MARKET OVERVIEW
The Artificial Intelligence (AI) in the manufacturing industry, from the recent research reports, is foreseen to grow in terms of value from USD 11.65 billion in 2020 to USD 25.89 billion by 2024 with an attractive compound annual growth rate (CAGR) of 47.09%. Artificial intelligence can be defined as the ability of computer-controlled products to do particular tasks that are performed by human beings by using their intelligence and discernment. Artificial intelligence is aiding industry 4.0 in automatic production, advanced digitized networks, monitoring processes in factories, decentralized manufacturing system, and others.
MARKET SEGMENTATION
If we look at the latest research analysis of AI in Manufacturing Market Growth, the industry can be ramified based on component, application, technology, and vertical. Among all the segments of this market, the artificial intelligence and machine learning segment will experience noteworthy growth during the forecast period. The supply chain management segment will also register a significant CAGR of 8%. The demarcation of this market into various segments is as follows:-
Based on components, it has hardware, services, and software.
Based on the application, it has supply chain management, field services, it management, predictive maintenance, robotics, quality control, and others.
Based on the technology, it has deep learning, artificial intelligence & machine learning, computer vision, natural language processing, and context-aware computing.
Based on vertical, it has automobile, energy & power, food & beverage, semiconductor & electronics, pharmaceuticals, aerospace & defense, and others.
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REGIONAL ANALYSIS
Looking at Artificial Intelligence (AI) in manufacturing market share and other details it becomes very clear that this industry is notably working in four major regions of the world that is Asia Pacific region, the North American region, the European region, and the rest of the world (the Middle East and Africa). The Asia Pacific region is anticipated to dominate this market during the forecast period as its developing countries such as India, China, and Japan are have huge manufacturing infrastructure for semiconductors, power, energy, pharmaceuticals, and electronics. Also, the rising adoption of robots in different manufacturing industries is another factor that helps this market in achieving greater heights by the end of the forecast period. The North American region will account for the second-largest market share during this period of research as countries of this region are adopting the new technologies for different applications such as process planning, automation of factory, scheduling of production, etc.
The prominent players of this market are NVidia Corporation (US), Intel, Inc., Microsoft Corporation, Amazon Web Services, Bosch, Rockwell Automation, Cisco Systems, SAP SE, Falcon, and others
INDUSTRY NEWS
In February 2019, Qualcomm Robotics RB3 named platform was launched by Qualcomm Technologies, Inc. this system was positioned on Qualcomm SDA/SDM845 system-on-chip (SOC) which in turn make this system capable of integrating 4G/LTE support, mapping and navigation, heterogeneous computing, and advanced security.
In October 2018, Audi one of the prime player in the automobile sector announced that it will be collaborating with companies developing machine learning software which as a result will improve its inspection and process of quality testing.
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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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