AI in manufacturing Market Analysis and Forecast, 2019-2028 - Detailed market overview by RationalStat

The report titled "Global AI in the manufacturing market" assesses the global and regional markets based on component, technology, application, end user, and region. A comprehensive report provides a detailed historical and future market size with trend analysis. The report underlines the market share analysis, competition overview, strategic imperatives, future scope, growth strategies, global penetration of AI in manufacturing, growth avenues, and competition assessment for the target players assessed in the AI in manufacturing market study.

Market Overview and Dynamics: Penetration of AI in manufacturing to rise during the Forecast Period

The global AI in manufacturing market was valued at nearly US$ 2.0 billion in 2020 and is expected to grow at a robust pace over the forecast period. The significant rise in the value of global AI in manufacturing market is driven by the rising demand for human-robot collaboration in the manufacturing sector for overall cost reduction is substantially driving the market. Robots are playing an imperative role in the manufacturing sector.

During the forecast period, the demand for AI in manufacturing is expected to experience considerable growth due to evolving industrial IoT and automation technologies. The system receives data through the IoT devices installed in the painting area in the factory. Moreover, industry 4.0 in the manufacturing sector is further anticipated to drive the demand as industry 4.0 is highly automated and a significant amount of data is exchanged with the machine's manufacturing technologies.

More than half of the top global manufacturers in Europe are implementing at least one AI use case

North America is leading the global AI in manufacturing market. Moreover, the US president signed an executive order for the American AI initiative. The well-developed automotive sector, industrial equipment, and pharmaceutical industry are some of the factors impacting Europe's AI in manufacturing market in a positive manner. The advancement in consumer electronics and considerably growing economies like China, India, Japan, and South Korea lead the Asia Pacific to gain substantial growth during the forecast period.

Segmental Analysis

• On the basis of application predictive maintenance application segment is dominating the global market as it enables manufacturers to save a large number of resources by reducing downtown to a minimum.
• Based on components, the software segment is expected to hold a prominent share of the global AI in manufacturing market due to the rising demand for software, especially in predictive maintenance and the widening application scope of AI in the manufacturing sector.
• On the basis of region, North America is anticipated to lead the global AI in manufacturing market. Successful startups in AI have witnessed growth in the US for connected cars, retail, and manufacturing industry for smart factories and industry 4.0.

Competitive Analysis

The global AI in the manufacturing market observes intense competition as a result of the presence of a large number of well-established players. Companies are offering cloud AI to boost and maximize the speed of processes along with protecting the health and safety of workers. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. New service portfolio and product launches are among the key strategies adopted by major industry players. For instance,

• In January 2022, the GeForce RTX 3050 product was launched by NVIDIA Corp. GeForce RTX 3050 product brings next-generation graphics and AI to games. Ray tracing technology is equipped in the RTX line-up for real-time, cinematic-quality rendering.
o Moreover, features such as deep learning super sampling and boosts frame rate are also equipped in this product.
• In December 2021, IBM Z and Cloud Modernization Center digital platforms launched by IBM. These platforms offer a wide range of tools and resources, as well as ecosystem partners, which enable users to accelerate the modernization of data, processes, and applications in an open hybrid cloud architecture.

Some of the leading players involved in the global AI in manufacturing market include NVIDIA Corp., IBM Corp., Intel Corp., Siemens AG, General Electric Company, Alphabet Inc. (Google LLC), Microsoft Corp., Micron Technology Inc., Amazon.com Inc. (Amazon Web Services Inc.), Oracle Corp., SAP SE, Cisco Systems Inc., Mitsubishi Electric Corp., Salesforce Inc., and SparkCognition among others
RationalStat has segmented the AI in the manufacturing market on the basis of component, technology, application, end-user, and region.

• By Component
o Hardware
o Software
o Services
• By Deployment Model
o Cloud
o On-Premise
• By Technology
o Machine Learning
o Natural Language Processing
o Context-Aware Computing
o Computer Vision
• By Application
o Predictive Maintenance and Machinery Inspection
o Inventory Optimization
o Production Planning
o Quality Control
o Cyber Security
o Industrial Robots
o Others (Field Services)
• By End User
o Automotive
o Food & Beverages
o Healthcare & Pharmaceutical
o Semiconductor & Electronics
o Energy & Power
o Others (Textile, Aerospace & Defense)
• By Region
o North America
 US
 Canada
o Latin America
 Brazil
 Mexico
 Rest of Latin America
o Western Europe
 Germany
 UK
 France
 Spain
 Italy
 Benelux
 Nordic
 Rest of Western Europe
o Eastern Europe
 Russia
 Poland
 Rest of Eastern Europe
o Asia Pacific
 China
 Japan
 India
 South Korea
 Australia
 ASEAN (Indonesia, Vietnam, Malaysia, etc.)
 Rest of Asia Pacific
o Middle East & Africa
 GCC
 South Africa
 Turkey
 Rest of the Middle East & Africa

For more information about this report visit https://store.rationalstat.com/store/global-ai-in-manufacturing-market/

Kimberly Shaw,
Content and Press Manager
RationalStat LLC
sales@rationalstat.com
Phone: +1 302 803 5429

RationalStat is an end-to-end US-based market intelligence and consulting company that provides comprehensive market research reports along with customized strategy and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

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This release was published on openPR.