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Artificial Intelligence in Manufacturing Market Trend to Reflect Tremendous Growth Potential With A Highest CAGR by 2025
Artificial Intelligence in Manufacturing Market
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The rise in demand for artificial intelligence in manufacturing due to the increasing adoption of the Internet of Things and the rise in awareness about customer satisfaction augment the growth of global artificial intelligence in the manufacturing market. However, the high cost of implementing this technology and high threat to human dignity restrain the market growth. Moreover, the expansion of smarter and efficient robots is anticipated to offer lucrative opportunities to the market, in the near future.
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COVID-19 Scenarios:
The global pandemic has affected a major part of the manufacturing industry which, in turn, impedes the adoption of artificial intelligence by companies. However, certain manufacturing companies including food & beverages and pharmaceuticals are permitted to continue production amid COVID-19. Moreover, the global lockdown has urged other manufacturing companies to halt production.
In terms of deployment, the on-premise segment is projected to contribute to the highest share in the global artificial intelligence in manufacturing market during the forecast period.
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On the other hand, on the basis of the industry segment, the automobile segment is expected to dominate the market in terms of revenue in 2017. This is owing to the capability of artificial intelligence to execute manufacturing processes with fewer errors along with expanding production.
By technology, the market is segmented into machine learning, computer vision, context awareness, and natural language processing. Among these, the computer vision segment is expected to dominate the artificial intelligence in the manufacturing market in terms of revenue during the forecast period.
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The artificial intelligence in the manufacturing market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Among these, North America holds a significant share in the global artificial intelligence in manufacturing industry, and Asia-Pacific is projected to register the highest CAGR of 57.2%, followed by North America. North America possess high growth potential, due to increase in adoption of industrial robots in the manufacturing sector of the region.
The key players profiled in the global artificial intelligence in manufacturing market report includes General Electric Company, IBM Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Cisco Systems, Inc., NVIDIA Corporation, Siemens AG, Oracle Corporation, and. Bosch.
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