AI in Manufacturing Market

AI in Manufacturing Market Size

[170+ Pages Research Report] AI in Manufacturing Market to surpass USD 42.5 billion by 2031 from USD 1.7 billion in 2021 at a CAGR of 37.6% throughout the forecast period 2021-31.

Artificial intelligence can make machines or computers think rationally and accurately by mimicking human intelligence. AI in manufacturing increases the efficiency as it helps in making data determined decisions. It facilitates the use of technology to automate complex tasks, acknowledge patterns, learn or adapt to new things, improve quality, and reducing downtime through machine intelligence and speech recognition. Artificial Intelligence will be a game changer in the manufacturing industry.

Market Highlights

AI in Manufacturing market is expected to project a notable CAGR of 37.6% in 2031.

AI in Manufacturing to surpass USD 42.5  billion by 2031 from USD 1.7 billion in 2021 at a CAGR of 37.6% in the coming years, i.e., 2021-31. Artificial Intelligence technology is widely being adopted in manufacturing industries to analyze complex sets of data, changes in consumer behavior, and demand for detecting anomalies and improving supply chains and distribution networks. Further, AI can improve decision making by using advanced software to gain more insights and visibility in the operation process, which is driving the market growth of AI in Manufacturing.

Figure - Market Analysis of AI in Manufacturing Market

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AI in Manufacturing: Segments

Software segment to grow with the highest CAGR during 2021-31

Based on Offering, the AI in Manufacturing Market is divided into Hardware, Software, and Services, of which the Software segment is expected to lead. Specific programs can be run by software alone without the need for additional hardware. Machine learning, semi-supervised learning, supervised learning, unsupervised learning, natural language processing, computer vision, and deep learning are among the AI technologies used in the software's development. The primary drivers driving the growth of the market for AI platforms are the increasing demand for software, particularly in predictive maintenance and quality control applications, and the expanding applications of AI in the manufacturing industry.

Machine Learning segment to grow with the highest CAGR during 2021-31

Based on technology, the AI in Manufacturing Market is divided into Machine Learning, Natural Language Processing, Context-aware Computing, and Computer Vision. The machine learning segment held the largest share of the AI in manufacturing market in the past year. The large market share of this sector is primarily fueled by the rising demand for AI-based intelligent solutions, the rising demand for material handling & production planning, predictive maintenance & machinery inspection, and the rising volume of unstructured data produced by the manufacturing sector.

Semiconductor & Electronics segment is expected to grow with the highest CAGR during 2021-31

Based on Industry, AI in Manufacturing market is fragmented into Automotive, Energy & Power, Semiconductor & Electronics, Pharmaceutical, Heavy Metals & Machine Manufacturing, Food & Beverage, and Others. AI is widely utilized in the semiconductor and electronics sector for material mobility, quality monitoring, and production planning. Manufacturers should profit from implementing AI-based solutions by optimizing production costs, technology adoption, and component integration. Electronics equipment manufacture is a challenging operation that necessitates constant access to manufacturing-related data. This information aids in effectively planning and managing the production process.

Figure - Market Analysis of AI in Manufacturing Market

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Market Dynamics

Drivers

Rising adoption of industry 4.0

Internet of things (IoT), Artificial Intelligence, cloud computing, and analytics are integrated technologies being used in the modern manufacturing system. They are revolutionizing manufacturing industries throughout their operations and production facilities. AI is eliminating traditional business models with high-tech factories which are creating more opportunities and growth in the industries. Manufacturers can detect errors by applying machine learning algorithms which can save money and time. AI can improve decision making by using advanced software to gain more insights and visibility in the operation process.

Exponential growth in complex datasets

With the advent of IoT, companies have access to large datasets which is difficult for humans to analyze. High value can be created by combining and collecting data from sensors attached to the products, customer usage patterns, current market scenario, audio and video files, and more with the help of AI and machine learning algorithms. Further, rapidly evolving industries, changes in consumer behavior and demand along with investments in technology are boosting the market growth of AI in Manufacturing.

Restraints

Reluctance among small & medium-sized businesses and limited availability of skilled professionals.

High costs of deploying AI systems, lack of awareness, and slow returns are some of the key factors which are discouraging small and medium enterprises from using AI systems. Further, the limited availability of skilled professionals mostly in underdeveloped or developing countries is restraining the market of AI in Manufacturing.

AI in Manufacturing: Key Players

• CISCO SYSTEMS, INC.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• GENERAL ELECTRIC COMPANY
• INTERNATIONAL BUSINESS MANAGEMENT CORPORATION
• INTEL CORPORATION
• MICROSOFT CORPORATION
• MITSUBISHI ELECTRIC CORPORATION
• NVIDIA CORPORATION
• ORACLE CORPORATION
• ROBERT BOSCH GMBH
• SIEMENS AG
• Other Prominent Players

AI in Manufacturing: Regions

AI in the Manufacturing market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific region is projected to lead with the highest CAGR during the estimated period. The growth is attributed to the major manufacturing companies present in the Asia region that are focusing on AI, IoT, industrial automation, and digitalization. Manufacturing industries are rapidly adopting automation and extensively using robotic technology to increase productivity and reduce downtime in their plants. With increasing government policies to promote the adoption of advanced technology is further boosting the AI in Manufacturing in the Asia Pacific region.

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Impact of COVID-19 on AI in Manufacturing Market

Adverse effects of COVID-19 pandemic were witnessed among industries globally due to strict imposition of lockdown regulations and disruption in production and supply chain management. Social-distancing norms were followed worldwide which made manufacturers to opt for AI as a crisis management tool. It has supported healthcare systems by analyzing big data. Manufacturers adopted intelligent business solutions and automation technologies to avoid the unprecedented effects of COVID-19. In the post-pandemic world, artificial intelligence is expected to grow rapidly with removal of restrictions and increasing adoption of advanced technologies.

AI in Manufacturing is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of Asia Pacific
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of Middle East and Africa

AI in Manufacturing report also contains analysis on:

AI in Manufacturing Segments:

• By Offering 
  • Hardware
  • Software
  • Services
• By Technology
  • Machine Learning
  • Natural Language Processing
  • Context-aware Computing
  • Computer Vision
• By Application
  • Predictive Maintenance and Machinery Inspection
  • Inventory Optimization
  • Production Planning
  • Field Services
  • Quality Control
  • Cybersecurity
  • Industrial Robots
  • Reclamation
• By Industry
  • Automotive
  • Energy & Power
  • Semiconductor & Electronics
  • Pharmaceutical
  • Heavy Metals & Machine Manufacturing
  • Food & Beverage
  • Others 
• AI in Manufacturing Dynamics
• AI in Manufacturing Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

AI in Manufacturing Market Report Scope and Segmentation

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