The AI in Manufacturing Market is expected to be valued at USD 1.1 billion in 2020 and is likely to reach USD 19.3 billion by 2027; it is expected to grow at a CAGR of 47.5 % during the forecast period.
The major drivers for the market are the increasing number of large and complex datasets (often known as big data), evolving Industrial IoT and automation, improving computing power, and increasing venture capital investments.
Industrial Internet of Things (IIoT) plays a key role in the adoption of AI-based technology in the manufacturing sector. Industrial IoT makes industrial processes efficient, productive, and innovative by enabling an architecture that provides real-time information about operational and business systems. The data that is derived from the IoTs need to be converted into instructions that would instruct the machines to perform specific activities. These instructions designed by an AI system learn human behavior through deep learning, context awareness, and natural language processing (NLP). The AI-based system takes lesser time and can work continuously without error. As a result, manufacturing efficiency improves, which further helps in business growth.
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AI technologies offer manufacturers the tools that would help them in a better predictive maintenance and machinery inspection process. However, manufacturers are reluctant to adopt new technologies or AI-based solutions in their costly machines or equipment. Any mismanagement could add to the costs. Furthermore, many manufacturers are doubtful about the capabilities of AI-based solutions in terms of the accuracy of the maintenance and inspection processes. Considering these factors, it is slightly difficult to convince the manufacturers and make them understand that AI-based solutions are cost-effective, efficient, and safe. However, manufacturers are now increasingly accepting the potential benefits of AI-based solutions and the spectrum of applications they serve.
Adoption of automation technologies such as artificial intelligence, robotics, and the Industrial Internet of Things is among the most critical factors for restarting the business operations of the manufacturing sector during this global pandemic. Large-scale lockdowns, shortage of labor force, and supply chain disruptions are likely to drive the automation needs across the manufacturing sector. AI-based solutions could help manufacturers to digitally transform operations (such as autonomous material movement using industrial robots) and make prompt data-driven decisions. In addition, AI can play a crucial role in automating several stages of manufacturing and limit human involvement.
AI in manufacturing market is dominated by globally established players such as NVIDIA (US), IBM (US), Intel (US), Siemens (Germany), and General Electric Company (US).
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Asia Pacific dominated the artificial intelligence in manufacturing market with a significant share in 2018 and is anticipated to resonate the trend during the forecast period. The market growth is credited to the highly developed manufacturing plants in the countries such as Japan, South Korea, and China. The rapid adoption of the industry 4.0 revolution in the region also promotes the adoption of AI solutions. Moreover, the increasing investment in the AI technology in the emerging economies such as India and China are driving the market growth.
North America’s AI in manufacturing market will grow at a healthy CAGR over the projected timeline. The increasing investments by companies to modernize their manufacturing facilities are driving growth of the market. The early adoption of various advanced technology, such as IoT, is also driving the penetration of AI-enabled manufacturing systems. In addition, efforts by the government to bring back manufacturing operations to North America are supporting the use of AI technologies in the manufacturing sector.
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