Overview and Scope
AI in manufacturing refers to the integration of artificial intelligence (AI) technologies into the manufacturing process to increase efficiency, productivity, and quality. It involves the use of machine learning algorithms, computer vision, robotics, and other AI tools to analyze data, automate processes, and optimize production. By using AI in manufacturing, companies can reduce costs, improve product quality, and enhance overall performance.
Sizing and Forecast
The ai in manufacturing market size has grown exponentially in recent years. It will grow from $2.88 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 38.1%. The growth in the historic period can be attributed to energy efficiency and sustainability, customization and personalization, cost reduction measures, workforce upskilling and training, supply chain optimization.
The ai in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $13.53 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. The growth in the forecast period can be attributed to adoption of edge computing, green manufacturing initiatives, focus on cybersecurity, enhanced human-machine collaboration, supply chain resilience. Major trends in the forecast period include robotics and automation integration, quality control and defect detection, augmented reality applications, data-driven decision-making, autonomous manufacturing processes.
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Segmentation & Regional Insights
The ai in manufacturing market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision
3) By Deployment: Cloud, On-Premise
4) By Application: Predictive maintenance and machinery inspection, Material Movement, Production Planning, Field Services, Quality Control, Cybersecurity, Industrial Robots, Reclamation
5) By Industry: Automobile, Energy And Power, Semiconductor And Electronics, Pharmaceutical, Heavy Metal And Machine Manufacturing, Food And Beverage, Other Industries
Top 5 Major Players:
- Nvidia Corporation,
- The International Business Machines Corporation,
- Siemens AG,
- General Electric Company,
- SAP SE
Asia-Pacific was the largest region in the AI in manufacturing market in 2023. It is expected to be the fastest-growing region in the global AI in manufacturing market report during the forecast period. The regions covered in the ai in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for automobiles is expected to propel the growth of AI in the manufacturing market going forward. An automobile, commonly known as a car or a motorcar, is a wheeled vehicle designed for the transportation of passengers or goods on roads. The automobile industry incorporates AI (artificial intelligence) in manufacturing in several ways, such as autonomous vehicle development, predictive maintenance, data collection and analysis, and quality control and inspection. Utilizing AI in the automotive sector makes it possible to design the vehicle as well as the tools and robots employed in its production. AI is currently being used in the manufacturing, supply chain, post-production, and design of automobiles. For instance, in March 2022, according to Bankrate, a US-based financial services company, 64,344 automobiles (21,177 vehicles and 43,167 light trucks) were sold in the United States, an increase of 37.4% from 2021. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, 79.1 million automobiles were produced globally in 2021, a 1.3% rise from 2020. Therefore, the increasing demand for automobiles is driving the growth of AI in the manufacturing market.
Key Industry Players
Major companies operating in the ai in manufacturing market report are Nvidia Corporation, The International Business Machines Corporation, Siemens AG, General Electric Company, SAP SE, Amazon Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Google LLC, Intel Corporation, Micron Technology Inc., Oracle Corporation, Cisco Systems Inc., Microsoft Corporation, Hilscher Gesellschaft für Systemautomation GmbH, Beckhoff Automation GmbH, Phoenix Contact GmbH & Co. KG, Veo Robotics, Automation Anywhere, Machina Labs Inc., Advanced Micro Devices Inc., SoluLab, Keyence Corporation, LeewayHertz, Citadel Analytics, Omron Corporation, Yokogawa Electric Corporation, Cognex Corporation, Bosch Rexroth AG
The ai in manufacturing market report table of contents includes:
1. Executive Summary
2. AI in Manufacturing Market Characteristics
3. AI in Manufacturing Market Trends And Strategies
4. AI in Manufacturing Market – Macro Economic Scenario
5. Global AI in Manufacturing Market Size and Growth
….
31. Global AI in Manufacturing Market Competitive Benchmarking
32. Global AI in Manufacturing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The AI in Manufacturing Market
34. AI in Manufacturing Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global AI in Manufacturing Market, Segmentation By Offering, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global AI in Manufacturing Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global AI in Manufacturing Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 75: Nvidia Corporation Financial Performance
Table 76: The International Business Machines Corporation Financial Performance
Table 77: Siemens AG Financial Performance
Table 78: General Electric Company Financial Performance
Table 79: SAP SE Financial Performance
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