The Global Artificial Intelligence in Manufacturing Market size accounted for USD 2,963 Million in 2021 and is estimated to reach USD 78,744 Million by 2030.
Recent trends in global artificial intelligence in manufacturing market include surging adoption of 5G technology and the rising use of computer vision in manufacturing applications. Our analysis on the worldwide artificial intelligence in manufacturing market forecast that the rapid demand for factory automation will support the industry growth throughout the forecast period. As a result, the industry is expected to register a CAGR of 44.3% from 2022 to 2030. Many manufacturing operations are utilising artificial intelligence (AI) to streamline processes and increase productivity. AI allows the industry to overcome a wide range of internal challenges, including a lack of expertise, decision-making complexity, compatibility issues, and information overload. AI in manufacturing plants enables businesses to completely transform their operations. And therefore, there is a boom of AI in the manufacturing industries.
Artificial Intelligence in Manufacturing Market Dynamics
Market Growth Drivers:
|Artificial Intelligence in Manufacturing Market
|Market Size 2021
|USD 2,963 Million
|Market Forecast 2030
|USD 78,744 Million
|CAGR During 2022 - 2030
|2018 - 2030
|2022 - 2030
|By Offering, By Technology, By Application, By Industry Vertical, And By Geography
|North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
|Key Companies Profiled
|Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company, Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation, Rockwell Automation, SAP SE, and Siemens AG.
|Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis
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The growing adoption of IoT and big data in manufacturing industries is the primary factor driving the artificial intelligence in manufacturing market growth. IoT will enable the delivery of supplies and services to the customer who may be unaware that they are required. Furthermore, IoT can send detailed telemetry back to manufacturers and distributors in order to scrutinise quality and factors that may cause failures. Similarly, the adoption of big data will also surge the share of the market in coming future. For instance, manufacturers collect vast amounts of data related to operations, processes, and other matters – and this data, combined with advanced analytics, can provide valuable insights to improve the business. Thus, big data can benefit manufacturers with supply chain management, predictions on sales volume, risk management, and product quality maintenance.
Additionally, the rapid adoption of industrial automation is also expected to boost the global AI in manufacturing market share. AI and industrial automation have come a long way in recent years. Machine learning techniques, sensor advancements, and thus increased computing power have all contributed to the creation of a newer generation of robots. Moreover, the advent of industry 4.0 is another factor that is expanding the artificial intelligence in manufacturing market revenue. However, lack of advanced infrastructure which also requires high initial investment is likely to limit the market from growing.
Artificial Intelligence in Manufacturing Market Segmentation
The global artificial intelligence in manufacturing market segmentation is based on offering, technology, application, industry vertical, and region.
Market by Offering
Based on offering segment, the hardware sub-segment is expected to lead the market with majority of the share during the projected years. The hardware, which includes processors and logic circuits, is what runs the AI software. AI necessitates its own processing units, which will likely increase hardware demand. Furthermore, our research indicates that AI hardware vendors are expanding and consolidating their market position with new collaborations, acquisition, and product innovations, which ultimately surges the hardware demand. However, the software segment is anticipated to witness the fastest growth rate in the coming years.
Market by Technology
In 2021, machine learning gathered the maximum market share among all technologies because of the growing need to ensure quality management throughout every stage of the manufacturing process. AI and machine learning are enabling manufacturers to achieve unprecedented levels of throughput, optimize their supply chains, and accelerate R&D.Furthermore, machine learning is greatly assisting manufacturing businesses in augmenting preventive maintenance for every equipment on the factory floor in order to reduce downtime and increase productivity.
Market by Application
The predictive maintenance and machinery inspection applications are very important in manufacturing facilities. Predictive maintenance enables companies to predict when machines require maintenance with high accuracy rather than guessing or performing preventive maintenance. Predictive maintenance uses machine learning to prevent unplanned downtime. Besides advanced analytics and sensors embedded in manufacturing systems enable predictive maintenance by simply reacting to alerts and resolving machine issues.
Market by Industry Vertical
According to our analysis, the automotive industry generated noteworthy artificial intelligence in manufacturing market revenue throughout the forecasted years 2022 – 2030. Some of the leading aspects that are supporting the largest share of the automotive industry are the widespread adoption of highly developed AI automotive solutions for smart manufacturing, fault detection and isolation, production monitoring, quality management, and the rising need for predictive maintenance & equipment inspection solutions. On the other hand, the semiconductors & electronics industry is likely to witness the highest growth rate throughout the forecast period.
Artificial Intelligence in Manufacturing Market Regional Outlook
The Middle East & Africa (MEA)
Asia-Pacific Region Accumulated the Leading Market Share Due To The Rapid Adoption Of Industry 4.0
The worldwide artificial intelligence in manufacturing market regional outlook suggests that the Asia-Pacific dominated the industry with sizable revenue. The accelerated deployment of automation and industrial robots in manufacturing plants, particularly in China, will encourage manufacturers to choose AI-based technologies to improve overall productivity and reduce downtime. Meanwhile, the North America is expected to attain the fastest growth rate in the coming years due to the surging investments by companies to modernize their manufacturing facilities, and early adoption of technologies such IoT, machine learning, and factory automation among others.
Artificial Intelligence in Manufacturing Market Players
Some of the top artificial intelligence in manufacturing companies offered in the professional report includes Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company, Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation, Rockwell Automation, SAP SE, and Siemens AG.
The market size of global artificial intelligence in manufacturing market in 2021 was USD 2,963 Million.
The projected CAGR of artificial intelligence in manufacturing market during the analysis period of 2022 to 2030 is 44.3%.
The prominent players of the global artificial intelligence in manufacturing market involve Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company, Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation, Rockwell Automation, SAP SE, and Siemens AG.
Asia-Pacific held the dominating share for artificial intelligence in manufacturing during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for artificial intelligence in manufacturing during the analysis period of 2022 to 2030.
Growing adoption of IoT & big data, surging need for enhanced productivity and automation, and rising volumes of complex datasets drives the growth of global artificial intelligence in manufacturing market.
Based on offering, hardware sub-segment held the maximum share for artificial intelligence in manufacturing market in 2021.