Market Research Future published a research report on “Artificial Intelligence (AI) in manufacturing Market Research Report — Global Forecast till 2024” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2024.
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.
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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 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.
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.
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.
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.
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