Artificial Intelligence in Manufacturing Market Growth, Share, Analysis, Company Profiles and Forecast by 2025

The increase in use of machine vision and computer vision globally drives the growth of artificial intelligence in the manufacturing market. In addition, growth in venture capital investments also significantly contributes to the market growth. Furthermore, rise in standards of living and recent developments in emerging economies such as China and India have created a major growth potential for AI in the manufacturing sector.

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However, disinclination among manufacturers to adopt AI-based technologies and threat of lots of jobs substituted by AI-based technology systems is expected to hinder the market demand. Conversely, enduring technological advancements such as smarter AI chips and others by key players is expected to create lucrative opportunities for the growth of the market.

According to a new report published by Allied Market Research, titled, Artificial Intelligence in Manufacturing Market: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global artificial Intelligence in manufacturing market size was $513.6 million in 2017, and is expected to reach at $15,273.7 million by 2025, growing at a CAGR of 55.2% during the forecast period. The On-Premise segment accounted for two-thirds share of the market in 2017, and is expected to witness significant growth during the forecast period.

Artificial intelligence (AI) is one of the most advanced technologies in the field of computer science. It is associated with human intelligence through similar characteristics such as better decision-making, language understanding, and others. Industrialists in the market experience huge underlying intellectual challenges in the development and revision of technology.

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Increase in demand for artificial Intelligence in the manufacturing market has been witnessed owing to rise in the adoption of Internet of Things and increase in awareness about customer satisfaction. In addition, the development of smarter and efficient robots is expected to propel the market growth. However, high cost of implementing this technology and high threat to human dignity are anticipated to restrain the market growth.

Based on the deployment, the on-premise segment is expected to garner the largest share in the global market during the forecast period. According to the industry segment, the automobile sector is expected to dominate the market in terms of revenue in 2017, owing to the capability of artificial Intelligence in manufacturing to achieve less errors and mass production.

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.

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Key Findings of the Artificial Intelligence in Manufacturing Market:

• In terms of application, the predictive maintenance and machinery inspection segment dominated the market in terms of revenue in 2017, and is anticipated to maintain its lead position throughout the study period. In addition, the segment is estimated to grow at a CAGR of 54.9% during the forecast period.

• Based on region, North America generated the highest market share in terms of revenue in 2017. Furthermore, the region is anticipated to grow at a CAGR of 55.5% from 2017 to 2025.

• Based on technology, the computer vision segment held the highest revenue share in 2017, and is estimated to grow at a CAGR of 56.0% from 2017 to 2025.

• In Asia-Pacific region, China contributed for the largest market share in 2017.

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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