PLEASANTON CA, Sept. 30, 2021 (GLOBE NEWSWIRE) -- The latest study titled “Global Artificial Intelligence in Manufacturing Market Ecosystem By Components; By Deployment; By Technology; By Application; By Device; By Region; By End Users (Logistics, Healthcare, Automotive, Retail, BFSI, Defence, Aerospace, Oil & Gas, Others) Forecast by 2027” published by AllTheResearch, features an analysis of the current and future scenario of the global Artificial Intelligence (AI) in Manufacturing Market.
The Global Artificial Intelligence (AI) in Manufacturing Market was valued at USD 2.1 Bn in 2020 and is expected to reach USD 11.5 Bn by 2027, with a growing CAGR of 27.2% during the forecast period.
The Artificial Intelligence in manufacturing market is forecasted to grow at a high rate owing to the accelerating innovations in industrial IoT and automation.
The manufacturing industry is expected to be among the market leader in the artificial intelligence market. Further, the manufacturing industry is also expected to display the fastest growth during the forecast period due to rapid digital transformation to promote smart solutions in factories, logistics and management. The manufacturing industry is expected to generate an excess of 2,000 Pb of data every year, which is far more than industries such as BFSI, retail, and aerospace & defense, among others.
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Artificial Intelligence (AI) in Manufacturing Market Report Overview:
The report overview includes studying the market scope, leading players like Google, Amazon, Microsoft Corporation, IBM Corporation, Intel, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of the global Artificial Intelligence in Manufacturing industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.
Key Findings:
- Based on the offerings, the hardware segment held the largest market share in 2020
- Based on technology, machine learning segment accounted for the largest market share in 2020 followed by Natural Language Processing (NLP)
- Predictive maintenance, based on applications is accounted to hold the largest market share in the year 2020
- Based on end user industry, the automobile industry held the largest market share for global AI in manufacturing market
- Based on regions, the North America region is anticipated to hold the largest market share in the year 2027 in the AI in manufacturing market analysis
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The key players operating in the AI in manufacturing market are: IBM Corporation, Google Inc., Amazon.com Inc., Microsoft Corporation, Intel, General Electric (GE) Company, Nvidia, Siemens, Cisco Systems, Oracle Corporation, Alphabet Inc., SparkCognition Inc., Mitsubishi Electric, Micron Technology, Rockwell Automation, Sight Machine, Aquant Inc., Progress Software Corporation, Aibrain, General Vision Inc., SAP, Vicarious, Ubtech Robotics, Rethink Robotics, Flutura Decision Sciences & Analytics, Bright Machines, and More
Global AI in manufacturing market is expected to propel at a significant rate during the forecast period owing to the extensive application of artificial intelligence technology in varied industries such as automobile, energy and power, pharmaceuticals, and food & beverages.
The Global Artificial Intelligence in Manufacturing Market Segmentation:
- By Offering Outlook (Revenue, USD Billion, 2021-2027)
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- Software
- By Technology Outlook (Revenue, USD Billion, 2021-2027)
- Computer Vision
- Natural Language Processing
- Machine Learning
- Context-aware Computing
- By Application Outlook (Revenue, USD Billion, 2021-2027)
- Predictive Maintenance
- Drug Discovery
- Quality Control
- Production Planning
- Material Movement
- Field Services
- Industrial Robots
- Cybersecurity
- Reclaimation
- By End User Industry Outlook (Revenue, USD Billion, 2021-2027)
- Automobile
- Heavy Metals and Machine Manufacturing
- Semiconductors and Electronics
- Energy and Power
- Food & Beverages
- Pharmaceuticals
- Others
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- Hardware
- Network
- Processor
- Memory
- Services
- Support & Maintenance
- Deployment & Integration
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- AI Platform
- AI Solutions
- Hardware
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Regional Analysis of Artificial Intelligence in Manufacturing Market:
In terms of geography, the Asia Pacific region was accounted to hold the largest market share in 2020 and is anticipated to grow at a significant pace throughout the forecast period. The dominance is majorly attributed to the growing manufacturing plants in developed and developing countries such as India, South Korea, China, and Japan. For instance, in May 2018, the South Korean Government announced its plan to invest 2.2 trillion South Korean Won for AI research till 2022. The Ministry of Information and Communication along with the Ministry of Education, Science and Technology established the artificial intelligence R&D strategy called ‘National Strategy for Artificial Intelligence. The investment is expected to create various developments and advantages in the AI in manufacturing Market.
Moreover, the outbreak of covid-19 pandemic has disrupted the supply chain for various industries and also the manufacturing process in several countries including in APAC region. However, China was successful in preventing destructions to human health in Wuhan by implementing a lockdown. With decreasing risk to human health in Wuhan, the manufacturing activities are normalizing in China, thus boosting the AI in manufacturing Market.
Key Highlights of the Table of Contents:
- Introduction
- Technology and Regulatory Landscape for Artificial Intelligence in Manufacturing
- AI in Manufacturing Market Pricing Analysis
- AI in Manufacturing Market by Offering
- AI in Manufacturing Market by technology
- AI in Manufacturing Market by Application
- AI in Manufacturing Market by End User Industry
- Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- Key Strategic Insights
- Key Market Trends / Recent Developments
- Competitive Scenario
- Competitive Strategies of Key Players
- Strength of product portfolio
- Ranking of Key Players
- Presence of players by Geographies
- Key Global Players
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Key Coverage and Benefits:
- The report will help in developing business strategies by understanding the trends shaping and driving the global AI in Manufacturing market.
- The report provides detailed historical and forecasted data of AI in Manufacturing from 2016-2027.
- Organize sales and marketing efforts by identifying the best opportunities for AI in Manufacturing in the US, Europe, and Japan.
- To understand the future market competition in the global AI in Manufacturing and insightful review of the key market drivers and barriers.
- To understand the regulatory scenario in major markets.
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The report also provides an in-depth analysis of recent news developments and investments
- In June 2021, Google Cloud announced a launch of ‘Visual Inspection AI’, an AI-based solution that is aimed to help reduce the defects from the product using AI technology. The Visual Inspection AI help various industries such as consumer packaged goods companies, manufacturers, and other businesses present globally to lessen the defects and reduce significant time and money from manufacturing and inspection process.
- In April 2021, IBM Corporation announced that the company signed an agreement to acquire Turbonomic, the US-based Network Performance Management (NPM) and Application Resource Management (ARM) software providing company. The acquisition is expected to benefit IBM with capability to provide customers with AI-powered automation capabilities.
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Frequently Asked Questions:
- What are the key factors driving AI in Manufacturing Market expansion?
- What will be the value of AI in Manufacturing Market during 2021- 2027?
- Which region will make notable contributions towards global AI in Manufacturing Market revenue?
- What are the key players leveraging AI in Manufacturing Market growth?
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