Rising pressure on businesses to sustain profitability and improve efficiency has thrusted the artificial intelligence (AI) in manufacturing sector into global recognition, with the need for better quality management, material movement, inspection and predictive maintenance. The growing use of IoT and other means of communication has also created a necessity for ensuring cybersecurity, further bringing AI into play.
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The advent of industry 4.0 has brought with it the integration of all types of technology-related changes into an organization, which has allowed the growth of artificial intelligence (AI) in manufacturing sector to handle and manage these changes efficiently. Continuous advancements in technology have also led to the development of more complex and functional electronic components, requiring accurate programs and production automation to be implemented and monitored.
In addition to these nations, other EU members have also adopted robots eagerly to take advantage of the long-term financial benefits they deliver, presenting tremendous growth opportunities for the artificial intelligence (AI) in manufacturing sector. Europe has witnessed the rise of many producers of hardware components that are compatible with AI technology, besides the augment of software providers and start-ups aiming to offer unique AI experiences. Reports indicate that the region has a constantly growing AI community, where U.K. supposedly has the largest AI ecosystem in the region with Germany, Spain and France close behind. Presence of world leading automakers, electronics product manufacturers, FMCG businesses and consumer goods producers in Europe provides key development and funding opportunities for emerging AI technology firms.
Speaking further, U.K. itself holds more than 120 AI companies while Germany has just over 50, demonstrating their capability to become dominant forces in the Europe artificial intelligence (AI) in manufacturing sector. AI software and platforms are increasingly being designed to counter cyberthreats in this age of IIoT and connectivity, which will be major driving factor for AI in manufacturing industry. In 2018, it was reported that nearly 48% of manufacturers in the U.K. had experienced cyber security incidents till date and half of them had even suffered business disruption or financial losses as a result. With most of an organization’s production and individual data stored on their business platforms, AI will certainly be indispensable for cybersecurity applications in the near future.
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All in all, owing to the existence of numerous technology firms and surging investments in automation solutions, the artificial intelligence (AI) in manufacturing sector in Europe is anticipated to witness a 44% CAGR from 2019 to 2025. Key software and hardware providers based in Europe, such as Graphcore and SAP, as well as formation of technology partnerships with start-ups by American firms like Google, IBM and Microsoft in the region will define the competitive dynamics of the AI in manufacturing industry.
In terms of the regional spectrum, figures by Global Market Insights, Inc., state that the Europe artificial intelligence (AI) in manufacturing sector is set to grow at a CAGR by 2025. The exponential growth in advanced technologies like big data, robotics, IoT are the foremost factors driving the regional industry. AI technology is regarded as one of the significant drivers of industrial growth by several companies in Europe, mostly due to its benefits that result in flexibility, efficiency, and differentiation.
The key vendors in the AI in Manufacturing sector 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.