Global Artificial Intelligence in Manufacturing Market is estimated to value over USD 18 billion by 2026 end and register a CAGR of over 47% during the forecast period 2019 to 2026.
An increase in the venture capital investments and huge availability of big data are primary reasons for augmentation of the market. Additionally, automation and an evolving industrial IoT are bolstering the market growth further. Moreover, declining hardware costs and improving computing power will also augment the market growth.
Nevertheless, lack of awareness among SMEs and manufacturers hesitating to adopt AI-based technologies are major factors that could impede the market growth. Furthermore, in upcoming years, several human jobs are anticipated to be replaced by AI-based systems worldwide. According to a survey conducted by the Oxford Martin School, around 47% of the total employment of the U.S is at risk due to the influence of advanced AI technologies. As AI poses a great threat to humanity, it will significantly restrain the market growth.
Hardware Segment to Dominate the Market During the Forecast Period
The key factor augmenting the market growth is the rising need for hardware platforms of high computational power running AI software. Besides, the prominent presence of key market players who majorly contribute to the AI sector are located in North America thus making the region a major market for AI hardware.
Machine Learning and Computer Vision Segment to Witness Significant Market Growth
Machine learning (ML) has the ability to maintain and collect big data and their applications in a variety of manufacturing sectors like machine inspection and predictive analytics, cybersecurity and quality control- this is an integral factor responsible for the proliferation of the market. Additionally, the increasing adoption of computer vision in applications like quality control, material movement and industrial robots is bolstering the market growth. Computer vision is capable of analysing information of different geometric shapes, patterns and volumes. It also provides visual feedback to the user which can be used for further deduction. The elementary objective of computer vision technology is to elucidate the picture that is obtained through a high-resolution camera.
Automobile Industry to Account for the Highest Market Share
The automobile industry is projected to hold the largest market share of the market during the forecast period. Substantial use of AI technologies like computer vision and machine learning in machine inspection, usage of big data and installation of industrial IoT are the factors responsible for the proliferation of the market. Additionally, in order to improve the quality of vehicle production and reduce costs, automobile manufacturers have started utilizing machine learning and computer vision technology.
Asia Pacific Region Projected to Exhibit Noteworthy Market Growth
The Asia Pacific region, Japan, China and South Korea in particular, is the largest market for industrial robots. These robots generate a huge volume of data which can be used with the deep learning algorithm for training the robots. This acts as a primary driving factor for the global AI in the manufacturing market in the Asia Pacific region.
Key Market Players:
• Cisco Systems Inc.
• General Electric Co.
• IBM Corp.
• Intel Corp.
• Microsoft Corp.
• Mitsubishi Electric Corp.
• NVIDIA Corp.
• Oracle Corp.
• Siemens AG
GE announced Brilliant Manufacturing Suite which allows customers to visualize their own version of a brilliant factory. Moreover, with the use of big data and automation in the manufacturing industry, customers receive answers on an immediate basis and most importantly there is a reduction of risks taken during manufacturing processes thus enhancing the experience of customers.
Oracle launched new AI-based apps for manufacturing, supply chain and other professionals in October 2017.
FutureWise Key Takeaways:
• Implementing AI in the supply chains of manufacturing companies can prove efficient as it is capable of estimating demand patterns for products, understanding socio-economic segments and analysing geographical markets. These factors shall assist in the augmentation of the market
• However, the risk of AI taking away jobs from humans will be an integral factor hampering the market growth substantially
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Global Artificial Intelligence in Manufacturing Market Segmentation:
• By Offering
• By Technology
o Machine Learning
o Computer Vision
o Natural Language Processing (NLP)
o Context-aware Computing
• By Application
o Material Movement
o Predictive Maintenance and Machinery Inspection
o Production Planning
o Field Services
o Quality Control and Reclamation
• By Industry
o Semiconductors and Electronics
o Food & Beverages
o Energy and Power
• By Region
o Asia Pacific
o North America
o Latin America
o Rest of the World
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• Tier 1 players- established companies in the market with a major market share
• Tier 2 players
• Emerging players which are growing rapidly
• New Entrants
Objectives of the Study:
• To provide with an exhaustive analysis on the artificial intelligence in manufacturing market by offering, by technology, by application, by industry and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and rest of the world
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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