The artificial intelligence (AI) in manufacturing market was valued at USD 2.45 billion in 2022; it is projected to grow at a 47.1% CAGR from 2023 to 2030 to reach USD 53.69 billion. Industry 4.0 and smart factory markets are expanding, SMEs and large businesses are adopting automation at a higher rate, and advanced technologies like artificial intelligence, machine learning, and deep learning are developing. These are some of the key factors propelling the growth of the artificial intelligence (AI) in manufacturing market. But issues with data security and privacy, as well as the expensive cost of integrating AI-based solutions, are some of the main things holding back the market's expansion.
Big data technology's expanding market and AI's expanding use in business intelligence are two variables that will benefit the market in the years to come. In contrast, the market for artificial intelligence (AI) in manufacturing faces a significant hurdle due to a lack of competent knowledge.
Some of the applications of artificial intelligence in manufacturing include Industry 4.0 or smart maintenance, predictive maintenance, testing and quality optimisation, supply chain communication, and yield enhancement. In automated production and monitoring processes in smart factories, advanced digitalized networks, automation of quality and inspection processes, decentralised manufacturing systems, and other areas, artificial intelligence and machine learning are helping industry 4.0.
Segmentation of Artificial intelligence (AI) in Manufacturing Market
The global artificial intelligence (AI) in manufacturing market has been segmented into component, technology, application, vertical, and region.
The market has been divided into hardware, software, and services based on component. The market has been divided into processor, memory, and network segments based on hardware. The processor segment includes application-specific integrated circuits (ASICs), field programmable gate arrays (FPGA), graphics processing units (GPU), and microprocessor units (MPUs). However, the services component has been further divided into two categories: deployment and integration, and support and maintenance.
Machine learning and deep learning, natural language processing, context-aware computing, and computer vision make up the technological segments of the Artificial Intelligence (AI) in Manufacturing Market. Of these, the natural language processing segment is likely to hold largest share in the market over the forecast period owing to growing use of the process to understand the machine langue better. Increasing investments for research and development is driving growth of the market over the forecast period.
The Artificial Intelligence (AI) in Manufacturing Market has been further divided into applications such as robotics, field services, quality control, supply chain management, and others. Of these, the robotics segment is holding leading share in the market and is expected to be dominant over the forecast period.
The Automotive, Aerospace & Defence, Energy & Power, Semiconductor & Electronics, Food & Beverage, Pharmaceuticals, and Others verticals make up the Artificial Intelligence (AI) in Manufacturing Market. Of these, the market is dominated by the automotive industry and is expected to remain the same over the forecast period.
Artificial intelligence (AI) in Manufacturing Market Regional Analysis:
North America, Europe, Asia-Pacific, and the rest of the globe are the regions into which the Artificial Intelligence (AI) in Manufacturing Market has been divided. Of these, North America to hold major segment in the revenue of the artificial intelligence (AI) in manufacturing market.
As the major economic nations of China, India, South Korea, and the Philippines are the key manufacturing hubs of semiconductors, electronics, energy & electricity, and pharmaceuticals, the Asia-Pacific area now dominates the artificial intelligence manufacturing business. Additionally, it is anticipated that the region would continue to dominate the Artificial Intelligence (AI) in Manufacturing Market due to the growing deployment of robots in manufacturing processes. The artificial intelligence market's second-largest contributor is from North America. In areas like factory automation, process planning, engineering design, and production scheduling, among others, the US is a pioneer in implementing new technology.
Due to the growing adoption of industry 4.0 and robotics by the automotive and aerospace industries, artificial intelligence (AI) in the manufacturing market in Europe is expected to gain strong velocity throughout the forecast period.
Key players identified in the artificial intelligence (AI) in manufacturing market include: