Market Highlights

The take of global artificial intelligence (AI) in the manufacturing market 2020 recorded by Market Research Future uncovers that the market can hit 47.09% to the total assets with USD 14.77 billion by 2024 in the midst of the drawn out effect of COVID-19. The long periods of development is determined to be from 2019-2024.

Top Grossing Factors

The global Artificial Intelligence in Manufacturing Industry has assembled pace in its development in the midst of COVID-19 leap forward with quickly advancing industrial robotization and IoT, as of now. Artificial intelligence is one of the greatest developing innovations as of late. Artificial intelligence is aligned with human intelligence with comparative qualities, for example, understanding, critical thinking, thinking, language, and learning. A combination of AI in the manufacturing industry offers a more secure functional climate, which further helps with upgrading the quality and amount of creation.

One of the fundamental variables, like the remarkable development in advanced information, is persuading the development of artificial intelligence (AI) in the manufacturing market. It is approximated that continuously 2020, around 1.7 megabytes of new information will be made each second. It is further estimated to grow at 40% throughout the following decade. Such development is ascribed to the heightening reception of large information advancements and IoT gadgets alongside the rise in ubiquity of cloud stages among undertakings. This multitude of elements are cheering the reception of artificial intelligence arrangements among the makers to deal with the information and concentrate noteworthy experiences.

Moreover, the consider of upgrade robotization in the manufacturing industry and the ascent sought after for large information combination help the acceleration of artificial intelligence in the manufacturing market. With this, predominant utilization of machine vision cameras in manufacturing applications, like material development, hardware review, quality control, and field administration, is likewise to drive the development of artificial intelligence in the manufacturing market for the estimate time frame.

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Segmentation:

The study by MRFR also digs some segmentation of the global artificial intelligence in the manufacturing market, which has been done through the component, technology, application, and vertical.

In terms of component segment, the market has included software, hardware, and services. Among these, the hardware segment has included memory, processor, and network. Also, the processor segment has covered the graphical processing unit (GPU), a microprocessor unit (MPU), application-specific integrated circuits (ASICs), and field-programmable gate array (FPGA). In the last segment, the services segment also has a breakdown into support & maintenance and deployment & integration.

In terms of the technology segment, the market has included natural language processing, machine learning & deep learning, computer vision, and context-aware computing.

In terms of the application segment, the market has included supply chain management, predictive maintenance, field services, IT management, robotics, quality control, and others.

In terms of vertical segment, the market has included aerospace & defense, automobile, semiconductor & electronics, energy & power, pharmaceuticals, food & beverage, and others.

Regional Analysis

Market Research Future (MRFR) study has covered some key countries in the regional analysis of artificial intelligence (AI) in the manufacturing market—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America in the rest of the world.

Artificial intelligence in the manufacturing market is currently led by the Asia-Pacific region as the primary economic countries such as India, China, the Philippines, and South Korea are the major manufacturing centers of electronics, semiconductors, pharmaceuticals, and energy & power. Further, the escalating adoption of robots in manufacturing processes is anticipated to aid the region is leading the market throughout the forecast period.

The region of North America is the second highest contributor to the artificial intelligence market. The US is the first adopter of new technologies for applications such as process planning, factory automation, production scheduling, and engineering design.

Artificial intelligence (AI) in the manufacturing market in Europe is also estimated to gain high momentum during the projected period owing to the mounting adoption of industry 4.0 and robotics by the automotive and aerospace industry.

Top Market Players

Market Research Future has well-known some of the key players in the global artificial intelligence (AI) in the manufacturing market are IBM Corporation, Nvidia Corporation, Intel, Inc., General Electric company, Siemens AG, Microsoft Corporation, Google, Inc., Bosch, Amazon Web Services, Cisco Systems, Rockwell Automation, Foxconn, SAP SE, and others.

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Artificial Intelligence (AI) in Manufacturing Market: by Component (Software, Service, Hardware (Network, Processor (ASIC, FPGA, GPU)), by Technology (Deep Learning, NLP), by Application (Robot, Quality Control), by Vertical (Automobile, Pharmaceutical) — Forecast till 2027

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