ID: MRFR/ICT/6276-HCR | February 2021 | Region: Global | 100 pages
The global artificial intelligence (AI) in manufacturing market was valued at USD 1.59 billion in 2018; it is estimated to reach USD 14.77 billion by 2024 at a 47.09% CAGR during the forecast period 2019–2024. Developing market of industry 4.0 and smart factories, increasing adoption of automation by SMEs as well as large enterprises, and development in advanced technologies such as artificial intelligence, machine learning & deep learning are some of the prime factors driving the growth of the market. However, data security & privacy concerns, and high integrating cost of AI-based solutions are some major factors hindering the market growth. The developing market of big data technology and increasing application of AI for business intelligence are some factors bringing fruitful opportunities for the market in the coming years. Whereas, the lack of skilled expertise is a major challenge in the market.
Industry 4.0 or smart maintenance, predictive maintenance, testing, and quality optimization, supply chain communication, and yield enhancement are some of the use cases of artificial intelligence in manufacturing. Artificial intelligence and machine learning are benefitting industry 4.0 in automated production and monitoring process in smart factories, advanced digitized networks, automation of quality and inspection process, decentralized manufacturing system, and others.
The global artificial intelligence (AI) in manufacturing market has been segmented into component, technology, application, vertical, and region.
By component, the market has been segmented into hardware, software, and services. By hardware the market has been segmented into processor, memory, and network. The processor segment covers microprocessor unit (MPU), graphical processing unit (GPU), field programmable gate array (FPGA), and application-specific integrated circuits (ASICs). Whereas, the services segment has been further breakdown into deployment & integration, and support & maintenance.
By technology, the market has been segmented into machine learning & deep learning, natural language processing, context-aware computing, and computer vision.
By application, the market has been sub-segmented into predictive maintenance, supply chain management, IT management, field services, quality control, robotics, and others
By vertical, the market has been classified into automobile, aerospace & defense, energy & power, semiconductor & electronics, food & beverage, pharmaceuticals, and others.
By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Market Research Future (MRFR) study has covered the following countries in the regional analysis of artificial intelligence (AI) in the manufacturing market—the US, Canada, and Mexico in North America; Germany, the UK, France, Russia, Spain, the Netherlands, and Italy in Europe; China, Japan, India, Singapore, Australia, the Philippines, and South Korea in Asia-Pacific; and the Middle East & Africa and South America in the rest of the world.
Artificial intelligence in manufacturing market is currently dominated by Asia-Pacific region as the primary economic countries such as China, India, South Korea, and the Philippines are the major manufacturing centers of semiconductors, electronics, energy & power, and pharmaceuticals. Further, increasing adoption of robots in manufacturing processes is expected to aid the region in dominating the market throughout the forecast period.
North America is the second highest contributor in artificial intelligence market. The US is the early adopter of new technologies for application such as factory automation, process planning, engineering design, and production scheduling among others.
Artificial intelligence (AI) in the manufacturing market in Europe is projected to gain high momentum during the forecast period due to increasing adoption of industry 4.0 and robotics by automotive, and aerospace industry.
Global Artificial Intelligence (AI) in Manufacturing Market, 2018–2024 (USD Billion)
Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, MRFR Analysis
Market Research Future has identified following key players in the 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.
Frequently Asked Questions (FAQ) :
The market achieved a valuation of 1.59 billion in 2018.
The market will be recording 47.09% CAGR for its growth.
The market will be witnessing its growth during the years of 2019–2024
The developing market of big data technology and snowballing application of AI for business intelligence are factors for the market’s growth in the coming years.
The market is currently led by the Asia-Pacific region because of economic countries such as China, India, South Korea, and the Philippines being main centers of semiconductors, electronics, energy & power, and pharmaceuticals.