Westford, USA, June 11, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Artificial Intelligence (AI) in Manufacturing Market will attain a value of USD 64,631.0 Million by 2031, with a CAGR of 45.6% over the forecast period (2024-2031). The demand for artificial intelligence in manufacturing will rise dramatically due to the growing demand from manufacturing sectors including semiconductors, medical devices, and automobiles, among others. AI facilitates the production process and provides the company with the highest-quality output. Additionally, as businesses increasingly implement industry 4.0, there is a growing need for AI to optimise factories.
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- Pages - 197
- Tables - 94
- Figures – 70
Artificial Intelligence (AI) in Manufacturing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $3,200.0 Million |
| Estimated Value by 2031 | $64,631.0 Million |
| Growth Rate | Poised to grow at a CAGR of 45.6% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Device Type, End User |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Demand for predictive maintenance |
| Key Market Opportunities | Application of AI-driven machine learning and NLP for intelligent enterprise processes |
| Key Market Drivers | Emphasis on operational efficiency |
Surge in Demand for High-Performance Computing Power to Process Complex AI Algorithms is Driving Force behind the Hardware Offering
Artificial Intelligence (AI) in manufacturing market is dominated by hardware products due to the increasing need for high-performing processing strength to manage complex AI algorithms. This rapid development is fueled by this demand and serves to increase the efficiency and value of AI software while also reminding us of the critical part that hardware plays within AI-driven industrial operations.
Cut Down on Downtime and Operational Costs made Predictive Maintenance and Machinery Inspection Lead the Market
Predictive maintenance and machinery inspection lead the global artificial intelligence (AI) in manufacturing market as they may cut downtime and operational expenses. There are innovations happening in data analytics and sensor technologies; it is these that are driving this dominance as they enable real-time monitoring as well as early identification of equipment problems thereby increasing productivity and efficiency in manufacturing processes.
North America to Lead Driven by Usage of Precision and Intelligent Manufacturing Techniques
A significant portion of the worldwide artificial intelligence (AI) manufacturing market share is anticipated to reside in North America. North America was able to establish a dominant position due to the existence of major artificial intelligence providers and the rapid adoption of the technology across several industrial verticals. It is anticipated that the major artificial intelligence (AI) in manufacturing companies in this region would be from United States and Canada.
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Drivers:
- Emphasis on Operational Efficiency
- Industry 4.0 and Automation
- Rising need to Handle Increasingly Large and Complex Dataset
Restraints:
- Integration Hurdles
- Reluctance Among Manufacturers to Adopt AI-Based Technologies
- Lack of Foundational Practices Hinder Market Growth
Prominent Players in Artificial Intelligence (AI) in Manufacturing Market
- Amazon.com Inc. (US)
- SAP SE (Germany)
- Microsoft Corporation (US)
- GENERAL ELECTRIC (US)
- IBM Corporation (US)
- Mitsubishi Electric Corporation (Japan)
- Google LLC (US)
- Siemens AG (Germany)
- Rockwell Automation, Inc. (US)
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Key Questions Answered in Global Artificial Intelligence (AI) in Manufacturing Market Report
- How much is the global AI in manufacturing market estimated to be worth by 2031, and what is the anticipated compound annual growth rate (CAGR) for this market?
- Which manufacturing industries are driving the rise in demand for AI?
- What are the main factors of North America's supremacy in global AI in manufacturing market?
This report provides the following insights:
- Analysis of key drivers (Emphasizes improving operational efficiency by reducing capital & resource, Industry 4.0 promoting the use of automation through IoT devices, having suggestion of different mechanisms to improve manufacturing efficiency and integrated sensors for communicating interface for data transfer), restraints (Proprietary software & data structures further complicating the integration of AI solutions, possibility of leaks and cyberattacks for data used in the manufacturing industry and potential risks of mismanagement leading to increased costs), opportunities (Revealing new patterns & solutions for operational efficiency, task-based AI automation helping organizations in improving enterprise productivity and constant ongoing enhancements in performance & productivity to enterprises), and challenges (Insufficient foundational practices and standards for implementing AI and compliance with data privacy regulations) influencing the growth of artificial intelligence (AI) in manufacturing market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the artificial intelligence (AI) in manufacturing market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the artificial intelligence (AI) in manufacturing market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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