About AI in Manufacturing
Due to the COVID-19 pandemic, some manufacturers across the world are presently confronting grave challenges and will likely face continued downward pressure on the demand, production, and revenues as the COVID-19 intensifies in later 2020. Artificial intelligence has been one of the fastest-growing technologies in recent years. Enhancement in automation in the manufacturing industry and the rise in demand for big data integration boost the growth of artificial intelligence in the manufacturing market. According to researchers of the Oxford Martin School, around 47% of the total U.S. employment is at risk owing to the influence of advances in AI. Thus, AI possesses a great threat to humanity, thereby hampering the growth of the artificial intelligence in the manufacturing market.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
High Growth Market | Asia Pacific |
Unit | Value (USD Billion) |
CAGR | 51.25% |
The key market players are adopting various strategies such as product launch and product innovation, to expand their existing product portfolio and maintain competitiveness in the rapidly growing AI marketspace. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global AI in Manufacturing market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
NVIDIA Corporation (United States), IBM Corporation (United States), Alphabet Inc. (Google) (United States), Microsoft Corporation (United States), Intel Corporation (United States), Siemens AG (Germany), Oracle Corporation (United States), Amazon Web Services (United States), SAP SE (Germany), Rockwell Automation Inc. (United States), Cisco Systems Inc., (United States) and General Electric Company (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are General Vision Inc. (United States), Progress Software Corporation (United States), Micron Technology Inc.,(United States), Mitsubishi Electric Corporation (Japan), Sight Machine (United States), AIBrain Inc. (United States), Vicarious Inc. (United States), SparkCognition Inc. (United States), Rethink Robotics (Germany), UBTECH Robotics Corp. (China), Aquant Inc. (Israel), Bright Machines (United States) and Flutura Decision Sciences & Analytics (India)..
Segmentation Overview
AMA Research has segmented the market of Global AI in Manufacturing market by Type (Hardware [Processor, Memory, Network], Software [AI Solutions, AI Platform] and Services [Deployment & Integration, Support & Maintenance]), Application (Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services, Quality Control, Cybersecurity, Industrial Robots and Reclaimation) and Region.
On the basis of geography, the market of AI in Manufacturing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2022. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Deployment Mode, the sub-segment i.e. Cloud will boost the AI in Manufacturing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Industry Vertical, the sub-segment i.e. Automobile will boost the AI in Manufacturing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Technology, the sub-segment i.e. Machine Learning [Deep Learning, Supervised Learning, Reinforced Learning, Unsupervised Learning, Others] will boost the AI in Manufacturing market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Promising Government Initiatives & Investments in Developing Nations, Improving computing power and Increasing venture capital investments
Market Growth Drivers:
The widespread usage of machine vision cameras in manufacturing applications, Increasingly large and complex dataset and Evolving Industrial IoT and automation
Challenges:
Limited skilled workforce and The significant financial and operational impact of COVID-19 outbreak on manufacturing
Restraints:
Reluctance among manufacturers to adopt AI-based technologies
Opportunities:
Growth in operational efficiency of manufacturing plants, Application of AI for intelligent business process and Adoption of automation technologies to curb the effects of COVID-19
Key Target Audience
Service Providers, Government Regulatory Bodies, Private Research Organization, Government Research Organizations, Research and Development (R&D) Companies, Federal Agencies and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.