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Global Artificial Intelligence in Manufacturing Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report - Segmented By Offering (Hardware, Software, and Services), Technology (Computer Vision, Machine Learning, Natural Language Processing), Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection), Industry (Automotive, Medical Devices, Semiconductor &Electronics) and Region (North America, Europe, APAC, Latin America, Middle East and Africa) – Industry Analysis from 2023 to 2028

Published: March, 2023
ID: 12897
Pages: 175
Formats: report pdf report excel report power bi report ppt

Global Artificial Intelligence in Manufacturing Market Size (2023 to 2028)

The global artificial intelligence in the manufacturing market is expected to be worth 1.5 billion USD in 2023. It is expected to grow at a CAGR of 55.32% during the forecast period and reach a value of 21.06 billion USD by 2028.

Rising demand from industrial industries such as automotive, semiconductors, and medical devices, among others, will help propel the market forward. Artificial intelligence (AI) aids in the production process and provides the best possible outcomes to the company. Furthermore, as businesses increasingly implement Industry 4.0, the demand for AI to optimize manufacturing is growing. Airbus, for example, has used Industry 4.0 for the development of new aircraft products. The corporation used artificial intelligence technologies to evaluate and validate that the new aircraft does not require any more costs.

Robots have been strengthened by current breakthroughs in AI to operate activities more smoothly in dynamically changing workplaces like manufacturing. Robots have become more compatible, safer, and cost-effective as a result of robotics advancements. Robots employ computer vision technologies to inspect large numbers of faults quickly and avoid risks using predictive intelligence. Robots with AI are utilized in businesses for repetitive and risky activities, making human equivalents safer and more efficient. The manufacturing business is characterized by continual improvement, which means that current work processes may be improved by incorporating sophisticated technologies such as artificial intelligence (AI), the Internet of Things (IoT), and machine learning, among others. Robots can make a significant contribution to its implementation by sensing changes in the floor's state and, as a result, monitoring and optimizing its subsequent activities. Robots may also evaluate testing equipment, identify failure conditions, read the results, and adjust their judgments appropriately. Because of the growing desire for personalization, this is expected to attract the attention of many manufacturers.

MARKET DRIVERS:

Increasing Production and Process Optimization Adoption to Increase AI Demand in Manufacturing Industries On a wide scale, manufacturers are seeing the need for production optimization in industries including chemical, automotive, semiconductor & electronics, and others. Artificial intelligence and machine learning are effective techniques for reducing resource and energy consumption in all industrial processes. These technical models are being used by manufacturing businesses to optimize power usage and resources. Artificial intelligence (AI) and machine learning (ML) breakthroughs have opened up new possibilities for industrial efficiency. AI and machine learning help to construct a statistical model utilizing data from a variety of sources, such as sensor readings, raw materials used in production, and so on. Based on this information, the manufacturer may accurately anticipate the specifications of the final product. Furthermore, it reduces unnecessary costs by preventing excessive losses and providing the exact number of materials/additives needed to manufacture a certain product. Furthermore, this allows enterprises to make production more cost-effective.

The Market-Driving Impact of Industry 4.0 on the Manufacturing Sector Industry 4.0 has a huge impact on the manufacturing industry. With the widespread use of linked components, smart sensors, and robotic automation, among other technologies, industries are becoming smarter. Industry 4.0 is highly automated, and machine manufacturing technology interchanges a massive quantity of data. As a result, industry 4.0 necessitates cognitive and autonomous technologies to oversee the whole manufacturing process. Artificial intelligence, the Internet of Things (IoT), machine learning, smart sensors, and sophisticated automation are just a few of the technologies that will help automated industries develop and thrive in the years ahead.

MARKET RESTRAINTS:

Market growth is hampered by a lack of technical knowledge and foundational practices. The deployment of AI in the manufacturing business needs a competent staff capable of handling the full process, from product design to final product. A greater understanding of AI technologies, their implementation, suggestions for exploring all available prospects in the sector utilizing AI, as well as its limits, is required of professional workers. As a result, the effort is hampered by a lack of in-house capabilities to manage and apply AI. Furthermore, manufacturers are being held back by a lack of understanding about whether AI can fully handle the task due to a lack of application of AI's capabilities. As a result, addressing AI's characteristics and retraining experts is critical. This is preventing managers from completely adopting the technology, hampering AI's development in the industry.

Impact of COVID-19 on the global Artificial Intelligence in manufacturing market:

The continuing COVID-19 outbreak has created economic problems. It's going to wreak havoc on supply chains, forcing businesses and whole industries to rethink and adapt to the global supply chain paradigm. Many manufacturing enterprises have suspended operations, causing significant harm to the supply chain and the sector as a whole. The deployment of AI solutions is entirely reliant on the expansion of industrial units. However, industrial ecosystems have been disturbed in the current circumstances, and the growth of AI solutions in these industries would be significantly impacted as a result. Industries such as pharmaceuticals, on the other hand, are projected to see a mild impact. Manufacturing industry disruptions have been caused by a number of variables. The manufacturing sectors are being disrupted by three primary factors: supply chain disruption, production unit closures, and a drop in demand due to the lockdown in many countries.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 to 2028

Base Year

2022

Forecast Period

2023 to 2028

CAGR

55.32%

Segments Covered

By Offerings, Technology, Industry, Application& Region

Various Analyses Covered

Global, Regional, and Country Level Analysis; Segment-Level Analysis, DROC; PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities

Regions Covered

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

 

This research report on the global artificial intelligence in the manufacturing market has been segmented and sub-segmented into the following categories.

Artificial Intelligence in Manufacturing Market - By Offerings:

  • Hardware
  • Software
  • Services

Hardware is expected to have the maximum share in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. The AI programmer is executed on hardware that includes processors and logic circuits, among other things. AI requires its own processing units, which is anticipated to increase hardware demand. In addition, according to PWC, AI hardware suppliers are expanding and consolidating their market share.

The AI-powered services are expected to have rapid growth in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. The demand for AI services is projected to skyrocket. Artificial intelligence (AI) services are gaining a lot of traction due to the rapidly changing research and implementation of AI. For service delivery, AI service providers orchestrate and integrate a variety of AI and cognitive technologies and tools. This is projected to increase demand for artificial intelligence (AI) services in the manufacturing business.

Artificial Intelligence in Manufacturing Market - By Technology:

  • Computer Vision
  • Machine Learning
  • Natural Language Processing

Computer vision is expected to have rapid growth in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. For the next few years, computer vision technology is expected to expand rapidly. Artificial intelligence, along with computer vision techniques, aids in the faster completion of jobs. The robots can better comprehend and maneuver in the manufacturing environment and around humans with the use of computer vision. The use of AI-based computer vision in smart factories aids in the detection of flaws and problems in the final product. The technology improves the factory's workflow even further. Micron Technology Inc., for example, manufactures memory technology on silicon wafers.

Natural Language Processing is anticipated to possess the subsequent rise within the Global computer science in the Manufacturing Market during the Forecast Period. The factories use this intelligence to make sure processes monitor, control, and predict planning, among others. Factories are progressing in utilizing language processing, which acquires knowledge and solves problems. With the assistance of NLP, the manufacturing factory is self-aware of the small print, like the quantity of energy used, employees' daily work hours, the number of implemented tools within the factory, and their efficiency, among others.

Artificial Intelligence in Manufacturing Market - By Industry:

  • Automotive
  • Medical Devices
  • Semiconductors & Electronics

Medical Devices is expected to have the dominant share in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. Quality control, yield optimization, and predictive maintenance, among other technologies, have benefited the medical device manufacturing industry. Machine learning and computers improve engineers' jobs by allowing them to learn from their mistakes and increase accuracy. Medical device makers may use AI in a variety of ways, including verifying device quality and predicting maintenance based on produced data, among other things. When there is a problem with a medical gadget, for example, AI predictive maintenance technology is used to inspect it.

Semiconductors & Electronics is expected to see rapid growth in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. In their production businesses, the semiconductor and electronics industries are heavily utilizing AI. Manufacturers will be able to enhance operations by streamlining the production process thanks to AI technology. It will also assist in lowering production costs and speeding up the manufacturing process.

Artificial Intelligence in Manufacturing Market - By Application:

  • Material Movement
  • Predictive Maintenance & Machinery Inspection
  • Production Planning
  • Field Services
  • Quality Control & Reclamation

Predictive maintenance is expected to have the dominant share in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. With the use of machine learning, predictive maintenance is becoming more popular since it prevents untimely failure of machinery and equipment. This implies that it accurately tells manufacturers when machine maintenance is required. Manufacturers may be forced to suffer significant losses as a result of a single malfunctioning unit. As a result, preventative maintenance is gaining traction among manufacturers as a means of avoiding losses.

Artificial Intelligence in Manufacturing Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

North America is expected to have the dominant share in the Global Artificial Intelligence in Manufacturing Market during the Forecast Period. Artificial intelligence (AI) is expected to have the highest revenue share in manufacturing in the United States. In the United States, initiatives and laws such as AI.gov (2019) and the Modernizing Government Technology (MGT) Act (2017), among others, are bolstering AI's presence. For example, the American AI effort, which was established in February 2019, is primarily focused on principles to encourage and safeguard technical achievements in AI research and development, as well as to train individuals to deploy AI technology in the workplace.

Asia-Pacific is expected to see rapid growth in the Global Artificial Intelligence Manufacturing Market during the Forecast Period. China, Japan, Singapore, and India are all investing in artificial intelligence and promoting AI in the industrial business for smart factories and Industry 4.0. Because of the growing use of smart factory technologies in China, AI in the manufacturing industry is anticipated to have a bright future. Overall, China has a high level of AI implementation in industry. In India, the government's Make in India and Industry 4.0 efforts are anticipated to encourage manufacturers and start-ups to incorporate technology such as AI and IoT, among others.

Europe is expected to see steady growth in the Global Artificial Intelligence in the Manufacturing Market during the Forecast Period. Along with players like Google's Deep Mind, BAE Systems, and Cisco Systems, the nation is also investing in supporting AI education initiatives. According to a Cap Gemini analysis from 2019, European manufacturers are leading the way in AI adoption, with Germany taking the lead. The Italian government recently issued public guidelines for the National Strategy on Artificial Intelligence. In the region, there is going to be a lot of need and potential for AI.

KEY MARKET PLAYERS:

Cisco Systems, Inc., General Electric Company, International Business Management Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Nvidia Corporation, Oracle Corporation, Robert Bosch Gmbh, Siemens Ag

RECENT HAPPENINGS IN THE MARKET:

Shell's global deployment of AI predictive maintenance is a remarkable success, offering major economic, environmental, and human safety advantages.

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FAQ's

What is the market size and growth rate for Artificial Intelligence in Manufacturing?

The global artificial intelligence in the manufacturing market is expected to be worth 1.5 billion USD in 2023. It is expected to grow at a CAGR of 55.32% during the forecast period and reach a value of 21.06 billion USD by 2028.

What is Artificial Intelligence and How Does It Affect the Manufacturing Industry?

Artificial intelligence is one of the industrial industry's hottest topics. Artificial Intelligence aids in the automation of the industrial business, resulting in a high degree of precision and productivity that exceeds human capability.

What are the major reasons propelling the Artificial Intelligence in Manufacturing Market forward?

Industry adoption of IoT and atomization, growing complicated data sets, reducing hardware costs, and increased computing power are all important drivers driving Artificial Intelligence in the Manufacturing Market forward.

What are the leading companies in the Artificial Intelligence in Manufacturing Market?

Nvidia, Intel, IBM, Siemens, General Electric (GE) Company, Google, and Microsoft are just a few of the companies involved.

What market sectors does the research on Artificial Intelligence in Manufacturing cover?

The Artificial Intelligence in Manufacturing Market is divided into four categories: offerings, technology, applications, and geography.

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