Artificial Intelligence in Manufacturing Market Set to Reach USD 20.8 Billion by 2028, at a CAGR of 45.6%

The global Artificial Intelligence in Manufacturing Market in terms of revenue was estimated to be worth $3.2 billion in 2023 and is poised to reach $20.8 billion by 2028, growing at a CAGR of 45.6%.
The global Artificial Intelligence (AI) in Manufacturing Market [https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-manufacturing-market-72679105.html] is poised for remarkable growth, with MarketsandMarkets forecasting its value to increase from USD 3.2 billion in 2023 to USD 20.8 billion by 2028. This represents a staggering Compound Annual Growth Rate (CAGR) of 45.6% during the forecast period. These insights are derived from the latest report by MarketsandMarkets, a leading market research and consulting firm.

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Key Segments in the Market:

Technology: The AI in manufacturing market is segmented based on technology into machine learning, computer vision, natural language processing, and context-aware computing, among others.

Application: Key applications of AI in manufacturing include predictive maintenance, quality control, demand forecasting, supply chain optimization, and production planning, among others.

End-User Industry: Major end-user industries leveraging AI in manufacturing include automotive, electronics, aerospace & defense, pharmaceuticals, and food & beverages, among others.

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Growth Drivers:

Several factors are driving the rapid growth of the global AI in manufacturing market, including:

Increased Efficiency: AI-powered solutions enable manufacturers to optimize processes, reduce downtime, improve product quality, and enhance operational efficiency, thereby driving adoption across the manufacturing sector.

Rising Demand for Automation: Growing demand for automation and smart manufacturing solutions, coupled with advancements in AI technologies, is fueling the adoption of AI-driven solutions in manufacturing processes.

Demand for Predictive Maintenance: The need for predictive maintenance to minimize unplanned downtime and optimize asset performance is driving the adoption of AI-based predictive maintenance solutions in manufacturing industries.

Challenges:

Despite the promising growth prospects, the AI in manufacturing market faces certain challenges, including:

Data Security and Privacy Concerns: The proliferation of AI technologies in manufacturing raises concerns regarding data security, privacy, and the potential misuse of sensitive information.

Integration Complexity: Integrating AI solutions with existing manufacturing systems and processes can be complex and challenging, requiring significant investments in infrastructure and skilled personnel.

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Opportunities:

The market presents several opportunities for growth, including:

Emerging Applications: Emerging applications of AI in manufacturing, such as autonomous robots, digital twins, and AI-driven supply chain optimization, present lucrative opportunities for market players.

Rapid Technological Advancements: Ongoing advancements in AI technologies, such as deep learning, reinforcement learning, and explainable AI, are opening new avenues for innovation and differentiation in the manufacturing sector.

Key Players:

Leading players in the global AI in manufacturing market include:

IBM Corporation

Siemens AG

Microsoft Corporation

General Electric Company

SAP SE

Intel Corporation

NVIDIA Corporation

Alphabet Inc. (Google)

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This release was published on openPR.