Artificial Intelligence in Manufacturing Market 2020 | Current Scenarios and Industry Vision
The key players profiled in this report includes Bosch, Cisco Systems, Inc., General Electric Company, IBM Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, NVIDIA Corporation, Oracle Corporation, and Siemens AG.
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The global artificial Intelligence in manufacturing market size was $513.6 million in 2017, and is expected to reach at $15,273.7 million by 2025, growing at a CAGR of 55.2% during the forecast period. The On-Premise segment accounted for two-thirds share of the market in 2017, and is expected to witness significant growth during the forecast period.
Increase in use of machine vision and computer vision globally drives the growth of artificial intelligence in the manufacturing market. In addition, growth in venture capital investments also significantly contributes to the market growth. Furthermore, rise in standards of living and recent developments in the emerging economies such as China and India have created a major growth potential for AI in the manufacturing sector. However, disinclination among manufacturers to adopt AI-based technologies and threat of lots of jobs substituted by AI-based technology systems is expected to hinder the market demand.
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Conversely, enduring technological advancements such as smarter AI chips and others by key players is expected to create lucrative opportunities for the growth of the market.
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Based on the deployment, the on-premise segment is expected to garner the largest share in the global market during the forecast period. According to the industry segment, the automobile sector is expected to dominate the market in terms of revenue in 2017, owing to the capability of artificial Intelligence in manufacturing to achieve less errors and mass production.
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