London, March 30, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Artificial Intelligence in Manufacturing Market by Component, Technology (ML, Computer Vision, NLP), Application (Cybersecurity, Robot, Planning), Industry (Electronics, Energy, Automotive, Metals & Machine, Food & Beverages) – Global Forecast to 2027”, the AI in manufacturing market is expected to grow at a CAGR of 39.7% from 2019 to 2027 to reach $27 billion by 2027.
Organizations are aggressively adopting AI-based solutions and services to reshape their business operations and increase profitability. The adoption of artificial intelligence technologies in the manufacturing industry is on the rise to create new opportunities & enhance operational capabilities by leveraging new technologies, fastening processes, and making organizations adaptable to changes in the future. Realizing the fact, various organizations are investing heavily to reap the profits in highly dynamic and competitive market environments. With advent of industrial 4.0, increasing huge & complex amount of dataset, and rising adoption of industrial IoT in several industries are some of the key factors driving the growth of the AI in manufacturing market. However, lack of infrastructure & high procurement operating costs in various countries is anticipated to obstruct the growth of this market to some extent.
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The global artificial intelligence in manufacturing market study presents historical market data in terms of value (2017 and 2018), current data (2019), and forecasts for 2027. The market is segmented on the basis of component, technology, applications, industry vertical, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on component, the AI software segment commanded largest share of the overall artificial intelligence in manufacturing market in 2019. The large share of this segment is attributed to the factors such as growing usage of learning analytics; growing acceptance of assistants driven by machine learning, NLP, computer vision techniques; and an increase in demand for AI platforms for manufacturing operations. Moreover, high focus of manufacturing companies towards the improvement of their product and operations process is further contributing to the growth of AI software market in the coming years. However, the increasing demand for cloud services for manufacturing operations, field services, software services, remote maintenance services, technical support & training services, maintenance & support services, integration services, and performance measurement services will result in the services segment emerging as the fastest-growing segment during the forecast period.
Based on technology, the machine learning technology segment commanded the largest share of the overall AI in manufacturing market in 2019. This is primarily attributed to the factors such as increasing demand for predictive maintenance & machinery inspection, material handling, production planning; and an increase in the unstructured data generated by the manufacturing industry. Moreover, the increase in demand for anomaly detection, root cause analysis, and quality control in manufacturing operations is further contributing to the growth of the machine learning technology market in the coming years. However, the computer vision technology segment is projected to grow with the fastest CAGR during the forecast period, owing to the increasing demand from end-users for higher quality products; and increasing demand to eliminate the maintenance time and costs associated with wear and tear of mechanical components.
Based on application, the predictive maintenance & machinery inspection application segment commanded the largest share of the overall AI in manufacturing market in 2019, which is attributed to the increasing demand for self-monitoring, improving production capacity, minimizing unplanned downtime, and real-time plant monitoring. Moreover, increasing demand to reduce costs related to operating heavy equipment, for anomaly detection, and for root cause analysis will result in the predictive maintenance & machinery inspection application segment emerging as the fastest-growing segment during the forecast period.
Based on industry vertical, the automotive sector commanded the largest share of the overall AI in manufacturing market in 2019. The large share of this segment is primarily attributed to the growing demand for autonomous vehicles, adoption of the advanced automotive solutions for quality management, and need of predictive maintenance & machinery inspection solutions. AI enables applications that span the automotive manufacturing floor. Automakers can use AI-driven systems to create schedules and manage workflows, enable robots to work safely alongside humans on factory floors and assembly lines, and identify defects in components going into cars and trucks. These capabilities can help manufacturers reduce costs and downtime in production lines while delivering better finished products to consumers. However, the heavy metals & machine manufacturing sector is projected to grow with the fastest CAGR during the forecast period. In order to remain competitive, attract new talent, and retain knowledge from an aging workforce, the metal and material manufacturing companies are increasingly adopting smart technologies like Artificial Intelligence (AI). The factors such as growing need to optimize the production line, reduce unplanned downtime, improve operational productivity, reduce cost, and create synergies across the facility fuels the adoption of AI in metal and materials manufacturing sector.
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Geographically, North America commanded the largest share of the global AI in manufacturing market in 2019. However, Asia-Pacific region is expected to witness rapid growth during the forecast period, driven by the factors such as increasing adoption of automation and advanced technologies across a wide range of industries; increasing investment by technology leaders in this region; increasing digitization; and favorable government initiatives to promote the adoption of advanced technologies in developing countries such as India, South Korea, and China. For instance, in 2018, IMI Precision Engineering unveiled its second-largest manufacturing facility in the Asia Pacific region to expand its product and technology offerings. In 2017, to keep pace with the fast evolution and automation in the era of the Fourth Industrial Revolution in South Korea, the Ministry of Trade, Industry, and Energy (MOTIE) announced to increase the number of domestic smart factories to 30,000 operating with the latest digital and analytical technologies by 2025.
The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years. The artificial intelligence in manufacturing market has witnessed several partnerships, collaborations, and agreements in the recent years. For instance, in 2019, IBM Corporation (Japan) collaborated with Panasonic Corporation to enhance semiconductor manufacturing processes. This collaboration further accelerates the updated system to cut engineering costs, stabilize product quality, and increase factory productivity. In 2019, Amazon Web Services, Inc. partnered with Volkswagen to transform automotive manufacturing. This will help Volkswagen to automate all automobile manufacturing and logistics processes. Also, in 2019, Siemens AG partnered with LG Electronics to develop intelligent manufacturing solutions. This partnership creates a smart manufacturing-based model and leads digital transformation in the manufacturing sector.
The global AI in manufacturing market is consolidated and dominated by few major players, namely Alphabet, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Robert Bosch GmbH (Germany), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Advanced Micro Devices, Inc. (U.S.), and Sight Machine, Inc. (U.S.), among others.
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Scope of the Report
AI in Manufacturing Market by Component
- Hardware
- Processors
- Networking Solutions
- Memory Solutions
- Software
- AI Platforms
- AI Solutions
- Services
- Deployment & Integration
- Support & Maintenance
AI in Manufacturing Market by Technology
- Machine Learning
- Natural Language Processing
- Context-Aware Computing
- Computer Vision
AI in Manufacturing Market by Industry Vertical
- Semiconductors & Electronics
- Energy & Power
- Pharmaceuticals
- Medical Devices
- Automotive
- Heavy Metals & Machine Manufacturing
- Food & Beverages
AI in Manufacturing Market by Geography
- North America
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- U.S.
- Canada
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- Europe
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- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
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- Asia-Pacific
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- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
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- Latin America
- The Middle East & Africa
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