Global Artificial Intelligence (AI) in Manufacturing Market Future Growth Dynamics 2022 – GlobeNewswire

WASHINGTON, March 22, 2022 (GLOBE NEWSWIRE) — According to a new market research report “AI in Manufacturing Market Size, Share & Trends Analysis Report by Offering (Hardware, Software, Services), by Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), by Application (Predictive Maintenance and Machinery Inspection, Material Movement, Production Planning, Field Services), by Industry (Automobile, Energy and Power, Pharmaceuticals, Heavy Metals and Machine Manufacturing), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”, published by Vantage Market Research, the global post COVID-19 market size of the AI in Manufacturing Market is expected to grow from USD 1,482.50 Million in 2021 to USD 17,925.50 Million by 2028 at a CAGR of 51.50% during the forecast period.

Synopsis:

Artificial Intelligence is the branch of computer science that deals with making smart machines that requires human intelligence. Artificial Intelligence is believe to be the gamechanger in the industry of manufacturing. The rising adoption of Industrial 4.0 is likely to drive the growth of the market in the upcoming years. In manufacturing plants, the information obtained from various sensors, software’s, IOT driven system may become complex for human to analyse, in such situation use of Artificial Intelligence is the most efficient solution. In addition to Artificial Intelligence, with the help of Machine learning and pattern recognition, the manufacturing sector can transform completely. The use of AI in Manufacturing Market plant allow the user to analyse and predict consumer behaviour, predict preventive maintenance to prevent unwanted shutdown, detect abnormalities in production process and much more. AI also facilitates the use of real time information which could improves the decision making time boosting the growth of organization. Moreover, increasing volume of data gathered through various devices, coupled with the widespread availability of high-speed broadband networks and the upcoming implementation of 5G technologies will further contribute to the global AI in Manufacturing Market in the coming years. Whereas, the lack of skilled expertise and infrastructure and high operation along with lack of awareness are some of the factor that are about to hamper the growth of AI in Manufacturing Market.

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Key Insights & Findings from the Report:

• According to our primary respondents’ research, the AI in Manufacturing market is predicted to grow at a CAGR of roughly 51.50% during the forecast period.
• The AI in Manufacturing market was estimated to be worth roughly USD 1,482.50 Million in 2021 and is expected to reach USD 17,925.50 Million by 2028; based on primary research.
• On the basis of region, Asia-Pacific is projected to dominate the worldwide AI in Manufacturing market.

List of Prominent Players in the Global AI in Manufacturing Market:

• NVIDIA Corporation (US)
• IBM Corporation (US)
• Alphabet Inc. (Google) (US)
• Microsoft Corporation (US)
• Intel Corporation (US)
• Siemens AG (Germany)
• General Electric Company (US)
• General Vision Inc. (US)
• Progress Software Corporation (US)
• Micron Technology Inc. (US)
• Mitsubishi Electric Corporation (Japan)
• Sight Machine (US)
• Cisco Systems Inc. (US)
• SAP SE (Germany)
• Rockwell Automation Inc. (US)
• AI Brain Inc. (US)
• Vicarious Inc. (US)
• Oracle Corporation (US)
• Amazon Web Services (US)
• Spark Cognition Inc. (US)
• Rethink Robotics (Germany)
• UBTECH Robotics Corp. (China)
• Aquant Inc. (Israel)
• Bright Machines (US)
• Flutura Decision Sciences & Analytics (India)

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Market Dynamics:

Driver- Increase in adoption in AI technology for production optimization

Industries like automobiles, chemical, electronics, food among others are witnessing the need for production optimization due to competitive environment. Artificial intelligence and Machine Learning the two powerful tools to minimize the consumption of resources in every industrial process and maximize the output by optimizing the power consumption. AI and ML are build a statistical model using available data from various sensors, material used in manufacturing and various software’s. Based on this data it predicts the accurate parameter for final product resulting in saving extra material and additional resources in the production process. This enables the business to make the production cost effective.

Driver-Implementation of Industrial 4.0

The influence of industrial 4.0 on the manufacturing sector is tremendous. With 4.0 the industries are getting smarter by adoption of smart sensors, interconnected systems, and others. But due to this a large amount of data is exchanged among the machines. To handle such large amount of data, Artificial intelligence is the best choice as it facilitates intelligent manufacturing. Intelligent manufacturing uses AI based data driven model that that takes manufacturing decision, prediction and real time optimization in manufacturing process. Hence, driving the growth of the AI in Manufacturing Market.

Challenges:

The implementation of AI requires skilled labour who can handle the entire process right from start to end. The concerned person should have in depth knowledge about AI, its behaviour, implementation and limitation. Thus lack of skill and knowledge whether AI can handle the entire process or not is what hampering the growth of AI.

A potential barrier to adoption of AI technology is the manufacturer lack of trust in its capabilities. People without relevant education background often struggle to understand the working model of technology and do not have full confidence in its working.

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Regional Trends:

Asia Pacific is estimated to be the largest shareholder for the Global AI in Manufacturing Market due to the presence of large number of manufacturing companies in China, India, Japan and South Korea and their rising focus on digitalization and technological advancement. Also the government of India, China, Japan and Singapore are investing in technologies like AI and boosting its use in manufacturing sector and for industries 4.0. China’s implementation of AI is very high. The initiative of Indian government like Make in India is motivating the manufacturing sector and startup’s to use advanced technology like AI. The government of Singapore is inviting private firm’s investment to test AI functionality for the country.

Europe is estimated to be the next biggest shareholder after India, because of countries like UK which are making a huge investment in R&D of advanced technologies like AI. Also, the latest guidelines of government of Italy for the public about the National Strategy in Artificial Intelligence is likely to boost the use of AI in the region. North America, on the other hand, will witness significant growth owing to increasing investment in R&D activities and a growing number of startup’s for AI technology.

Recent Development:

• February 2022, IBM Corporation announced the launch of the IBM Sustainability Accelerator, a global pro bono social impact program that applies IBM technologies, such artificial intelligence, and an ecosystem of experts to enhance and scale non-profit and government organization operations, focused on populations vulnerable to environmental threats including climate change, extreme weather, and pollution.
• March 2020. Siemens collaborated with NEC to provide manufacturing industries solutions and AI monitoring to accelerate digitalization
• July 2019. Microsoft partnered and invested $1billion in company named Open AI. Open AI enhance Azure platform and build next gen application. Azure will thus be working on running AI technologies.

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The report on the Global AI in Manufacturing Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles
• Global and Regional Dynamics

Key questions answered in the report:

• Which regional market will show the highest and rapid growth?
• Which are the top five players of the AI in Manufacturing Market?
• How will the AI in Manufacturing Market change in the upcoming six years?
• Which application and product will take a lion’s share of the AI in Manufacturing Market?     
• What is the AI in Manufacturing market drivers and restrictions?
• What will be the CAGR and size of the AI in Manufacturing Market throughout the forecast period?       

This market titled “Global AI in Manufacturing Market” will cover exclusive information in terms of Geographic Segmentation, Forecast, Regional Analysis, Key Market Trends, and various others as mentioned below:

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Source: https://www.globenewswire.com/news-release/2022/03/22/2407277/0/en/Global-Artificial-Intelligence-AI-in-Manufacturing-Market-Future-Growth-Dynamics-2022-CAGR-of-51-50-Forecast-During-2022-2028-with-Market-Set-to-Reach-US-17-925-50-Million-by-2028-.html