AI in Manufacturing Market size worth $16 Bn by 2025

AI in Manufacturing Market size is set to exceed USD 16 billion by 2025; according to a new research report by Global Market Insights Inc.
 

The growing need among the manufacturers to reduce the cost of operation and enhance operational efficiency is the primary factor driving the AI in manufacturing industry growth. The new technology solutions are enhancing operational efficiency and reducing the time to market the products. It allows enterprises to analyze the customer demand, align their operations to meet the customer’s requirement, and analyze the process in real-time. These solutions are more reliable, cost-effective, and provides organizations with an opportunity to scale their operations without incurring an intensive capital cost.
 

The changing customer behavior & demand is fostering the growth of AI in the manufacturing market. Globally, customers have access to over one billion products offered by a wide variety of dynamic new entrants and traditional competitors experimenting with new business models & methods of customer engagement. As the choices among the customers increase, the demand for more customized & tailor-made products also arises. The integration of intelligent AI-powered algorithms into manufacturing allows organizations to analyze customer demand and develop products that meet customer requirements. The new era of empowered customers is accelerating the adoption of AI in the manufacturing sector.

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The AI platforms market will grow significantly through 2025 owing to the increasing need for customized AI solutions in the manufacturing industry. The AI platforms provide pre-built algorithms with simplistic workflows along with features, such as drag & drop modeling and visual interfaces, that easily connect necessary data to the end solution. The GPU segment accounted for significant share in the AI in manufacturing market in 2018. The low costs associated with GPU products and their compatibility with various legacy systems are promoting their adoption in the manufacturing industry. 
 

Browse key industry insights spread across 300 pages with 584 market data tables & 27 figures & charts from the report, “Artificial Intelligence (AI) in Manufacturing Market Size By Component (Hardware [Processor {Central Processing Unit (CPU), Graphics Processing Unit (GPU), Field Programmable Gate Array (FPGA), Application Specific Integrated Circuit (ASIC)},  Memory], Solution [Software, AI Platform, Application Program Interface(API)], Services [Managed Services, Professional Services]), By Technology (Machine Learning (ML), Computer Vision, Context Awareness, Natural Language Processing (NLP)), By Application (Quality Management, Predictive Maintenance & Machinery Inspection, Material Movement, Production Planning, Cybersecurity, Field Services), By End-use (Semiconductor & Electronics, Energy & Power, Pharmaceutical & Chemical, Automobile, Heavy Metals  & Machine Manufacturing, Food & Beverages), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019– 2025” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-manufacturing-market
 

The computer vision technology is predicted to grow at 45% CAGR during 2019 to 2025 propelled by the rise in automation and a widespread adoption of IoT technologies. The rising need for quality inspection and automation is encouraging the use of computer vision systems. The technological advancements in the machine-to-machine technology and the rising need for the machinery to communicate with the operators in their own language are promoting its use.
 

The predictive maintenance and machine inspection application is forecast to expand at a CAGR of around 44% over the projected time period. There is a rising pressure on the manufacturing facilities to increase productivity. Maintenance has become a key area to drive major cost savings and production value. The cost of machine downtime has been increasing over time.
 

The pharmaceutical segment is accounted for more than 8% of the AI in manufacturing market share. Manufacturing in the pharmaceutical industry is always known to generate large amounts of data. The companies are using AI technology to improve efficiencies in biotech manufacturing and process development to improve their gross margins. With margins already high in the industry, identifying new additional efficiencies requires analyzing complex sets of data and interrelationships within these data sets. The manufacturers are using AI to identify different patterns and relationships between the data to develop different models for anticipating impacts of minor changes.
 

Europe AI in manufacturing market is anticipated to observe 44% CAGR through 2025. The extensive proliferation of advanced technologies, such as robotics, big data, and industrial IoT, in the manufacturing sector is the primary factor driving the market revenue. The rising labor costs in the region is also driving the adoption of advanced manufacturing technologies. The high investment by the major automakers to incorporate next-generation production technologies is also adding to market expansion.
 

The players in the market are advantageously conducting acquisitions of various technology players in the market to develop customized product offerings to multiple industry sectors.
 

Some of the companies present in AI in manufacturing market are Advanced Micro Devices, AWS, Canvas Analytics, Falkonry, General Vision, Google, Graphcore, IBM, Intel, Landing AI, Microsoft, Nvidia, Oracle, Progress Software, Qualcomm, SAP, Sight Machine, Ubtech Robotics, and Vicarious.