Press release
Advancing in the AI in Manufacturing Market: Uncover Trends, Growth, and Global Share - Dive Deeper for a Holistic Understanding
AI in Manufacturing Market
The Business Research Company offers in-depth market insights through AI in Manufacturing Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The ai in manufacturing market size has grown exponentially in recent years. It will grow from $2.88 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 38.1%. The growth in the historic period can be attributed to energy efficiency and sustainability, customization and personalization, cost reduction measures, workforce upskilling and training, supply chain optimization.
The ai in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $13.53 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. The growth in the forecast period can be attributed to adoption of edge computing, green manufacturing initiatives, focus on cybersecurity, enhanced human-machine collaboration, supply chain resilience. Major trends in the forecast period include robotics and automation integration, quality control and defect detection, augmented reality applications, data-driven decision-making, autonomous manufacturing processes.
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Market Segmentation:
The ai in manufacturing market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision
3) By Deployment: Cloud, On-Premise
4) By Application: Predictive maintenance and machinery inspection, Material Movement, Production Planning, Field Services, Quality Control, Cybersecurity, Industrial Robots, Reclamation
5) By Industry: Automobile, Energy And Power, Semiconductor And Electronics, Pharmaceutical, Heavy Metal And Machine Manufacturing, Food And Beverage, Other Industries
Major Driver - Rising Automobile Demand Accelerates AI Integration In Manufacturing
The increasing demand for automobiles is expected to propel the growth of AI in the manufacturing market going forward. An automobile, commonly known as a car or a motorcar, is a wheeled vehicle designed for the transportation of passengers or goods on roads. The automobile industry incorporates AI (artificial intelligence) in manufacturing in several ways, such as autonomous vehicle development, predictive maintenance, data collection and analysis, and quality control and inspection. Utilizing AI in the automotive sector makes it possible to design the vehicle as well as the tools and robots employed in its production. AI is currently being used in the manufacturing, supply chain, post-production, and design of automobiles. For instance, in March 2022, according to Bankrate, a US-based financial services company, 64,344 automobiles (21,177 vehicles and 43,167 light trucks) were sold in the United States, an increase of 37.4% from 2021. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, 79.1 million automobiles were produced globally in 2021, a 1.3% rise from 2020. Therefore, the increasing demand for automobiles is driving the growth of AI in the manufacturing market.
Competitive Landscape:
Major companies operating in the ai in manufacturing market report are Nvidia Corporation, The International Business Machines Corporation, Siemens AG, General Electric Company, SAP SE, Amazon Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Google LLC, Intel Corporation, Micron Technology Inc., Oracle Corporation, Cisco Systems Inc., Microsoft Corporation, Hilscher Gesellschaft für Systemautomation GmbH, Beckhoff Automation GmbH, Phoenix Contact GmbH & Co. KG, Veo Robotics, Automation Anywhere, Machina Labs Inc., Advanced Micro Devices Inc., SoluLab, Keyence Corporation, LeewayHertz, Citadel Analytics, Omron Corporation, Yokogawa Electric Corporation, Cognex Corporation, Bosch Rexroth AG
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Top Trend - Visual AI Platform Revolutionizes Manufacturing Productivity
Technological advancements are a key trend gaining popularity in AI in manufacturing market. Companies operating in AI in the manufacturing market are focused on adopting new technologies to sustain their position in the market. For instance, in March 2023, Leela AI, a US-based software development company, launched Leela Platform, its first 'commonsense' visual AI platform to improve manufacturing output. Using the Leela Platform, manufacturers can gain insights into production processes that are hidden from Industrial Internet of Things (IIOT) sensor analytics. The software offers insights that allow users to compare productivity between shifts, workstations, and locations, find bottlenecks, and identify best practices. Industrial engineers, CI officers, and line supervisors can use and benefit from the Leela Platform. By recognizing and monitoring frontline activities as people engage with equipment, machines, parts, and products, the Leela Platform functions as an ongoing time-and-motion study.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI in Manufacturing Market Characteristics
3. AI in Manufacturing Market Trends And Strategies
4. AI in Manufacturing Market - Macro Economic Scenario
5. AI in Manufacturing Market Size And Growth
…..
27. AI in Manufacturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
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