Artificial Intelligence (AI) in manufacturing market was valued at USD 1.82 billion in 2019 and is expected to grow to USD 9.89 billion by 2027, growing at a CAGR of 24.2% within the forecasted years. The rising volume of massive and sophisticated databases (commonly referred to as big data), increasing computational power, expanding Industrial IoT & automation and more venture capital expenditures are the primary market drivers. Increasing consumption across manufacturing sectors like automotive, healthcare equipment, electronics, and semiconductors & chips among others, is helping to drive the AI market expansion. AI in manufacturing market is segmented into industry verticals such as automotive, aerospace, defense, aerospace and defense, food, manufacturing, and pharmaceutical. The automotive industry is likely to grow at the highest CAGR during the forecast period.
|Market Size Availability Year||2019-2028|
|Company Covered||NVIDIA Corporation (US), IBM Corporation (US), Alphabet Inc. (Google) (US), Microsoft Corporation (US), Intel Corporation (US), Siemens AG (Germany), General Electric Company (US), General Vision Inc. (US), Progress Software Corporation (US), Micron Technology Inc.,(US), Mitsubishi Electric Corporation (Japan), Sight Machine (US), Cisco Systems Inc., (US), SAP SE (Germany), Rockwell Automation Inc. (US), AIBrain Inc. (US), Vicarious Inc. (US),Oracle Corporation (US), Amazon Web Services (US), SparkCognition Inc. (US), Rethink Robotics (Germany), UBTECH Robotics Corp. (China), Aquant Inc. (Israel), Bright Machines (US), and Flutura Decision Sciences & Analytics (India).|
Impact of COVID-19 on AI in Manufacturing Market:
The continuing COVID-19 outbreak has created serious problems and significant influence on economies and industry sectors all around the globe. The epidemic is expected to have a significant financial effect on enterprises, particularly those that rely heavily on their workers. Numerous industrial firms have ceased their operations, causing collateral harm to the supply chain and the businesses. So, it is expected to disrupt supply chains and whole sectors to reconsider and adapt the global supply chain paradigm shift.
Artificial Intelligence (AI) in manufacturing market:
Artificial Intelligence in Manufacturing industry is an acronym of Artificial Intelligence, Machine Learning, and Deep Learning. Artificial Intelligence in manufacturing market is an industry in which machine learning, deep learning, and artificial intelligence technologies are applied to manufacturing. The industry has been growing, owing to the increasing need to develop and maintain manufacturing processes with advanced technologies, while maintaining the high quality standards.
Importance of AI in Manufacturing Market:
The manufacturing industry is one of the most important sectors of the global economy as it accounts for more than 40% of the total GDP and AI in Manufacturing is a market that is on the rise, with the volume of big data increasing. The increasing data and the development of machine learning and artificial intelligence technologies have made AI in manufacturing the most important technology in the manufacturing industry. AI in Manufacturing has an increasing impact on the production process. AI has the capacity to predict risk, reduce cost, and improve quality. This is an important aspect of the manufacturing market and has the potential to transform manufacturing. The goal of AI in Manufacturing is to achieve high levels of automation at a lower cost.
Areas in Manufacturing with the Most Upcoming Opportunities in AI:
The most lucrative opportunity for AI in the manufacturing industry is in the area of predictive maintenance. Predictive maintenance can help improve overall performance. Manufacturing is very competitive industry and in order to stay competitive, manufacturers must focus on AI. This can lead to better decisions and more innovative practices. If a company is able to implement AI in their manufacturing process, it will allow them to give customers more personalized products. This will not only allow for greater production of quality products, but also for greater customer satisfaction.
Key Drivers of AI in Manufacturing:
The rising demand for automation and robotics in manufacturing industry is the key driver of AI in Manufacturing. The continuous rise of massive and sophisticated databases collection and rapid development of neural networks, as well as the increasing demand for machine learning and deep learning, is also driving the market.
Challenges of AI in Manufacturing:
Manufacturing industries have been adopting AI technologies for a long time now, but the process of implementing them has been long and tedious. This process has been primarily driven by the limitations of traditional machine learning and artificial intelligence techniques, which are unable to find accurate, low-cost solutions with high-quality and high-speed results. Although AI has the potential to improve performance and reduce manufacturing costs, there are still many obstacles to overcome. Include the limited availability and scalability of hardware, the lack of strong AI algorithms and architectures, the lack of data, and the lack of skilled engineers. The rising volume of massive and sophisticated databases (commonly referred to as big data) is also one of the major challenges for the AI in Manufacturing market.
Applications of AI in Manufacturing Industry:
Artificial intelligence in manufacturing industry is an emerging field that is primarily used to increase manufacturing efficiency and productivity, and helps companies to streamline their processes and find new solutions to their problems. The applications of artificial intelligence in manufacturing industry are broad, spanning a wide range of fields including logistics, quality control, production, production planning, inventory management, business intelligence, decision support, and many other applications. AI in manufacturing industry can be used to improve the quality of products and services, reduce the cost of production, and increase the efficiency of manufacturing. AI in manufacturing industry can be used to design a product with an optimal manufacturing process and process cycle.
Key Players in the AI in Manufacturing Market:
Artificial Intelligence (AI) in Manufacturing market is emerging as one of the most promising segments in the market. AI in Manufacturing industry is also known as the AI in Manufacturing market. AI in Manufacturing market is distinguished by its high demand for intelligence and experience. The key players in AI in Manufacturing market are General Electric, Kiva Systems, Siemens, Optiver, SAP, IBM Corporation, Oracle Corporation, Microsoft Corporation and Siemens. The rise and integration of AI in manufacturing industry has been hampered by the lack of data availability, but with the help of big data, this problem can be resolved and the overall market can be improved.
AI in Manufacturing Market Growth and Market Size:
Artificial Intelligence (AI) in Manufacturing Market has been valued at USD 1.82 billion in 2019 and is expected to grow to USD 9.89 billion by 2027, growing at a CAGR of 24.2% within the forecasted years. There has been significant rise in the use of AI in manufacturing market. The rise in the volume of massive and sophisticated databases (commonly referred to as big data) is expected to support the growth of the Artificial Intelligence in Manufacturing market. AI is a computing technology that has been adopted in a wide variety of industries by businesses to improve the speed and efficiency of their operations.
We hope you enjoyed our blog post on artificial intelligence in manufacturing. Many people are unfamiliar with this topic, which is a difficult to understand. So, as AI is growing at an exponential rate, it is being used more and more in manufacturing, it is a growing and steadily innovating technology, AI is becoming more and more valuable to businesses, also with its help, manufacturers are able to improve the way their businesses operate, we hope you will be able to read our post with more information and educate yourself on the topic. If you have any questions about AI, please comment bellow the post.
Frequently Asked Questions (FAQ):
How much was the AI in manufacturing market worth in 2019?
Artificial Intelligence (AI) in manufacturing industry was valued at USD 1.82 billion in 2019.
How is AI used in manufacturing?
AI in manufacturing industry are broad, spanning a wide range of fields including logistics, quality control, production, production planning, inventory management, business intelligence, decision support, and many other applications.
How Artificial Intelligence affects the world manufacturing industry?
If any manufacturing company is able to implement AI in their manufacturing process, it will allow them to give customers more personalized products. This will not only allow for greater production of quality products, but also for greater customer satisfaction.
What companies use AI for manufacturing?
The key players in AI in Manufacturing market are General Electric, Kiva Systems, Siemens, Optiver, SAP, IBM Corporation, Oracle Corporation, Microsoft Corporation and Siemens.
What is AI used for in industry?
Artificial Intelligence in manufacturing market is an industry in which machine learning, deep learning, and artificial intelligence technologies are applied to manufacturing.