Industry Insight
The
take of global artificial intelligence (AI) in the manufacturing market 2020
recorded by Market Research Future reveals that the market can hit 47.09% to
the net worth with USD 14.77 billion by 2024 amid the long-term impact of
COVID-19. The years of growth is calculated to be from 2019-2024.
Top
Grossing Factors
The
global artificial intelligence in the manufacturing market has gathered pace in
its growth amid COVID-19 breakthrough with rapidly evolving industrial automation
and IoT, at present. Artificial intelligence is one of the highest-growing
technologies in recent years. Artificial intelligence is allied with human
intelligence with similar characteristics such as understanding,
problem-solving, reasoning, language, and learning. An amalgamation of AI in
the manufacturing industry offers a safer operational environment, which
further assists in enhancing the quality and quantity of production.
One
of the main factors, such as the exponential growth in digital data, is
motivating the growth of Artificial
Intelligence (AI) In the Manufacturing Market. It is approximated that
by the year 2020, around 1.7 megabytes of new data will be created every
second. It is further approximate to expand at 40% over the next ten years.
Such growth is attributed to the escalating adoption of big data technologies
and IoT devices along with the ascend in popularity of cloud platforms among
enterprises. All these factors are cheering the adoption of artificial
intelligence solutions among the manufacturers to process the data and extract
actionable insights.
Furthermore,
the factor of enhancement in automation in the manufacturing industry and the
rise in demand for big data integration boost the escalation of artificial
intelligence in the manufacturing market. With this, prevalent usage of machine
vision cameras in manufacturing applications, such as material movement,
machinery inspection, quality control, and field service, is also to drive the
growth of artificial intelligence in the manufacturing market for the forecast
period.
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Segmentation
of Market: Artificial Intelligence in Manufacturing
The
study by MRFR also digs some segmentation of the global artificial intelligence
in the manufacturing market, which has been done through the component,
technology, application, and vertical.
In
terms of component segment, the market has included software, hardware, and
services. Among these, the hardware segment has included memory,
processor, and network. Also, the processor segment has covered the graphical
processing unit (GPU), a microprocessor unit (MPU), application-specific
integrated circuits (ASICs), and field-programmable gate array (FPGA). In the
last segment, the services segment also has a breakdown into support &
maintenance and deployment & integration.
In
terms of the technology segment, the market has included natural language
processing, machine learning & deep learning, computer vision, and
context-aware computing.
In
terms of the application segment, the market has included supply chain
management, predictive maintenance, field services, IT management, robotics,
quality control, and others.
In
terms of vertical segment, the market has included aerospace & defense,
automobile, semiconductor & electronics, energy & power,
pharmaceuticals, food & beverage, and others.
Regional
Analysis
Market
Research Future (MRFR) study has covered some key countries in the regional
analysis of artificial intelligence (AI) in the manufacturing market—North
America, Europe, Asia-Pacific, the Middle East & Africa, and South America
in the rest of the world.
Artificial
intelligence in the manufacturing market is currently led by the Asia-Pacific
region as the primary economic countries such as India, China, the Philippines,
and South Korea are the major manufacturing centers of electronics,
semiconductors, pharmaceuticals, and energy & power. Further, the
escalating adoption of robots in manufacturing processes is anticipated to aid
the region is leading the market throughout the forecast period.
The
region of North America is the second highest contributor to the artificial
intelligence market. The US is the first adopter of new technologies for
applications such as process planning, factory automation, production
scheduling, and engineering design.
Artificial
intelligence (AI) in the manufacturing market in Europe is also estimated to
gain high momentum during the projected period owing to the mounting adoption
of industry 4.0 and robotics by the automotive and aerospace industry.
Top
Market Players
Market
Research Future has well-known some of the key players in the global artificial
intelligence (AI) in the manufacturing market are IBM Corporation, Nvidia
Corporation, Intel, Inc., General Electric company, Siemens AG, Microsoft
Corporation, Google, Inc., Bosch, Amazon Web Services, Cisco Systems, Rockwell
Automation, Foxconn, SAP SE, and others.
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AI in Manufacturing Market Research Report:
Information by Technology (Hall Effect, Magneto Resistive, Variable
Reluctance), By Application (Automotive, Industrial, Aerospace & Defense,
Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle
East & Africa, and South America)—Forecast till 2030
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