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Market Overview:
The Global Artificial Intelligence in Manufacturing Market was valued at USD 280.21 million in 2016 and is projected to reach USD 12367.90 million by 2025, growing at a CAGR of 52.32% from 2017 to 2025.
Artificial intelligence (AI) is an area of computer science that emphasizes the creation of intelligent machines that work and reacts like humans. Artificial intelligence is one of the technologies that give manufacturers the ability to keep up with the new pace of business. There are several benefits of artificial intelligence in manufacturing industry that includes - increase production capacity, provides more relevant data for better management, , improves preventative maintenance, enables condition monitoring processes, improved product and service quality, and increasing production.
Sample Infographics:
Market Dynamics:
1. Market Drivers
1.1 Increasing operational efficiency of manufacturing plants
1.2 Adoption of industrial IoT and big data technology in manufacturing
1.3 Rising usage of robotics and computer vision technology in manufacturing
1.4 Growing opportunities for AI based technology in developing countries
2. Market Restraints
2.1 Concerns for data privacy
2.2 Poor adoption of AI-based technologies by manufacturers
Market Segmentation:
The Global Artificial Intelligence in Manufacturing Market is segmented on the technology, component, application, vertical, and region.
1. Technology:
1.1 Natural Language Processing
1.2 Deep Learning
1.3 Computer Vision
1.4 Context Awareness
2. By Component:
2.1 Software
2.2 Hardware
3. By Application:
3.1 Field Services
3.2 Reclamation
3.3 Quality Control
3.4 Material Movement
3.5 Predictive Maintenance and Machinery Inspection
3.6 Production Planning
4. By Vertical:
4.1 Food and Beverages
4.2 Pharmaceuticals
4.3 Automobile
4.4 Semiconductor and Electronics
4.5 Energy and Power
4.6 Heavy Metals and Machine Manufacturing
4.7 Others
5. By Region:
5.1 North America (U.S., Canada, Mexico)
5.2 Europe (Germany, UK, France, Rest of Europe)
5.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
5.4 Latin America (Brazil, Argentina, Rest of Latin America)
5.5 Middle East & Africa
Competitive Landscape:
The major players in the market are as follows:
1. IBM Corporation
2. SAP SE
3. Nvidia Corporation
4. Siemens AG
5. Microsoft Corporation
6. Datarpm
7. General Vision, Inc.
8. Cisco Systems, Inc.
9. Oracle Corporation
10. Intel Corporation
11. Alphabet Inc.
12. General Electric (GE) Company
13. Sight Machine
14. Rockwell Automation Inc.
15. Mitsubishi Electric Corporation
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
RESEARCH METHODOLOGY OF VERIFIED MARKET INTELLIGENCE:
Research study on the Global Artificial Intelligence in Manufacturing Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
To know more about the Research Methodology of Verified Market Intelligence and other aspects of the research study, kindly get in touch with our sales team.
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