Pune, India, April, 2019 /MRFR Press Release/- Market Research Future published a half-cooked research report on global Artificial Intelligence (AI) in Manufacturing Market. The Artificial Intelligence (AI) in Manufacturing Market is expected to expand at ~ 45.13% CAGR during the period 2019 to 2024.
The global artificial intelligence (AI) in manufacturing market had a market value of USD 1.59 billion in 2018; it is estimated to reach USD 14.77 billion by 2024 growing at a CAGR of 47.09% during the forecast period 2019–2024. Market Research Future (MRFR) has segmented the artificial intelligence (AI) in manufacturing market based on component, technology, application, vertical, and region.
By component, artificial intelligence (AI) in the manufacturing market has been sub-segmented into hardware, software, service. Hardware has been further sub-segmented into processor, memory, and network. Among processors, microprocessor units (MPU), and graphical processor units (GPU) currently holds the largest market share in the market due to their adoption for cutting-edge scientific research, financial modeling, and oil & gas exploration applications. Whereas, FPGA, followed by ASICs are expected to gain high momentum during the forecast period due to increasing market growth of data centers and network communications.
By technology, the artificial intelligence (AI) in the manufacturing market has been segmented into machine learning & deep learning, natural language processing, context-aware computing, and computer vision. Among these, machine learning & deep learning is currently dominating the market due to its adoption in various manufacturing processes for predictive analytics, security, and quality check & inspection process. Whereas, natural language processing is projected to gain high momentum during the forecast period.
By application, the market has been segmented into predictive maintenance, supply chain management, IT management, field services, quality control, robotics, and others. Among these, robotics, followed by predictive maintenance is currently holding the highest market share in artificial intelligence (AI) in manufacturing market. Predictive maintenance market is expected to have high market share throughout the forecast period due to increasing usage of machine learning for inspections, increasing adoption of IoT & connected devices among others.
By vertical, the market has been segmented into automobile, aerospace & defense, energy & power, semiconductor & electronics, food & beverage, pharmaceuticals, and others. Among these, the automotive segment is currently dominating the market, followed by the aerospace & defense segment. Whereas, the pharmaceutical segment is projected to gain high momentum during the forecast period.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America has been further segmented into the US, Canada, and Mexico. Europe has been further segmented into Germany, the UK, France, Russia, Spain, the Netherlands, and Italy. Asia-Pacific has been sub-segmented into China, Japan, India, Singapore, Australia, the Philippines, and South Korea in Asia-Pacific. And the rest of the world has been classified into the Middle East & Africa and South America.
Artificial Intelligence (AI) in manufacturing is expected to be a growing market in the coming years owing to the presence of numerous large players active in the regional market. Nvidia Corporation, Intel, Inc., IBM Corporation, Siemens AG, General Electric company, Google, Inc., Microsoft Corporation, Amazon Web Services, Bosch, Rockwell Automation, Cisco Systems, SAP SE, Foxconn, and others are the companies leading the market globally.