AI in Manufacturing Market will be driven by the increasing adoption of trends like industry 4.0 which warrants the enhancement of operational efficiency. There is a growing need among the manufacturers to reduce the cost of operation and increase productivity. The implementation of new technologies to study the customer behavior would thus favor the manufacturing of consumer centric products.
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AI based solutions are extremely reliable and provide the enterprises with an extensive set of information which helps to improve the operation scalability and so the cost effectivity. Furthermore, the digitalization of data in the manufacturing sector will drive the AI in Manufacturing Market trends. The rising inclinations toward data digitalization is anticipated to promote the incorporation of AI technologies to enable utilization of advanced data analytics solutions.
The hardware market holds over 57% stake in AI in Manufacturing Market. The growth is attributed to the rising demand for AI processors across various industry verticals. The GPUs are dominating the AI processors market with over 45% share in the market. The increasing need for high processing capabilities and enhanced visual content is promoting GPUs use in the manufacturing industry. The AI platforms market is predicted to grow exponentially over the projected time period. The rising need for personalized solutions is encouraging manufacturers to incorporate AI technologies into their manufacturing facilities. The AI platforms offer pre-built algorithms with unsophisticated workflows along with features that easily allow the necessary data to connect to end solutions.
The machine learning market accounted for over 47% of the revenue in AI in Manufacturing Market in 2018. The technology is used to warrant quality management at every stage of the manufacturing process. It anticipates product quality at early stages of the production with a high level of precision. The computer vision market is expected to grow at a CAGR of 45% over the forecast timespan. The rise in automation and extensive adoption of IoT systems are encouraging its use in the manufacturing industry.
The AI in Manufacturing Market in energy & power sector is predicted to grow at a CAGR of over 41.2% during the projected time period. The companies are investing in AI technology due to its ability to adapt to changing environments. This allows the power-generation organizations to create accurate predictions regarding energy demand, reducing their reliance on backup mechanisms. The heavy metal & machinery industry is expected to register a growth rate of over 43% during the forecast timeframe. The companies present in the heavy metal machinery sector are using the technology to optimize the raw material consumption and improve melt costs to ensure significant cost savings.
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Asia Pacific registered a considerable market share of over 43% in 2018, dominating the industry. The growth of the regional market is credited to the presence of manufacturing hubs in the region including China, India, South Korea and Japan. These countries boast of the presence of some of the most developed manufacturing facilities with the rising prevalence of industry 4.0 technologies, which is expected to propel the adoption of AI solutions.
The key vendors in the AI in Manufacturing Market are: Advanced Micro Devices, Canvas Analytics, General Vision, Graphcore, IBM, Landing AI, SAP, Sight Machine, UBTECH Robotics, Oracle, Progress Software, Qualcomm, Microsoft, Nvidia, Intel, Google, Falkonry, AWS, and Vicarious.
Major Key Points from Table of Content:
Chapter 7. AI in Manufacturing Market, By Application
7.1. Key trends, by application
7.2. Quality management
7.2.1. Market estimates and forecast, 2016 — 2025
7.3. Predictive maintenance and machinery inspection
7.3.1. Market estimates and forecast, 2016 — 2025
7.4. Material movement
7.4.1. Market estimates and forecast, 2016 — 2025
7.5. Production planning
7.5.1. Market estimates and forecast, 2016 – 2025
7.6.1. Market estimates and forecast, 2016 – 2025
7.7. Field services
7.7.1. AI in Manufacturing Market estimates and forecast, 2016 – 2025
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