Dublin, Sept. 16, 2024 (GLOBE NEWSWIRE) -- The "Global AI in Manufacturing Market Size, Share, Forecast, & Trends Analysis by Component, Technology, Application, End-use Industry, and Geography - Forecast to 2031" report has been added to ResearchAndMarkets.com's offering.
The AI in manufacturing market is projected to reach $84.5 billion by 2031, at a CAGR of 32.6% from 2024 to 2031.
Artificial Intelligence (AI) in manufacturing refers to the application of AI technologies and techniques to improve various aspects of manufacturing processes. These applications can range from optimizing production schedules to predictive maintenance and quality control. With the advent of Industry 4.0, the manufacturing industry has made significant progress in regard to the adoption of 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 growth of the AI in manufacturing market is driven by the rising adoption of Industry 4.0 and smart manufacturing, the growing need for predictive maintenance and quality control, and the increasing demand for automation and operational efficiency. However, a shortage of skilled workforce restrains the growth of this market.
The Asia Pacific is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, increasing investments by technology leaders, the growing adoption of cloud-based manufacturing solutions, and the presence of prominent market players in the region.
Furthermore, the rising number of manufacturing operations in emerging economies and the increasing adoption of AI in supply chain management and logistics are expected to generate growth opportunities for the stakeholders in this market. However, data security and privacy concerns are a major challenge impacting the growth of the AI in manufacturing market. Additionally, the prominent trend in this market is the rising adoption of computer vision & robotics in manufacturing.
Segmentation Highlights
- The services segment is projected to record the highest CAGR during the forecast period. The growing adoption of smart manufacturing services, growing AI expertise, and growing skilled labor shortage are the major factors promoting the growth of this segment.
- The natural language processing segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing demand for NLP technology for analyzing machinery data to predict and prevent failures, automate inspection report analysis, ensure adherence to safety protocols through real-time analysis, enable personalization based on customer feedback analysis, and optimize manufacturing processes by evaluating production data.
- The predictive maintenance & machinery inspection segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing demand for self-monitoring, the increasing need to reduce costs related to operating heavy equipment and maintenance costs and downtime, and the increasing demand for real-time plant monitoring in manufacturing industries.
- The medical devices segment is expected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing demand for advanced healthcare technologies, regulatory compliance requirements, and the need for improved efficiency and quality in medical device manufacturing processes.
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of component, technology, application, end-use industry, and geography?
- What is the historical market size for AI in manufacturing market across the globe?
- What are the market forecasts and estimates for the period 2024-2031?
- What are the major drivers, restraints, opportunities, and challenges in the AI in manufacturing market?
- Who are the major players in the market, and what are their market shares?
- What is the competitive landscape like for AI in manufacturing market?
- What are the recent developments in the AI in manufacturing market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the AI in manufacturing market, and how do they compete with other players?
Market Insights
Factors Affecting Market Growth
- Impact Analysis of Market Dynamics
- Rising Adoption of Industry 4.0 Technologies & Smart Manufacturing Driving Market Growth
- Growing Need for Predictive Maintenance & Quality Control Driving the Demand for AI Solutions in the Manufacturing Sector
- Increasing Demand for Automation & Operational Efficiency Among Manufacturers Supporting Market Growth
- Shortage of Skilled Professionals Limiting the Adoption of AI in the Manufacturing Sector
- Growing Scale of Manufacturing Operations in Emerging Economies Expected to Generate Growth Opportunities for Market Stakeholders
- Increasing Adoption of AI in Supply Chain Management & Logistics Expected to Accelerate Market Expansion
- Data Security & Privacy Concerns Expected to Remain a Major Challenge in The AI in Manufacturing Market
Trends
- Increasing Adoption of Computer Vision & Robotics in Manufacturing
Porter's Five Forces Analysis
Competition Analysis
- Overview
- Key Growth Strategies
- Competitive Benchmarking
- Competitive Dashboard
- Industry Leaders
- Market Differentiators
- Vanguards
- Emerging Companies
- Market Ranking, by Key Players
Company Profiles
- Google LLC (A Subsidiary of Alphabet Inc.) (U.S.)
- International Business Machines Corporation (U.S.)
- Intel Corporation (U.S.)
- Microsoft Corporation (U.S.)
- NVIDIA Corporation (U.S.)
- Oracle Corporation (U.S.)
- Cisco Systems Inc. (U.S.)
- Rockwell Automation Inc. (U.S.)
- Amazon Web Services Inc. (A Subsidiary of Amazon.com Inc.) (U.S.)
- Siemens AG (Germany)
- General Electric Company (U.S.)
- SAP SE (Germany)
- Advanced Micro Devices Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Sight Machine Inc. (U.S.)
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 - by Technology
- Machine Learning (ML)
- Natural Language Processing (NLP)
- Context-Aware Computing
- Computer Vision
- Speech and Voice Recognition
AI in Manufacturing Market - 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 - by End-use Industry
- Semiconductor & Electronics
- Energy & Power
- Pharmaceuticals
- Medical Devices
- Automotive
- Heavy Metals & Machine Manufacturing
- Fast-moving Consumer Goods
- Aerospace and Defense
- Other Industries
AI in Manufacturing Market - by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Netherlands
- Russia
- Ireland
- Turkey
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia & New Zealand
- Thailand
- Indonesia
- Taiwan
- Vietnam
- Rest of Asia-Pacific
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/f5y7f7
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