Smart Manufacturing: Harnessing Artificial Intelligence for Efficiency and Innovation

The artificial intelligence in manufacturing market is estimated to be valued at USD 3.2 billion in 2023 and is projected to reach USD 20.8 billion by 2028, at a CAGR of 45.6% from 2023 to 2028. Artificial intelligence (AI) in manufacturing refers to the emulation of human intelligence for interacting with machines, extracting data from various sources, analyzing that data, and executing necessary tasks. These tasks encompass activities such as handling materials, inspecting machinery, and conducting self-diagnostic procedures. Typically conducted by human labor or robots under human guidance, AI-based systems can perform these tasks more efficiently, swiftly, and autonomously, reducing both time and cost requirements while eliminating the need for human intervention.

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The AI field comprises various technologies such as machine learning (ML), computer vision, natural language processing (NLP) and context-aware computing that enable machines to perform human-like activities. These technologies are implemented to develop various AI products and services. Their adoption has created significant growth opportunities for startups in the manufacturing industry.

Artificial Intelligence offers significant advantages in manufacturing, including improved efficiency through predictive maintenance and process optimization, enhanced quality control with computer vision and predictive analytics, cost reduction through automation and energy efficiency, increased productivity, customization, and scalability, data-driven decision-making, improved worker safety, a competitive edge through innovation, and sustainability gains by reducing waste and environmental impact
Software segment contributed to the larger market share for artificial intelligence in manufacturing market in 2022. AI software are capable of performing intelligent functions. The development of intelligent software involves imitating several capabilities, including reasoning, learning, problem-solving, perception, and knowledge representation. The software is developed using AI technologies, such as machine learning, semi-supervised learning, supervised learning, unsupervised learning, natural language processing, computer vision, and deep learning.

The Machine Learning segment accounted for the largest market size for artificial intelligence in manufacturing in 2023. ML includes various technologies, such as deep learning, supervised learning, unsupervised learning, and reinforcement learning. Machine learning (ML) enables systems to improve their performance automatically with experience. ML helps develop a computer program/algorithm that can access data and use it to train itself without human intervention.

The automotive industry accounted for the largest share of the automated guided vehicle market in 2022. Use of AI in Automotive industry reduces downtime, vehicle recalls, and financial losses. Moreover, inspecting the paint of the vehicle and electrical wiring are major challenges in automobile manufacturing. In the final assembly line, AI-based computer vision technology is installed, and it inspects painting and electric wearing.

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Key players in the market are Siemens (Germany), IBM (US), Intel Corporation (US), NVIDIA Corporation (US), and General Electric Company (US). These players have a comprehensive and diverse product portfolio and a strong geographic presence. They focus on developing innovative AI solution, platforms, owining to the emergence of new applications areas of AI in manufacturing. These companies also focus on organic and inorganic growth strategies to extend their business reach and expand their product offerings in the highly competitive market. The market is dynamic, and several new players also keep emerging while existing players continue to evolve and expand their footprint.

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