+1-888-308-5802     
News Contact Us

Energy & power sector of Artificial Intelligence (AI) in Manufacturing Market to grow at a CAGR of over 41.2% by 2025

Author : Ronak Bora | Published Date : 2019-03-15 

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 the 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.

Request for a sample of this research report @

https://www.gminsights.com/request-sample/detail/3124

AI in the manufacturing market is anticipated to surpass USD 16 billion by 2025. The rising venture capital investment is propelling the growth of AI in the manufacturing market. In 2016, the global investment in the AI landscape is expected to be over USD 12 billion. The value of the deals has also increased exponentially with over 60% of the investments led by digital natives and technology players. The surge in the availability of digital data is also promoting the use of AI-enabled systems in the manufacturing sector. The is anticipated that by 2020, over 1.7 megabytes of new data will be generated every second. This is encouraging the companies to use AI technologies and advanced data analytics solutions among the manufacturers.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

  • Advanced Micro Devices, Inc.
  • Amazon Web Services, Inc.
  • Canvas Analytics
  • Fallonry
  • General Vision
  • Google LLC
  • Graphcore
  • IBM Corporation
  • Intel Corporation
  • Landing AI
  • Micriosoft Corporation
  • Nvidia Corporation
  • Oracle Corporation
  • Progress Software Coroporation
  • Qualcomm Incorporated
  • SAP SE
  • Sight Machine
  • Ubtech Robotics
  • Vicarious

The rapid proliferation of industry 4.0 technologies is promoting the growth of AI in the manufacturing market. The increasing need among manufacturers to reduce their operational costs and enhance productivity is the key factor leading to the adoption of industry 4.0. The advanced technologies enhance productivity and reduce the time to market the products. This has enabled the manufacturers to anticipate customer demand and align their operations with customer requirements in real-time. These solutions enable cost-effective and reliable operations without incurring any intensive capital investments.

Make an inquiry for purchasing this report @

https://www.gminsights.com/inquiry-before-buying/3124

The hardware market holds over 57% stake in AI in the 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 the 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.

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.

Browse Full Report: https://www.gminsights.com/industry-analysis/artificial-intelligence-ai-in-manufacturing-market

AI in the manufacturing market is dominated by large players such as Nvidia and Intel. These companies are investing heavily in the development of high-performance enterprise solutions. The start-ups operating in the market are conducting fundraising activities to scale their operations across the foreign markets. For instance, in August 2018, Canvass Analytics raised over USD 5 million from Gradient Ventures to pursue aggressive sales strategies to expand its market in Europe, Asia, and North American regions.

The key vendors in the 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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org 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. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

Related News

Wireline Logging Services Market to register an excellent growth up to 2022, North America to capture a major portion of the global industry

Published Date: 2019-03-25         Author: Ronak Bora

North America held the highest wireline logging services market share in 2014 and is expected to lead over the forecast period. This can be credited to increasing number of wells both in onshore and offshore areas and growing shale activities across the region. Latin America wireline logging ser... Read More

Automated Fare Collection System Market will be driven by growing preference for integrated ticketing and electronic payments

Published Date: 2019-03-25         Author: Ronak Bora

Automated Fare Collection System Market trends will be stimulated by growing adoption of electronic payments and integrated ticketing system across. Transportation infrastructure will drive AFC system industry extensively, as it is used for maintaining customers log, estimating best fare calculation... Read More

Consumer service segment of Intelligent Virtual Assistant (IVA) Market to grow 37%+ gains to 2024

Published Date: 2019-03-22         Author: Ronak Bora

Speech recognition technology is witnessing high growth in the Intelligent Virtual Assistant (IVA) Market due to the rise in adoption of these techniques in modern industrial solutions. The automobile and smartphone industry are the major application areas of the technology. The future connected car... Read More

© 2019 Fractovia. All Rights Reserved