The global AI in manufacturing market is expected to grow at a CAGR of around 57% over the forecast period 2020-2027 with major contribution from Alphabet Inc. (Google), General Electric Company, General Vision Inc., IBM Corporation, Intel Corporation, Microsoft Corporation, Micron Technology Inc., NVIDIA Corporation, Progress Software Corporation and Siemens AG.
Overview of the Global AI in Manufacturing Market
The global AI in manufacturing market is expected to grow at a CAGR of around 57% over the forecast period 2020-2027. The substantial growth of the global marketplace is driven by improving computing power, increasing volume of dataset and evolving Industrial IoT and automation. As per the American Society for Qualitys report published in April 2019, 63% of manufacturers consider that IoT products will boost the profitability over the next years.
Integration of AI in manufacturing industry offers safe operational environment, which further aids in improving the quantity and quality of the production. It is largely adopted by pharmaceuticals, food and beverages, automobile and energy and power industry. Moreover, increasing demand for hardware platforms, and rising demand for high-computing processors are also anticipated to propel the growth of the global artificial intelligence in manufacturing market. However, lack of skilled workforce and data security concerns will impede the overall market growth over the forecast period 2020-2027.
Challenges faced by manufacturing companies with implementing AI at large-scale
The organizations with strong digitized core business processes or are digitally mature lead on the ranking of AI adoption. Inevitably, one of the key influential factors in adoption of artificial intelligence is overall progress of companies in digitizing its operations, followed by lack of skilled workforce to manage and implement AI, uncertainty amongst companies on return on investment, lack of transparency and trust, issues with labor unions and councils and regulatory hurdles.
Regional Overview of the Global AI in Manufacturing Market
This market research study report studies the global AI in manufacturingmarket size in key regions like North America, Europe, Asia Pacific, Middle East & Africa and South America. As per the analysis, the North America AI in manufacturingmarket is holding the dominant position in the global marketplace, owing to early adoption of advanced technologies. Whereas the Asia-Pacific AI in manufacturingindustry is anticipated to grow at the fastest growth rate during the forecast period, owing to rising investment in industrial automation.
Competitive Landscape of the Global AI in Manufacturing Market
Company profiling in the research study under various heads such as company business overview, Company Details (Key Executive, Employee count, Trading stock, Year of Establishment), Financial Overview, Business Strategies Adopted and SWOT analysis. Companies in the market have adopted various competitive strategies such as product launch, business expansion, mergers & acquisitions, agreement, partnership, and others offer better and competitive products to customers in the global AI in manufacturing industry.
May 2020, Product Launch: NVIDIA announced the launch of EGX Edge AI platform with EGX Jetson Xavier NX for micro-edge servers and EGX A100 for larger commercial off-the-shelf servers. The end-user focused are factories, farms, stores and hospitals to carry out real-time protection and processing of huge amount of data. The product launch is in focused to expand the ecosystem of the company with new wave of robotics applications and 5G.
June 2020, Collaboration: Wipro announced a collaboration with IBM to develop secure hybrid cloud. This collaboration will allow Wipro to develop hybrid cloud offerings to support businesses to transform, manage and migrate applications and workloads, with increased security across private or public cloud and on-premises IT environments.
Segmentation Overview of the Global AI in Manufacturing Market
- Machine Learning
- Computer Vision
- Context-Aware Computing
- Natural Language Processing
- Predictive Maintenance and Machinery Inspection
- Material Movement
- Production Planning
- Quality Control
- Industrial Robots
By End-User Industry
- Energy and Power
- Heavy Metals and Machine Manufacturing
- Semiconductors and Electronics
- Food & Beverages
Based on Region
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & NZ
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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