AI in Manufacturing Market Size, Industry Share and Growth Rate 2027

Author : SamarthJ
Publish Date : 2020-11-17 05:31:20


AI in Manufacturing Market Size, Industry Share and Growth Rate 2027

The global artificial intelligence (AI) in manufacturing market size is expected to rise owing to increasing demand for collaborative robots and growing semiconductor industry. According to Fortune Business Insights, its latest report, titled “Artificial Intelligence (AI) in Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Context Awareness), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection, Logistics and Inventory Management, Quality Management, and Others), By Industry (Automotive, Medical Devices, Semiconductor &Electronics, Energy & Power, Heavy Metal & Machine Manufacturing, and Others), and Regional Forecast, 2020-2027.”, observes that the market will hit USD 9.89 Billion by 2027, while exhibiting a promising 24.2% CAGR between 2020 and 2027. This market is expected to witness substantial growth owing to the COVID-19 impact and hence the 2020-2027 CAGR is high/very high, as a large section of industry would look to adopt AI in order to automate the operation with less human intervention.

Artificial intelligence (AI) is believed to be a game-changing modern technology for the manufacturing industry. Adoption of AI in manufacturing provides multi-faceted benefits such as accurate and rapid data-driven decisions, minimizing of operational costs, optimizing several processes, and improving the overall experience of customer-satisfaction. In addition to this, AI can be easily embedded to the existing products and services offered by the companies to render them reliable, effective, and safe. For instance, in the automotive industry, AI-based technology such as computer vision is used to accurately detect obstructions to prevent road fatalities, while promoting safe driving.

List of the Companies Proliferating in the Market:

•                    Microsoft Corporation (United States)

•                    Google LLC (United States)

•                    IBM Corporation (United States)

•                    Amazon.com Inc. (United States)

•                    NVIDIA Corporation (United States)

•                    Siemens AG (Germany)

•                    GENERAL ELECTRIC (United States)

•                    SAP SE (Germany)

•                    Rockwell Automation, Inc. (United States)

•                    Mitsubishi Electric Corporation (Japan)

Regional Analysis:

Increasing Investment for AI-based Platform in Asia-Pacific to Drive the Market

Among the regions, the market in Asia-Pacific that hit USD O.68 Billion in 2019 is expected to hold the highest global AI in manufacturing market revenue during the projected horizon. This is ascribable to factors such as increasing investment for AI-based platforms in countries such as India, China, and Japan in the region.

The market in Europe is expected to be the second-most leading region in the forthcoming years. Countries such as the UK investing a huge sum of about USD 1.3 Billion in developing AI technology will drive the market growth in the region. North America, on the other hand, will witness significant growth owing to increasing investment in R&D activities and growing number of startups for AI technology between 2020 and 2027.

Competitive Landscape:

Rockwell Automation Introducing New AI Module to Augur Growth

In April 2019, Rockwell Automation, Inc. announced its launch of a new AI module, FactoryTalk Analytics LogixAI to enhance industrial production. The new AI module efficiently predicts analysis for precise decision making without interference from the data scientists. In addition to this, the module detects data anomalies, while alerting the workers to attain precise results. Major focus of the companies to provide AI-based solutions to strengthen market position will bode well for the growth of the market in the forthcoming years. Furthermore, amid the global pandemic, COVID-19, adoption of AI technology by the manufacturers will contribute to the market growth during the projected horizon.



Category : business

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