Press release
AI in Manufacturing Market Poised to Reach $29.1 Billion by 2030, Reveals Meticulous Research®
AI in Manufacturing Market
The surge in the AI in manufacturing market is fuelled by the advent of Industry 4.0, the escalating volume of complex datasets, and the widespread adoption of industrial IoT and automation. However, challenges such as high procurement and operating costs, coupled with infrastructure limitations, may act as impediments to market growth.
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Opportunities abound in the global landscape, driven by the expanding scale of manufacturing operations in emerging economies, a growing embrace of modern manufacturing techniques, and the proliferation of automation technologies. Nevertheless, concerns surrounding privacy and data protection pose potential obstacles to the market's expansion. Noteworthy trends shaping the AI in manufacturing market include the escalating demand for factory automation, the increasing adoption of 5G technology, and the widespread integration of computer vision in manufacturing applications.
Meticulous Research® has meticulously segmented the market based on components, technology, applications, end-use industries, and geography, facilitating an in-depth analysis. The study not only evaluates industry competitors but also provides a comprehensive regional and country-level market analysis.
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Key Findings:
In 2023, the hardware segment is anticipated to dominate the market in terms of components, driven by the escalating demand for robust and cost-effective servers, storage, and networking devices to enhance operational efficiency.
The machine learning segment is poised to hold the largest share in the AI in manufacturing market by technology in 2023, fueled by the rising demand for AI-based intelligent solutions, predictive maintenance, machinery inspection, material handling, and production planning.
Predictive maintenance and machinery inspection are projected to be the dominant application segment in 2023, owing to the increasing need for self-monitoring, enhanced production capacity, and the adoption of emerging technologies for valuable insights.
The automotive sector is expected to command the largest share in the end-use industry category in 2023, driven by the surging demand for autonomous vehicles, advanced automotive solutions for quality management, and the necessity for predictive maintenance and machinery inspection solutions.
Asia-Pacific is forecasted to lead the AI in manufacturing market in 2023, attributed to substantial investments by technology leaders, increasing AI spending, growing digitization, and supportive government initiatives promoting advanced technology adoption. The presence of numerous manufacturing companies in China, South Korea, and Japan further accelerates market growth.
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Leading Players:
The key players shaping the AI in manufacturing market include 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.).
Key Questions Addressed:
What are the high-growth market segments in terms of component, technology, application, end-use industry, and geography?
What is the historical market performance of AI in manufacturing globally?
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?
Who are the major players in the AI in manufacturing market, and what market share do they hold?
How does the competitive landscape look?
What recent developments have taken place in the AI in manufacturing market?
What strategies have major players adopted in this market?
What are the geographic trends and high-growth countries?
Who are the emerging local players in the AI in manufacturing market, and how do they compete with other players?
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Contact Information:
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