Press release
AI in Manufacturing Market to be Worth $29.1 Billion by 2030
rtificial Intelligence in Manufacturing Market
According to this latest publication from Meticulous Research®, the AI in manufacturing market is projected to reach $29.1 billion by 2030, at a CAGR of 42.1% during the forecast period.The growth of the AI in manufacturing market is driven by the advent of Industry 4.0, increasing volume of complex datasets, and the rising adoption of industrial IoT and automation. However, high procurement & operating cost and a lack of infrastructure may restrain the market's growth.
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The growing scale of manufacturing operations in emerging economies, rising acceptance of modern manufacturing techniques, and increasing deployment of automation technologies are expected to offer significant growth opportunities for the AI in manufacturing market. However, privacy and data protection concerns may hinder the growth of this market. Furthermore, increasing demand for factory automation, rising adoption of 5G technology, and growing use of computer vision in manufacturing applications are major trends in the AI in manufacturing market.
Meticulous Research® has segmented this market based on component, technology, application, end-use industry, and geography for efficient analysis. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on component, in 2023, the hardware segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the rising demand for robust and cost-effective servers, storage, and networking devices among business enterprises to enhance operational efficiency.
Based on technology, in 2023, the machine learning segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the growing demand for AI-based intelligent solutions, the rising need for predictive maintenance & machinery inspection, material handling, and production planning, and increasing unstructured data generated by the manufacturing industry.
Based on application, in 2023, the predictive maintenance & machinery inspection segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the increasing demand for self-monitoring, improving production capacity, increasing use of emerging technologies to gain valuable insights, increasing demand to reduce costs related to operating heavy equipment, growing need to reduce maintenance cost and downtime and increasing demand for real-time plant monitoring in manufacturing industries.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/artificial-intelligence-in-manufacturing-market-4983
Based on end-use industry, in 2023, the automotive segment is expected to account for the largest share of the AI in manufacturing market. The large market share of this segment is attributed to the growing demand for autonomous vehicles, advanced automotive solutions for quality management, and the need for predictive maintenance & machinery inspection solutions.
Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the AI in manufacturing market. The large share of this market is attributed to the increasing investment by technology leaders, growing AI spending, increasing digitization, and favorable government initiatives to promote the adoption of advanced technologies. Besides, the presence of a large number of manufacturing companies in China, South Korea, and Japan and the strong presence of automobile and electronics, and semiconductor companies are also encouraging the fast growth of this market.
Key Players
The key players operating in the AI in manufacturing market are Alphabet, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Robert Bosch GmbH (Germany), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Advanced Micro Devices, Inc. (U.S.), and Sight Machine, Inc. (U.S.).
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Key questions answered in the report-
Which are the high-growth market segments in terms of component, technology, application, end-use industry, and geography?
What is the historical market for AI in manufacturing across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, and opportunities in the AI in manufacturing market?
Which are the major players in the AI in manufacturing market, and what market share do they hold?
How is the competitive landscape?
What are the recent developments in the AI in manufacturing market?
What are the different strategies adopted by the major players in this market?
What are the geographic trends and high-growth countries?
Which are the local emerging players in the AI in manufacturing market, and how do they compete with the other players?
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