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Artificial Intelligence in Manufacturing Market Key Players: Siemens AG, Intel Corporation, NVidia Corporation, Alphabet, IBM Corporation, Microsoft Corporation, General Electric Company | Valuates Reports
The global Artificial Intelligence in Manufacturing market size is projected to reach USD 28030 Million by 2027, from USD 1688.4 Million in 2020, at a CAGR of 49.3% during 2021-2027. Key drivers of the AI in manufacturing market include the huge influx of complex datasets in the evolving manufacturing industry. The advent of industrial IoT and automation will bolster the AI in manufacturing market in the future.
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Trends Influencing the Global AI in Manufacturing Market
Rise of data volume
Big data analytics and IoT sensors have risen data complexity in several industry verticals. There are larger volumes of data with each passing day creating delays in results. Artificial intelligence can analyze multivariate data relationships with no breaks and fewer mistakes thereby increasing ROI. They can predict load, demand in factories, materials handling, timetables, project completion, etc. They can also identify patterns in large datasets and create further business opportunities. These factors are going to bolster the growth of the AI in manufacturing market during the forecast period.
The proliferation of IoT in industrial processes
Automation has spread to every corner of the manufacturing process. Real-time monitoring, prediction, automated reporting, maintenance, quality assurance, health, safety, environment, energy utilization, etc have been revolutionized with industrial IoT. This has enabled production managers to access dashboards for inspecting KPIs and deciding optimum productivity levels. Any malfunctions, defects, or errors are spotted well ahead of time which leads to efficient resource allocation and minimum disruption. Hence these fast changes in factory settings will gradually create substantial demand for the AI in manufacturing market in the future.
Rise of Industry 4.0
The powerful computational power along with autonomous systems is set to gain momentum in the next couple of years. Industry 4.0 has arrived with the capability to analyze data for increasing operational efficiency, predictive maintenance, and simulation of real-world scenarios for better results. It has spread to various end-user industries such as metallurgy(Ferrous and Non-Ferrous), oil and gas, chemical, mining, etc. This will surge the growth of the AI in manufacturing market in the subsequent years.
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By Type
• PLC
• SCADA|HMI
• MES
• ERP
By Application
• Ferrous Metallurgy
• Non-ferrous Metallurgy
• Mining
• Oil and Gas
• Chemical
• Others
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