Press release
Growth Patterns, Market Segmentation, and Competitive Approaches Influencing the AI in Manufacturing Industry
AI in Manufacturing Market
Anticipated Market Value Expansion in AI in Manufacturing
The AI in manufacturing market is projected to surge dramatically, reaching a value of $34.1 billion by 2030. This impressive growth corresponds to a compound annual growth rate (CAGR) of 42.1%. Several factors contribute to this expansion, including escalating investments in smart factories, broader adoption of industrial AI platforms, a strong push for zero-defect manufacturing, increased deployment of edge AI solutions, and a heightened emphasis on cost efficiency. Key trends expected to shape the market include AI-powered predictive maintenance, quality inspection systems driven by AI, the use of autonomous industrial robots, real-time optimization of production processes, and AI-enhanced supply chain and inventory management.
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Noteworthy Companies Leading the AI in Manufacturing Market
The AI in manufacturing sector features a variety of influential companies such as Nvidia Corporation, The International Business Machines Corporation (IBM), Siemens AG, General Electric Company, SAP SE, Mitsubishi Electric Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Intel Corporation, Microsoft Corporation, Hilscher Gesellschaft für Systemautomation GmbH, Beckhoff Automation GmbH, Phoenix Contact GmbH & Co. KG, Veo Robotics, Machina Labs Inc., Advanced Micro Devices Inc. (AMD), Keyence Corporation, Omron Corporation, Yokogawa Electric Corporation, Cognex Corporation, and Bosch Rexroth AG.
A significant development occurred in June 2023 when accenture* plc., a leading professional services firm based in Ireland, acquired Flutura, an India-based provider specializing in industrial AI. This acquisition is expected to enhance accenture*'s industrial AI capabilities and help clients accelerate their journey toward achieving net zero emissions.
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Current Trends Highlighting Innovation in the AI in Manufacturing Market
Companies within this market are heavily investing in advancing AI technologies to maintain a competitive advantage. One major focus is the development of AI platforms - comprehensive environments for building, deploying, and managing machine learning models at scale. These platforms simplify AI application development by offering an array of tools and services.
For example, in October 2023, Fujitsu Limited, a Japan-based ICT equipment company, introduced the Kozuchi AI platform. This innovative platform aims to make AI and machine learning solutions more accessible worldwide by providing ready-made AI and ML tools. Kozuchi can reduce the time required to develop AI models, specifically cutting man-hours by up to 95% when used for optimizing production schedules.
Detailed Segmentation of the AI in Manufacturing Market
The AI in manufacturing market is categorized into several key segments:
1) Offering: Hardware, Software, and Services
2) Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, and Computer Vision
3) Deployment: Cloud-based and On-Premise solutions
4) Application: Including predictive maintenance and machinery inspection, material movement, production planning, field services, quality control, cybersecurity, industrial robotics, and reclamation
5) Industry Verticals: Covering automotive, energy and power, semiconductor and electronics, pharmaceuticals, heavy metal and machine manufacturing, food and beverage, and other industrial sectors
Further subcategories provide more granularity, such as:
- Hardware components like sensors, robots, processors, automation systems, and IoT devices
- Software types including machine learning software, data analytics software, quality control software, and supply chain management software
- Services encompassing consulting and strategy, system integration and deployment, training and education, maintenance and support, and managed services
This comprehensive segmentation highlights the diverse and expanding scope of AI applications within manufacturing, reflecting the market's dynamic nature and broad potential.
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