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AI in Manufacturing Market: Historical Growth, Analysis, Opportunities and Forecast To 2025

Author : Ronak Bora | Published Date : 2020-08-24 

The hardware market holds over 57% stake in AI in manufacturing market. The growth is attributed to the rising demand for AI processors across various industry verticals. The GPUs are dominating the AI processors market with over 45% share in the market. The increasing need for high processing capabilities and enhanced visual content is promoting GPUs use in the manufacturing industry. The AI platforms market is predicted to grow exponentially over the projected time period. The rising need for personalized solutions is encouraging manufacturers to incorporate AI technologies into their manufacturing facilities. The AI platforms offer pre-built algorithms with unsophisticated workflows along with features that easily allow the necessary data to connect to end solutions.

The machine learning market accounted for over 47% of the revenue in AI in manufacturing market in 2018. The technology is used to warrant quality management at every stage of the manufacturing process. It anticipates product quality at early stages of the production with a high level of precision. The computer vision market is expected to grow at a CAGR of 45% over the forecast timespan. The rise in automation and extensive adoption of IoT systems are encouraging its use in the manufacturing industry.

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The material movement market is predicted to grow at a CAGR of over 43% during the projected timeframe. As the skilled labor force is becoming increasingly problematic to retain and recruit, the enterprises are shifting toward AI-enabled machine movement solutions to manage labor issues to ensure efficiency and profitability. The predictive maintenance and machine inspection segment in AI in the manufacturing landscape is expected to grow at a CAGR of over 44% during the forecast timeline. There has been an increasing pressure on manufacturing facilities to increase productivity, which has made maintenance a prime factor to enhance cost-savings and efficiency. The cost of machine downtime is anticipated to be over USD 647 billion annually. The technology eradicates the need to periodically shut down machinery to conduct preventive measures.

The energy & power sector is predicted to grow at a CAGR of over 41.2% during the projected time period. The companies are investing in AI technology due to its ability to adapt to changing environments. This allows the power-generation organizations to create accurate predictions regarding energy demand, reducing their reliance on backup mechanisms. The heavy metal & machinery industry is expected to register a growth rate of over 43% during the forecast timeframe. The companies present in the heavy metal machinery sector are using the technology to optimize the raw material consumption and improve melt costs to ensure significant cost savings.

Machine learning, for instance, has the potential to assist floor managers in devising most cost-effective and efficient production, maintenance and quality control plans, underlining the importance of the AI in manufacturing market. It is widely known that robots have been deployed in almost every manufacturing industry to replace humans in hazardous and more time consuming operations. Using AI to help control these robots and report their progress would help save companies enormous amounts of time and money, realized by reduction in errors and idle time. The ability of AI-enabled robots to be suited for 24-hr production schedule will help improve the competitiveness of businesses and meet rising customer demand for key automobile, appliance and aircraft components.

As evident, the AI in manufacturing market can prove crucial in refining production and associated operations across numerous business verticals. Regions comprising of mostly developed economies, such as North America and Europe, represent key proponents of AI, with vast investment pools into R&D as well as high labor costs which calls for a more automated production system. Europe in particular has some of the most automated industries in the world. According to the International Federation of Robotics (IFR), Germany is ranked third in the world in terms of automation, with 309 robot units deployed for every 10,000 employees. Sweden and Demark boast of a high degree of automation as well, with 223 and 211 units of industrial robots installed in the manufacturing segment per 10,000 workers.

In addition to these nations, other EU members have also adopted robots eagerly to take advantage of the long-term financial benefits they deliver, presenting tremendous growth opportunities for the AI in manufacturing market. Europe has witnessed the rise of many producers of hardware components that are compatible with AI technology, besides the augment of software providers and start-ups aiming to offer unique AI experiences. Reports indicate that the region has a constantly growing AI community, where U.K. supposedly has the largest AI ecosystem in the region with Germany, Spain and France close behind. Presence of world leading automakers, electronics product manufacturers, FMCG businesses and consumer goods producers in Europe provides key development and funding opportunities for emerging AI technology firms.

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Asia Pacific is leading in AI in the manufacturing landscape with over 43% market share in 2018. The market growth is attributed to the presence of highly advanced manufacturing facilities in countries including China, Japan, and South Korea. The widespread adoption of industry 4.0 technologies is also promoting the use of AI solutions. Europe's AI in manufacturing market is anticipated to grow at a CAGR of over 44% during the forecast timeframe. High investment by the prominent automakers in the region to incorporate advanced production technologies is adding to the growth of the market.

The key vendors in the AI in the manufacturing market are: Advanced Micro Devices, Canvas Analytics, General Vision, Graphcore, IBM, Landing AI, SAP, Sight Machine, UBTECH Robotics, Oracle, Progress Software, Qualcomm, Microsoft, Nvidia, Intel, Google, Falkonry, AWS, and Vicarious.

Table of Contents (ToC) of the report:

Chapter 6. AI in Manufacturing Market, By Technology

6.1. Key trends, by technology

6.2. Machine learning

6.2.1. Market estimates and forecast, 2016 -- 2025

6.3. Computer vision

6.3.1. Market estimates and forecast, 2016 -- 2025

6.4. Context awareness

6.4.1. Market estimates and forecast, 2016 -- 2025

6.5. Natural Language Processing (NLP)

6.5.1. Market estimates and forecast, 2016 -- 2025

Chapter 7. AI in Manufacturing Market, By Application

7.1. Key trends, by application

7.2. Quality management

7.2.1. Market estimates and forecast, 2016 -- 2025

7.3. Predictive maintenance and machinery inspection

7.3.1. Market estimates and forecast, 2016 -- 2025

7.4. Material movement

7.4.1. Market estimates and forecast, 2016 -- 2025

7.5. Production planning

7.5.1. Market estimates and forecast, 2016 – 2025

7.6. Cybersecurity

7.6.1. Market estimates and forecast, 2016 – 2025

7.7. Field services

7.7.1. Market estimates and forecast, 2016 – 2025

Chapter 8. AI in Manufacturing Market, By End-Use

8.1. Key trends, by end-use

8.2. Semiconductor & electronics

8.2.1. Market estimates and forecast, 2016 -- 2025

8.3. Energy & power

8.3.1. Market estimates and forecast, 2016 -- 2025

8.4. Pharmaceuticals & chemical

8.4.1. Market estimates and forecast, 2016 -- 2025

8.5. Automobile

8.5.1. Market estimates and forecast, 2016 – 2025

8.6. Heavy metals & machine manufacturing

8.6.1. Market estimates and forecast, 2016 – 2025

8.7. Food & beverages

8.7.1. Market estimates and forecast, 2016 – 2025

8.8. Others

8.8.1. Market estimates and forecast, 2016 – 2025

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/artificial-intelligence-ai-in-manufacturing-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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