Artificial Intelligence (AI) in Manufacturing Market Size

Artificial Intelligence in Manufacturing Market Size

AI in Manufacturing Market size exceeded over USD 1 billion in 2018 and is anticipated to grow at 40% CAGR from 2020 to 2025. Increasing venture capital investments in AI are fostering growth of artificial intelligence in manufacturing industry.

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Investments in the technology led by tech giants and digital native companies including Google, Nvidia, and Intel. They are collectively investing billions of dollars in a wide variety of AI-based applications ranging from machine learning to robotics, virtual autonomous vehicles, assistance technology, and natural language to computer vision.

The exponential growth in digital data is driving growth of AI in the manufacturing market. It is estimated that by 2020, approximately 1.7 megabytes of new data will be created every second. It is further estimated to rise at an annual growth rate of 40% over the next 10 years. This growth is credited to the increasing adoption of big data technologies and IoT devices along with the rise in popularity of cloud platforms among enterprises. This is encouraging the adoption of the advance data analytics solutions among the manufacturers to process the data and extract actionable insights.

However, the adoption of the technology in the manufacturing sector is still in the nascent stage due to the presence of several challenges in implementation of the AI technology in the industries. The complex nature of the industrial data and lack of skilled IT workforce in the industrial plants is hindering the adoption of the technology.