Press release
AI in Manufacturing Market to be Worth $29.1 Billion by 2030
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With the advent of Industry 4.0, the manufacturing industry has made significant progress in adopting advanced technologies for manufacturing operations and processes. Manufacturing industries are implementing AI-powered intelligent solutions & services to enhance the automation and operational efficiency of organizations. Thus, there is considerable growth in the demand for the adoption of AI in the manufacturing industry for intelligent manufacturing processes that offer decentralized decision-making, optimize logistics & supply chains, enhance production outcomes, advance process effectiveness, and minimize operational costs, enabling an intelligent manufacturing environment.
The increasing amount of large complex data and the rising adoption of industrial IoT in the manufacturing industry are the key factors driving the growth of this market. Factors such as the growth of operational productivity in manufacturing operations, rising demand for AI-based applications, growing usage of computer vision in manufacturing, increasing deployment of automation technologies, and growing adoption of 5G technology also contribute to the growth of AI in manufacturing market.
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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. However, the software segment is slated to register the highest CAGR during the forecast period. The increasing usage of learning analytics, high adoption of cloud-based technology, growing acceptance of assistants driven by machine learning, NLP, computer vision techniques, and rising demand for AI platforms for manufacturing operations are expected to support the growth of this segment.
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 and the rising need for predictive maintenance & machinery inspection, material handling, and production planning.
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, and increasing demand to reduce costs related to operating heavy equipment.
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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 and advanced automotive solutions for quality management. However, the medical devices segment is slated to register the highest CAGR during the forecast period. The rising prevalence of chronic diseases and the increasing geriatric population, the outbreak of the COVID-19 pandemic, the rising focus on preventive medical equipment maintenance to reduce unplanned downtime and improve operational productivity, and the increasing need to reduce the operational cost of medical equipment are expected to support the growth of this segment.
Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the global AI in manufacturing market. The large market share of this market is attributed to the increasing investment by technology leaders and favorable government initiatives to promote the adoption of advanced technologies. Further, the presence of a large number of manufacturing companies in China, South Korea, and Japan, along with the strong presence of automobile and electronics, and semiconductor companies, is also encouraging the fast growth of the region in the global market.
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.).
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
Scope of the Report:
AI in Manufacturing Market Assessment, by Component
Hardware
Processors
Networking
Memory
Software
AI Platforms
AI Solutions
Services
Deployment & Integration
Support & Maintenance
AI in Manufacturing Market Assessment, by Technology
Machine Learning (ML)
Natural Language Processing (NLP)
Context-Aware Computing
Computer Vision
Speech and Voice Recognition
AI in Manufacturing Market Assessment, by Application
Field Services
Quality Management
Cybersecurity
Robotics & Factory Automation
Predictive Maintenance & Machinery Inspection
Material Handling
Production Planning
Safety Planning
Energy management
Supply Chain Optimization
AI in Manufacturing Market Assessment, by End-use Industry
Semiconductor & Electronics
Energy & Power
Pharmaceuticals
Medical Devices
Automotive
Heavy Metals & Machine Manufacturing
Fast-moving Consumer Goods
Aerospace and Defense
Other End-use Industries
AI in Manufacturing Market Assessment, by Geography
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Netherlands
Russia
Turkey
Ireland
Rest of Europe
Asia-Pacific
Japan
China
India
South Korea
Australia & New Zealand
Indonesia
Thailand
Taiwan
Vietnam
Rest of Asia-Pacific
Latin America
Mexico
Brazil
Rest of Latin America
Middle East & Africa
UAE
Israel
Rest of Middle East & Africa
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