AI (Artificial Intelligence) in manufacturing market Comprehensive Study by 2025Posted by Faraz on January 6th, 2020 Global AI (Artificial Intelligence) in manufacturing market is estimated to grow at a CAGR of 33.5% during the forecast period (2019-2025). The growth of the market is attributed to increasing R&D, owing to extensive funding by the governments across the globe and major market players including Google, Nvidia, and Intel. These players have been investing significantly in a wide range of innovative technologies such as robotic automation, autonomous vehicles, assistance technology, and quality control and predictive analysis. For instance, Siemen’s robotic prototype automatically reads and follows CAD (Computer-Aided Design) instructions to build the products without programming and is used in shop floor work. Get Sample Copy of AI (Artificial Intelligence) in manufacturing Market at: https://www.omrglobal.com/request-sample/ai-in-manufacturing-market Some of the players operating in the global AI in manufacturing market include IBM Corp., Intel Corp., NVIDIA Corp., Microsoft Corp., Presenso Ltd., Rockwell Automation, Inc., SAS Institute Inc., Seebo Interactive Ltd., Sight Machine, Inc., and Uptake Technologies Inc. A significant rise in partnerships for AI technology has been witnessed over the years. For instance, in May 2019, Presenso Ltd. collaborated with Siemens AG for AI and machine learning for predictive maintenance. Presenso will offer its real-time industrial analytics solution for Siemens remote diagnostic services portfolio. This developed the synergy between data knowledge and OEM (original equipment manufacturer) that provided better outcomes to Siemens’ customers. This collaboration will boost the industry as it provides solutions that are cost-efficient and can be deployed quickly. Such partnerships pave the way for new developments in AI technologies, which in turn, will offer significant opportunity for the expansion of application areas of AI technology in the manufacturing industry. AI finds significant application in predictive maintenance during the manufacturing process. The application of AI in predictive maintenance comprises the analyzing attributes of components’ along with production parameters at different timeframes, with which the system gains insights into the prediction of a critical failure in the manufacturing process. As per the US Department of Energy, the predictive maintenance is quite cost-effective in the manufacturing process, that can yield exceptional results, which includes a tenfold increase in ROI (Return on Investment), 70%-75% decrease of breakdowns, 25%-30% reduction in maintenance costs, and 35%-45% reduction in downtime. AI predictive maintenance enables manufacturers to save many resources by reducing downtime to a minimum, thus encourages the demand in manufacturing that propels the market growth. Current Market Trends Covered in the Global AI in Manufacturing Market Report Based on the application, predictive maintenance application is estimated to hold a dominating market share during the forecast period. Based on the end-user, automotive held the largest market share in the global AI in manufacturing market in 2018. North America is estimated to dominate the global AI in manufacturing industry during the forecast period. Global AI in Manufacturing Market Segmentation By Application
By End-User
Global AI in Manufacturing Market – Segment by Region North America
Europe
Rest of Europe Asia-Pacific
Rest of Asia-Pacific
Middle East and Africa About Orion Market Research OMR provide global and regional market reports of various domains such as healthcare, energy, IT, chemicals, and automobiles. OMR provide a 360-degree view of the market with parametric analysis, key market insights, key findings, statistical forecasts, competitive landscape, extensive segmentation, key trends, strategic recommendations and detailed company profiles. For More Information, Visit Orion Market Research Media Contact: Company Name: Orion Market Research Contact Person: Mr. Anurag Tiwari Email: info@omrglobal.com Contact no: +1 646-755-7667, +91 7803040404 Source: Global AI (Artificial Intelligence) in manufacturing Market Like it? Share it! More by this author |