Selbyville, Delaware, May 23, 2019 (GLOBE NEWSWIRE) --
The artificial intelligence (AI) in manufacturing market for energy & power sector is predicted to grow at a CAGR of over 41% during the projected time period. The companies are investing in AI technology due to its ability to adapt to changing environments. This allows the power-generation organizations to create accurate predictions regarding energy demand, reducing their reliance on backup mechanisms.
The heavy metal & machinery industry is expected to register a growth rate of over 43% in the AI in manufacturing market during the forecast timeframe. The companies present in the heavy metal machinery sector are using the technology to optimize the raw material consumption and improve melt costs to ensure significant cost savings.
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The GPU’s accounted for over 46% of the artificial intelligence (AI) in manufacturing market size in 2018. The increasing need for high processing capabilities and enhanced visual content is promoting GPUs use in the manufacturing industry.
The AI platforms market is predicted to grow exponentially over the projected time period. The rising need for personalized solutions is encouraging manufacturers to incorporate AI technologies into their manufacturing facilities. The AI platforms offer pre-built algorithms with unsophisticated workflows along with features that easily allow the necessary data to connect to end solutions.
The machine learning technology accounted for over 47% of the size in AI in manufacturing market in 2018. The technology is used to warrant quality management at every stage of the manufacturing process. It anticipates product quality at early stages of the production with a high level of precision.
The material movement segment for AI in manufacturing market is predicted to grow at a CAGR of over 43% during the projected timeframe. As the skilled labor force is becoming increasingly problematic to retain and recruit, the enterprises are shifting toward AI-enabled machine movement solutions to manage labor issues to ensure efficiency and profitability.
Browse key industry insights spread across 300 pages with 584 market data tables & 27 figures & charts from the report, “Artificial Intelligence (AI) in Manufacturing Market Size By Component (Hardware [Processor {Central Processing Unit (CPU), Graphic Processing Unit (GPU), Field Programmable Gate Array (FPGA), Application Specific Integrated Circuit (ASIC)} Memory], Solution [Software, AI Platform, Application Program Interface(API)], Services [Managed Services, Professional Services), By Technology (Machine Learning (ML), Computer Vision, Context Awareness, Natural Language Processing (NLP)), By Application (Quality Management, Predictive Maintenance & Machinery Inspection, Material Movement, Production Planning, Cybersecurity, Field Services), By End-use (Semiconductor & Electronics, Energy & Power, Pharmaceutical & Chemical, Automobile, Heavy Metals & Machine Manufacturing, Food & Beverages) Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Spain, Netherlands, Australia, China, India, Japan, Taiwan, Brazil, Mexico, UAE, Israel, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019– 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-manufacturing-market
The predictive maintenance and machine inspection segment in AI in manufacturing market is expected to grow at a CAGR of over 44% during the forecast timeline. There has been an increasing pressure on manufacturing facilities to increase productivity, which has made maintenance a prime factor to enhance cost-savings and efficiency. The cost of machine downtime is anticipated to be over USD 647 billion annually. The technology eradicates the need to periodically shut down machinery to conduct preventive measures.
Asia Pacific is leading in artificial intelligence in manufacturing market with over 43% industry share in 2018. The market growth is attributed to the presence of highly advanced manufacturing facilities in countries including China, Japan, and South Korea. The widespread adoption of industry 4.0 technologies is also promoting the use of AI solutions.
Europe AI in manufacturing market size is anticipated to grow at a CAGR of over 44% during the forecast timeframe. High investment by the prominent automakers in the region to incorporate advanced production technologies is adding to the growth of the market.
The key vendors in the artificial intelligence (AI) in manufacturing market are Advanced Micro Devices, Canvas Analytics, General Vision, Graphcore, IBM, Landing AI, SAP, Sight Machine, UBTECH Robotics, Oracle, Progress Software, Qualcomm, Microsoft, Nvidia, Intel, Google, Falkonry, AWS, and Vicarious.
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