European AI in Manufacturing Market Size, Share & Forecast To 2025
Posted by Rishabh on January 30th, 2020
European AI in manufacturing market is estimated to grow significantly at a CAGR of 32.6% during the forecast period. Europe has a huge potential for the growth of AI in manufacturing owing to the significant investment made in the industry. The presence of major market players, well-developed automotive, industrial equipment, and pharmaceutical industries, fast adoption of new technology, and significant adoption of industrial robots are some of the major factors that contribute to the growth of the market in the region. Germany is expected to be the fastest-growing market in the region.
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One of the major motivating factors that push the European region upward is the presence of supportive government initiatives. Europe is a fully developed region in terms of technological advancement. In April 2018, the European Commission planned to invest .5 billion to develop the first-ever Digital Europe program. Digital Europe program will significantly raise the competitive position of the European Union in the international market. Within the program, Europe commission will invest to develop and reinforce the capabilities such as high-performance, computing, AI, cybersecurity, and advanced digital skills.
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The market is segmented on the basis of application and end-user. Based on application, the market is segmented into quality control & reclamation, predictive maintenance, supply network optimization, and others including production planning. Predictive maintenance had the highest share of over 35% in the market owing to the increasing demand for accuracy and reliability during the manufacturing process. Based on end-user, the market is segmented into automobile, pharmaceutical, heavy metal & machine manufacturing and others. The automobile segment held the highest market share in 2018.
The pharmaceutical segment is expected to have significant growth in Europe. Various pharmaceutical companies including Novartis International AG, AstraZeneca PLC, Evotec AG, and Janssen Pharmaceutical NV are using AI during drug discovery.
European AI in Manufacturing Market by Application
European AI in Manufacturing Market by End-User
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About the AuthorRishabh
Joined: June 18th, 2019
Articles Posted: 354
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