askfordiscount 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
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.
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