Artificial Intelligence (AI) in Manufacturing Market Boom Gathers Pace 2021-2027 | NVIDIA, IBM, Alphabet, Google, Microsoft, Intel, Siemens AG, General Electric Company, General Vision

The artificial intelligence (AI) in manufacturing market size is projected to reach USD 19.9 Billion by 2026, from USD XX Billion in 2020 growing at a CAGR of 55.7% during 2021-2027.

Every possible effort has been made when research & analysis is performed to prepare this finest Artificial Intelligence (AI) in Manufacturing market research report. All statistical & numerical data is interpreted with the use of established & advanced tools such as SWOT analysis & Porter's Five Forces Analysis. Clients accomplish unparalleled insights & acquaintance of the best market opportunities into their respective markets from this market report. In addition, businesses can recognize the extent of the marketing problems, causes for failure of particular product (if any) already in the market, & prospective market for a new product to be launched by employing this Artificial Intelligence (AI) in Manufacturing business document.

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The major drivers for the market are the increasing number of large and complex datasets (often known as big data), evolving Industrial IoT and automation, improving computing power, and increasing venture capital investments.

COVID-19 Impact on the Global AI in Manufacturing Market

The ongoing COVID-19 pandemic has caused disruptions in economies. It is likely to cause supply chain mayhem and eventually force companies and entire industries to rethink and adapt to the global supply chain model. Many manufacturing companies have halted their production, which has collaterally damaged the supply chain and the industry. The industries have started to restructure their business model for 2020, and many SMEs and large manufacturing plants have halted/postponed any new technology upgrade in their factories in order to recover from the losses caused by the lockdown and economic slowdown.

The growth in the adoption of AI solutions is completely dependent on the growth of manufacturing units. However, in the current situation, manufacturing ecosystems have been disrupted, and thus, the growth of AI solutions will also get affected negatively in such industries. On the other hand, industries such as pharmaceuticals are expected to witness a moderate impact. Many factors have contributed to the disruptions in manufacturing industries. Broadly, three major factors are disrupting the manufacturing industries, namely, supply chain disruption, shutdown of manufacturing units, and decrease in demand amidst lockdown in many countries.

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AI in Manufacturing Market Dynamics

Driver: Evolution of industrial IoT and automation

Industrial Internet of Things (IIoT) plays a key role in the adoption of AI-based technology in the manufacturing sector. Industrial IoT makes industrial processes efficient, productive, and innovative by enabling an architecture that provides real-time information about operational and business systems. The data that is derived from the IoTs need to be converted into instructions that would instruct the machines to perform specific activities. These instructions designed by an AI system learn human behavior through deep learning, context awareness, and natural language processing (NLP). The AI-based system takes lesser time and can work continuously without error. As a result, manufacturing efficiency improves, which further helps in business growth.

Restraint: Reluctance among manufacturers to adopt AI-based technologies

AI technologies offer manufacturers the tools that would help them in a better predictive maintenance and machinery inspection process. However, manufacturers are reluctant to adopt new technologies or AI-based solutions in their costly machines or equipment. Any mismanagement could add to the costs. Furthermore, many manufacturers are doubtful about the capabilities of AI-based solutions in terms of the accuracy of the maintenance and inspection processes. Considering these factors, it is slightly difficult to convince the manufacturers and make them understand that AI-based solutions are cost-effective, efficient, and safe. However, manufacturers are now increasingly accepting the potential benefits of AI-based solutions and the spectrum of applications they serve.

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Opportunities: Adoption of automation technologies to curb effects of COVID-19

Adoption of automation technologies such as artificial intelligence, robotics, and the Industrial Internet of Things is among the most critical factors for restarting the business operations of the manufacturing sector during this global pandemic. Large-scale lockdowns, shortage of labor force, and supply chain disruptions are likely to drive the automation needs across the manufacturing sector. AI-based solutions could help manufacturers to digitally transform operations (such as autonomous material movement using industrial robots) and make prompt data-driven decisions. In addition, AI can play a crucial role in automating several stages of manufacturing and limit human involvement.

Challenges: Limited skilled workforce

For developing, managing, and implementing AI systems that are complex in nature, companies require a workforce with certain skill sets, i.e., personnel dealing with AI systems should be aware of technologies such as cognitive computing, ML and machine intelligence, deep learning, and image recognition. In addition, the integration of AI solutions into existing systems is a difficult task requiring extensive data processing for replicating a human brain behavior. Even a minor error can result in system failure or can adversely affect the desired result. Furthermore, the absence of professional standards and certifications in AI/ML technologies is restraining the growth of AI. Additionally, AI service providers are facing challenges with regard to deploying/servicing their solutions at their customers’ sites. This is because of the lack of technology awareness and expertise.

AI in manufacturing market for hardware segment is expected to dominate in the APAC region

Most of the AI hardware manufacturers have been in the business of providing the same hardware components for other technologies such as connected cars, machine vision cameras, and IoT for a long time. This will enable the companies to transfer the technology easily and accordingly develop the AI hardware. Moreover, the increasing participation of startups in AI hardware is complementing the growth of the hardware segment. A large number of manufacturing plants, huge presence of hardware manufacturers, and high adoption rate of robotics in China, Japan, and South Korea are driving the growth of the AI in manufacturing market in the APAC region

Predictive maintenance and machinery inspection application is projected to hold the largest share during forecast period

The predictive maintenance and machinery inspection application expected to hold the largest share of the AI in manufacturing market from 2020-2027. Extensive use of computer vision cameras in machinery inspection, adoption of Industrial Internet of Things (IIoT), and use of big data in the manufacturing industry are the factors driving the growth ofmarket for the predictive maintenance and machinery inspection application. The increasing demand for reducing the operational costs and machine downtime is also supplementing the growth of predictive maintenance and machinery inspection application in industries.

Deep learning technology expected to be extensively adopted during the forecast period

The market for deep learning technology is estimated to witness the highest growth throughout the forecast period. Growing adoption of deep learning in various manufacturing applications, rapid adoption of robotics in the manufacturing industry, and the huge volume of data generated by the computer vision technology, and big data are driving the growth of the AI in manufacturing market for deep learning technology.

The adoption of AI based manufacturing technology was significant in the APAC region

APAC accounted for the largest share of the AI in manufacturing market. The presence of a large number of manufacturing companies in China and Japan, along with the strong presence of automobile and electronics and semiconductor companies, is driving the growth of market in APAC. Moreover, the high adoption of industrial robots is expected to play a vital role in the growth of the said market in APAC.

Due the COVID-19 pandemic, lockdown has been implemented in APAC, especially in China, which has led to supply chain disruptions, which have eventually affected the global economy. China was successful in containing the COVID-19 outbreak in Wuhan by implementing lockdown, and the same model was replicated across other countries in APAC. The decrease in the number of COVID-19 patients in China is slowly leading to normalcy in manufacturing activities. This, in turn, is expected to drive the growth of the AI in manufacturing market in APAC. However, it is expected that this growth will not be as significant as it would have been in the pre-COVID-19 estimates.

AI in manufacturing market is dominated by globally established players such as NVIDIA (US), IBM (US), Intel (US), Siemens (Germany), and General Electric Company (US).

Scope of the report

AI in manufacturing market segmentation:

In this report, the AI in manufacturing market has been segmented into the following categories:

Based on Offering:

Hardware
Processor
Memory
Network
Software
AI Solutions
AI Platform
Services
Deployment & Integration
Support & Maintenance

Based on Technology:

Machine Learning
Deep Learning
Supervised Learning
Reinforced Learning
Unsupervised Learning
Others
Natural Language Processing
Context-aware Computing
Computer Vision

Based on Application:

Predictive Maintenance and Machinery Inspection
Material Movement
Production Planning
Field Services
Quality Control
Cybersecurity
Industrial Robots
Reclaimation

Based on Industry:

Automobile
Energy and Power
Pharmaceuticals
Heavy Metals and Machine Manufacturing
Seiconductors and Electronics
Food & Beverages
Others

Based on Region:

North America
Europe
Asia Pacific
Rest of the World (RoW)

Recent Developments

In June 2020, Wipro Limited (India) announced a collaboration with IBM to assist Wipro customers in embarking on a seamless and secure hybrid cloud journey. Through this alliance, Wipro will develop hybrid cloud offerings to help businesses migrate, manage, and transform mission-critical workloads and applications, with security across public or private cloud and on-premises IT environments. Wipro will leverage IBM Cloud offerings and technologies alongside in-house services to develop industry solutions for clients in banking and financial services, energy and utilities, retail, manufacturing, and healthcare space.

In May 2020, NVIDIA launched two powerful products for its EGX Edge AI platform — the EGX A100 for larger commercial off-the-shelf servers and the tiny EGX Jetson Xavier NX for micro-edge servers — delivering high-performance, secure AI processing at the edge. With the NVIDIA EGX Edge AI platform, hospitals, stores, farms, and factories can carry out real-time processing and protection of massive amounts of data streaming from trillions of edge sensors. The platform makes it possible to securely deploy, manage, and update fleets of servers remotely.

In February 2020, Micron, together with technology company Continental (Germany), announced plans to enter into a collaboration agreement to explore and adapt Micron’s deep learning accelerator for next-generation machine learning automotive applications. This agreement brings together two world leaders in the automotive and memory markets to advance machine learning to meet the extreme memory requirements of modern vehicles.

Artificial Intelligence (AI) in Manufacturing market study also analyzes the market status, market share, growth rate, future trends, market drivers, opportunities & challenges, risks & entry barriers, sales channels, distributors & Porter's Five Forces Analysis. This business report provides fact-based & penetrating insights from the customers. Thorough insights into emerging trends, opportunities & potential threats are offered via this report as it is the key to long-term sustenance in a competitive environment. This international Artificial Intelligence (AI) in Manufacturing market report is comprehensive & opens a door of international market for the products. The report gives helpful insights which assist while launching a new product.

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