Artificial Intelligence in Manufacturing Industry: Size to Observe Steady Growth

Posted by Akash Sangshetti on March 4th, 2020

Market Overview

The global artificial intelligence in manufacturing Industry is expected to exhibit a strong CAGR of more than 45% over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global artificial intelligence in manufacturing market is expected to   be driven by the growing demand for machine learning, computer vision, and other AI applications in the manufacturing sector over the forecast period. The report forecasts the global artificial intelligence in manufacturing Industry to reach a valuation of USD 4.9 billion by 2023. This projection is based upon a detailed analysis of the market’s historical growth trajectory, taking into consideration the impact various key drivers and restraints have had on the market’s growth in the recent past.

The Artificial Intelligence In Manufacturing Industry is mainly driven by the growing use of AI for quality checking and quality enhancement purposes in the manufacturing line. The use of Quality 4.0 principles in the manufacturing sector has led to a growing demand for AI-based quality checking algorithms. Artificial intelligence provides a solid base for quality check programs, as the minutest deviations from the expected norm can be recorded with tools such as machine vision. The use of artificial intelligence also allows a customized configuration of parameters on which to judge the finished products, allowing the manufacturer to keep an eye on various product parameters and ensure high quality standards.

The increasing demand for smooth integration of robotic equipment into the traditionally human-dominated manufacturing sector has also been a major driver for the global artificial intelligence in manufacturing industry. The growing demand for smooth human-machine interfaces in robotic tools and equipment is likely to be a key driver for the artificial intelligence in manufacturing market over the forecast period.

Market Segmentation

The global artificial intelligence in manufacturing market is segmented on the basis of component, technology, end use, and region.

By component, the global artificial intelligence in manufacturing market is segmented into hardware and software. The software segment holds the largest share in the global artificial intelligence in manufacturing market and is likely to dominate the market in the coming years. However, the hardware segment is expected to exhibit growth at a higher CAGR over the forecast period.

By technology, the global artificial intelligence in manufacturing market is segmented into deep learning, computer vision, context awareness, natural language processing, and others.

By end use, the market is segmented into healthcare, automotive, electronics, energy and power, manufacturing, food and beverage, semiconductor, and others.

Regional Analysis

North America is the leading regional market for artificial intelligence in manufacturing, followed by Europe. The North American market for artificial intelligence in manufacturing has been driven by the growing adoption of AI and machine learning tools in the region’s highly developed economies, such as the U.S. and Canada. Rising technological development in the region in the field of natural language processing, machine learning, and computer vision is likely to drive the artificial intelligence in manufacturing market in the region over the forecast period. The strong presence of major investors in the artificial intelligence in manufacturing industry in North America is also likely to be a major driver for the market in the region over the forecast period.

Asia Pacific is likely to exhibit rapid growth in the artificial intelligence in manufacturing market over the forecast period due to the growing demand for industrial robotics in developing economies such as China and India.

TABLE OF CONTENTS

1 Executive Summary

2 Scope Of The Report

2.1 Market Definition

2.2 Scope Of The Study

2.3 Research Objectives

2.4 Markets Structure

3 Research Methodology

4 Market Dynamics

4.1 Market Drivers

4.1.1 Developing Market Of Industry 4.0 And Smart Factories

4.1.2 Increasing Adoption Of Automation By SMEs As Well As Large Enterprises

4.1.3 Development In Advanced Technologies Such As Artificial Intelligence, Machine Learning & Deep Learning

Continued…

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