Chicago, Jan. 16, 2024 (GLOBE NEWSWIRE) -- The Artificial Intelligence in Manufacturing Market is on a trajectory of remarkable growth, projected to reach USD 20.8 billion by 2028 from USD 3.2 billion in 2023, boasting a stellar CAGR of 45.6% during 2023–2028. The dynamic interplay of factors propels this evolution, including the rising need to handle increasingly large and complex datasets and the emergence of industrial IoT and automation technology.
Artificial Intelligence In Manufacturing Market Dynamics: AI in the manufacturing market size is experiencing substantial growth, driven by the widespread utilization of big data, industrial robots, and the evolution of the Internet of Things (IoT). Macro drivers, including a focus on value creation and experiential customers, are further shaping this transformative journey.
Artificial Intelligence In Manufacturing tIn-Depth Market Insights: Explore the comprehensive market data, presented through 208 tables and 67 figures spread across 289 pages, providing an in-depth analysis of Artificial Intelligence in the Manufacturing Market share.
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Artificial Intelligence In Manufacturing Market Segment Insights:
- Hardware Segment: Projected to exhibit a higher CAGR during the forecast period. Processors, including MPUs, GPUs, FPGAs, and ASICs, are witnessing increased demand, especially GPUs with high parallel computing capabilities.
- Computer Vision Technology: Anticipated to grow with a higher CAGR. Applied in predictive maintenance and machinery inspection, this technology plays a pivotal role in industries such as automotive, energy & power, and heavy metals & machine manufacturing.
- Application Focus — Predictive Maintenance & Machinery Inspection: Holding the largest market share throughout the forecast period. AI adoption in this segment ensures proper equipment functioning, reduces deterioration rates, and minimizes operational costs due to untimely machine failures.
- Automotive Industry: Leading the market share in 2023. Automakers leveraging AI, computer vision, and machine learning technologies to enhance vehicle production quality, reduce downtime, and minimize financial losses.
- Regional Spotlight — Asia Pacific: Expected to grow at the highest CAGR. Factors driving growth include rapid industrialization, substantial e-commerce growth, rising labor costs, technological advancements, and a focus on Industry 4.0.
Artificial Intelligence In Manufacturing Market Key Players: Profiles of key players such as Siemens (Germany), IBM (US), Intel Corporation (US), NVIDIA Corporation (US), and General Electric Company (US), among others, shape the competitive landscape.
Artificial Intelligence In Manufacturing Market Strategic Insights for Informed Decision-Making:
Market Intelligence Beyond Numbers: Beyond numerical statistics, the strategic insights delve into the nuances of market dynamics. Business leaders gain a comprehensive understanding of the forces shaping the AI in manufacturing landscape, from the impact of emerging technologies to the influence of global economic shifts.
Identifying Growth Opportunities: Informed decision-making hinges on the ability to identify and capitalize on growth opportunities. The insights extracted from Artificial Intelligence in Manufacturing Market statistics of potential expansion, allowing executives to align their business strategies with the trajectory of Artificial Intelligence In Manufacturing market trends. Whether it’s exploring new geographic regions or diversifying product offerings, these insights serve as a strategic compass.
