Global AI in the manufacturing market
The report is titled “Global AI in the manufacturing market” which analyses the regional and global markets based on technology, component, application end user, and region. The report offers comprehensive historical and forecast market size, along with trend analysis. The report focuses on the importance of the market share, an overview of competition the strategic imperatives, future growth strategies, global adoption of AI in manufacturing, growth opportunities, and an assessment of competition for the key players identified by this report by RationalStat.
Market overview and dynamics: The penetration of AI in manufacturing will increase in the forecast period
The global market for AI of manufacturing was valued at close to US$ 22 billion as of 2020 and is projected to grow at a rapid rate in the next few years. The dramatic increase in value of the global AI in the manufacturing market is a result of the growing need for human-AI collaboration in the manufacturing industry to achieve general cost savings is propelling the industry growth. Robots play an essential part in the manufacturing industry.
In the coming years, the demand to use AI within manufacturing industries is anticipated to see a significant increase due to the development of manufacturing IoT and automation technology. The system collects data from the IoT devices that are installed in the painting zone of the factory. Furthermore, the introduction of industry 4.0 for the manufacturing industry is expected to further drive the market as industry 4.0 is extremely automated, and a large amount of data is exchanged through the manufacturing technology of the machine.
A majority of the prestigious global companies in Europe have implemented at least one AI-use instance
North America is leading the global AI in the manufacturing industry. In addition, the US president has signed an executive order to launch an American AI initiative. The robust automotive industry along with industrial equipment and the pharmaceutical industry are a few of the reasons that are affecting Europe’s AI market for manufacturing positively. The rapid development in consumer electronics and the rapid growth of economies such as China, India, Japan as well as South Korea led the Asia Pacific market to witness significant expansion over the coming years.
Segmental Analysis
- Based on components, the software segment is expected to dominate the global AI market owing to awareness of recognizing fraud detection and preventing cyber-attacks.
- Based on the End-user, Banking, Financial Services & Insurance (BFSI) segment is anticipated to hold a dominant share in the market as Consumers look for banks which can provide security for their funds, especially in online transactions. AI has the ability to single-out irregularities which would otherwise go unnoticed by humans.
Competition Analysis: Increasing adoption from various industry verticals to drive the market demand
Due to the presence of many well-established companies in the Global AI market, there is intense competition. The Global AI market is expected to witness a pool of export opportunities due to the increased adoption of AI in various industry verticals.
Acquisitions, product launches, and partnerships are the identified industry trend in the Global AI market. Significant consolidation is expected in the Global market during the forecasting period 2022-2028.
- In August 2022, Amazon entered into a definitive merger agreement under which Amazon will acquire iRobot. iRobot builds innovative cleaning products for the home making the lives of households easier. The deal has been valued at about US$ 1.7 billion.
- In June 2022, Salesforce announced to expand financial services offerings built specifically for banking, wealth management, and insurance institutions. Salesforce for financial services will now offer more targeted and trusted automation and AI powered by Client 360.
Some of the prominent players that contribute significantly to the market include IBM Corp., Intel Corp., Google LLC, Microsoft Corp., Cisco Systems Inc., Oracle Corp., SAP SE, Meta, Salesforce Inc., Amazon.com Inc., Apple Inc., Nvidia Corp., Palantir Technologies Inc., C3.ai Inc., Micron Technology Inc., and others. These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other rivals in the market. Mergers and acquisitions, product launches, partnerships and collaborations, and geographical expansions are some of the strategies adopted to strengthen their market presence.
RationalStat has segmented the global AI market on the basis of component, technology, organization type, end-user, and region.
- By Component
- Hardware
- Software
- Cloud
- On-premise
- Services
- By Technology
- Natural Language Processing (NLP)
- Image Processing
- Machine Learning (ML)
- Speech Recognition
- Others (Robotic Process Automation, Computer Vision)
- By Organization Type
- Enterprise
- SMEs
- Large Enterprise
- Public Administration
- By End User
- Automobile & Transportation
- Healthcare
- Retail & Warehousing
- Manufacturing
- Banking, Financial Services & Insurance (BFSI)
- Media & Entertainment
- IT & Telecom
- Others (Construction, Legal, Education, Energy & Power, etc.)
- By Region
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Western Europe
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of western Europe
- Eastern Europe
- Russia
- Poland
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Middle East & Africa
- GCC
- South Africa
- Turkey
- Rest of the Middle East & Africa
- North America
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