Redding, California, April 05, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Quality Management, Supply Chain Optimization), End-use Industry - Global Forecast to 2030,’ the AI in manufacturing market is projected to reach $29.1 billion by 2030, at a CAGR of 42.1% during the forecast period 2023–2030.
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With the advent of Industry 4.0, the manufacturing industry has made significant progress in adopting advanced technologies for manufacturing operations and processes. Manufacturing industries are implementing AI-powered intelligent solutions & services to enhance the automation and operational efficiency of organizations. Thus, there is considerable growth in the demand for the adoption of AI in the manufacturing industry for intelligent manufacturing processes that offer decentralized decision-making, optimize logistics & supply chains, enhance production outcomes, advance process effectiveness, and minimize operational costs, enabling an intelligent manufacturing environment.
The increasing amount of large complex data and the rising adoption of industrial IoT in the manufacturing industry are the key factors driving the growth of this market. Factors such as the growth of operational productivity in manufacturing operations, rising demand for AI-based applications, growing usage of computer vision in manufacturing, increasing deployment of automation technologies, and growing adoption of 5G technology also contribute to the growth of AI in manufacturing market.
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Based on component, in 2023, the hardware segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the rising demand for robust and cost-effective servers, storage, and networking devices among business enterprises to enhance operational efficiency. However, the software segment is slated to register the highest CAGR during the forecast period. The increasing usage of learning analytics, high adoption of cloud-based technology, growing acceptance of assistants driven by machine learning, NLP, computer vision techniques, and rising demand for AI platforms for manufacturing operations are expected to support the growth of this segment.
Based on technology, in 2023, the machine learning segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the growing demand for AI-based intelligent solutions and the rising need for predictive maintenance & machinery inspection, material handling, and production planning.
Based on application, in 2023, the predictive maintenance & machinery inspection segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the increasing demand for self-monitoring, improving production capacity, increasing use of emerging technologies to gain valuable insights, and increasing demand to reduce costs related to operating heavy equipment.
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Based on end-use industry, in 2023, the automotive segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the growing demand for autonomous vehicles and advanced automotive solutions for quality management. However, the medical devices segment is slated to register the highest CAGR during the forecast period. The rising prevalence of chronic diseases and the increasing geriatric population, the outbreak of the COVID-19 pandemic, the rising focus on preventive medical equipment maintenance to reduce unplanned downtime and improve operational productivity, and the increasing need to reduce the operational cost of medical equipment are expected to support the growth of this segment.
Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the global AI in manufacturing market. The large market share of this market is attributed to the increasing investment by technology leaders and favorable government initiatives to promote the adoption of advanced technologies. Further, the presence of a large number of manufacturing companies in China, South Korea, and Japan, along with the strong presence of automobile and electronics, and semiconductor companies, is also encouraging the fast growth of the region in the global market.
The key players operating in the AI in manufacturing market are 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.).
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Scope of the Report:
AI in Manufacturing Market Assessment, by Component
- Hardware
- Processors
- Networking
- Memory
- Software
- AI Platforms
- AI Solutions
- Services
- Deployment & Integration
- Support & Maintenance
AI in Manufacturing Market Assessment, by Technology
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Context-Aware Computing
- Computer Vision
- Speech and Voice Recognition
AI in Manufacturing Market Assessment, by Application
- Field Services
- Quality Management
- Cybersecurity
- Robotics & Factory Automation
- Predictive Maintenance & Machinery Inspection
- Material Handling
- Production Planning
- Safety Planning
- Energy management
- Supply Chain Optimization
AI in Manufacturing Market Assessment, by End-use Industry
- Semiconductor & Electronics
- Energy & Power
- Pharmaceuticals
- Medical Devices
- Automotive
- Heavy Metals & Machine Manufacturing
- Fast-moving Consumer Goods
- Aerospace and Defense
- Other End-use Industries
AI in Manufacturing Market Assessment, by Geography
- North America
-
- U.S.
- Canada
-
- Europe
-
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Russia
- Turkey
- Ireland
- Rest of Europe
-
- Asia-Pacific
-
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Indonesia
- Thailand
- Taiwan
- Vietnam
- Rest of Asia-Pacific
-
- Latin America
-
- Mexico
- Brazil
- Rest of Latin America
-
- Middle East & Africa
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- UAE
- Israel
- Rest of Middle East & Africa
-
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