(I-BusinessNews.Com, January 15, 2020 ) Artificial Intelligence (AI) has the potential to enhance and extend the capabilities of humans, and help businesses achieve more, faster, and more efficiently. Today, the manufacturing industry has always been open to adopting new technologies. The manufacturing industry is leading the way in the application of artificial intelligence technology. From significant cuts in unplanned downtime to better designed products, manufacturers are applying AI-powered analytics to data to improve efficiency, product quality, and the safety of employees.
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The factors such as digital transformation of manufacturing, ongoing convergence of big data, IoT, and the usage of robots in combination with other technologies, are changing the face of manufacturing technology landscape and the face of manufacturing itself. Big Data and the IoT technologies have made their mark in the manufacturing sector and provide companies a competitive advantage. When IoT combined with big data analytics, it has helped manufacturers enhance their security, reduce financial risk, eliminate production downtime, and increase the quality of processes and products. Moreover, according to the International Federation of Robotics (IFR), over 1.8 million industrial robots were in operation globally at the end of 2016 and grow over 3 million by the end of 2020, representing an average annual growth rate of 14% between 2017 and 2020. In addition, about 6.8 million service robots were sold in 2016 and this figure is expected to reach over 51 million in the period between 2017 and 2020. Thereby, increasing usage of robots, Internet of Things (IoT), and big data technology is expected to propel the artificial intelligence in manufacturing market significantly in the next few years growing with a growth rate of more than 50%.
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The global artificial intelligence in manufacturing market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2025 Â by offering, technology, application, and end-user. The study also evaluates industry competitors and analyzes the market at regional and country level.
Automobile Industry Dominates the Global Artificial Intelligence in Manufacturing Market, by End-Use Industry
Based on end-user, the global artificial intelligence in manufacturing market is segmented into semiconductors and electronics, energy and power, pharmaceuticals and chemical, automobile, heavy metals, machine manufacturing, food and beverages, and others. Automobile industry dominated the global artificial intelligence in manufacturing market in 2018, mainly due to installations of industrial IoT and usage of big data, and rising use of machine learning and computer vision technology in machinery inspection.
Hardware Segment to Register the Highest Growth, by Offering
Based on Offering, the global artificial intelligence in manufacturing market is segmented into hardware, software, and services. The hardware segment is expected to register the highest CAGR during the forecast period. This is mainly attributed to the increasing need for hardware platforms with high computing power to run various AI software.
Asia-Pacific: The Fastest Growing Regional Market
North America commanded the largest share of the global artificial intelligence in manufacturing market in 2018, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa. This is due to the increasing use of robotics and other computer technology, remarkable presence of the manufacturing industry, and adoption of novel technologies in the manufacturing sector. Moreover, increasing investment in AI technology in emerging economies such as China and India are driving the market growth in Asia Pacific.
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Key Players in the Artificial Intelligence in Manufacturing Market
The report includes an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 4 years (2016-2019). For instance, in April 2018, Intel Corporation launched a version of its Saffron AI platform that is majorly aimed to help and assist industries in the manufacturing process and aerospace industries by optimizing supply chains and improving product quality.
The major players operating in the global artificial intelligence in manufacturing market are AIBrain Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Apple Inc. (U.S.), Cisco Systems, Inc. (U.S.), Citrine Informatics, Inc. (U.S.), Darktrace Limited (U.K.), DataRobot, Inc. (U.S.), Dell Inc. (U.S.), General Electric Company (U.S.), General Vision Services Inc. (U.S.), Google Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Micron Technology (U.S.), Microsoft Corporation (U.S.), Mitsubishi Electric Corporation (Japan), NVIDIA Corporation (U.S.), Oracle Corporation (U.S.), Preferred Networks, Inc. (Japan), Progress Software Corporation (U.S.), Rockwell Automation, Inc. (U.S.), SAP SE (Germany), Siemens AG (Germany), Sight Machine Inc. (U.S.), Skymind, Inc. (U.S.), Tamr Inc. (U.S.), UBTECH Robotics, Inc. (China), and Vicarious Inc. ( U.S.).
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