Acumen Research and Consulting recently published a report titled “Artificial Intelligence in Manufacturing Market Size, Share, Analysis Report and Regional Forecast, 2022-2030”
BEIJING, July 11. 2022 (GLOBE NEWSWIRE) — The Global Artificial Intelligence in the Manufacturing Market the size accounted for USD 2,963 million in 2021 and is expected to reach USD 78,744 million by 2030.
The growing volume of complex data sets is the major factor driving the global artificial intelligence in manufacturing market revenue. Our global analysis of artificial intelligence in manufacturing suggests that manufacturers need artificial intelligence (AI) in their facilities due to the growing need for improved productivity and automation.
AI is used by manufacturers to improve day-to-day operations, introduce new products, customize designs, and forecast future finances. According to an MIT survey, around 60% of industry players are already using artificial intelligence. Similarly, according to a recent Forbes AI survey, 44% of automotive manufacturing respondents rated AI as “extremely important” to production over the next five years, and 49% said it was “absolutely essential to success”. Despite this, more than half of automotive respondents (56%) said they plan to increase AI spending by less than 10%.
According to Accenture and Frontier Economics, AI-based technologies could increase labor productivity by up to 40% in 16 industries, including manufacturing, by 2035. In the same publication, the authors claim that intelligence (AI) could boost the GVA of the manufacturing sector. by almost 45% by 2035, especially compared to the status quo.
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|Market||Artificial Intelligence in the Manufacturing Market|
|Market size 2021||$2,963 million|
|Market Forecast 2030||$78,744 million|
|CAGR from 2022 to 2030||44.3%|
|Analysis period||2018 – 2030|
|Year of reference||2021|
|Forecast data||2022 – 2030|
|Segments Covered||By offer, by technology, by application, by vertical sector, And by geography|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company,
Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation,
Rockwell Automation, SAP SE and Siemens AG.
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
|Scope of customization||10 a.m. free customization and expert advice|
Impact of the COVID-19 Pandemic on the Global Artificial Intelligence in Manufacturing Market
The manufacturing industry has been hit hard by the global shutdown. As a result, the use of artificial intelligence in industry has been hampered to some extent. According to a survey by the National Association of Manufacturers (US) in February and March 2020, over 78% of respondents said the COVID-19 pandemic had an adverse effect on their industry.
Conversely, the benefits of artificial intelligence have been used as a crisis management solution by various manufacturing companies. Through AI, countries have succeeded in categorizing different patterns from big data, approving people’s health systems, and regulating the spread of diseases to some extent. A number of apps have also been developed to help stabilize the system as a whole.
AI in the dynamics of the manufacturing market
The growing adoption of IoT, Big Data, and factory automation is one of the major trends for artificial intelligence in the manufacturing market. Additionally, the advent of Industry 4.0 is another trend that is boosting AI in the growth of the manufacturing market. Our analysis of artificial intelligence in the manufacturing market predicts that increasing venture capital investments in AI and changing consumer behavior and demand have increased the need for AI in manufacturing industries. However, lack of skilled professionals, lack of technological awareness and integration in emerging economies, and threat to human dignity are some of the aspects that are dragging down the growth of the industry. Also, increased focus on improving operational efficiency, adopting automation technologies to mitigate the effects of COVID-19, and applying AI for smart business processes are some aspects that are likely to generate a lot of growth opportunities for the market over the forecast period. .
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Global Artificial Intelligence in Manufacturing Market Segmentation
The global artificial intelligence in manufacturing market has been segmented into supply, technology, application, industry vertical, and region. On the basis of supply, the market is classified into hardware, software and services. Among them, the hardware segment is expected to dominate the market with maximum share. Machine learning (ML), natural language processing (NLP), context-aware computing, and computer vision are the categories of the technology segment. Machine learning is one of the major sub-segments among technologies. The application segment can be divided into cyber security, field services, production planning, quality control, predictive maintenance and machine inspection, inventory optimization, etc. Production planning and quality control will occupy considerable artificial intelligence in the manufacturing market share during the forecast period. Further, the vertical segment of the industry is sub-segmented into Automotive, Pharmaceuticals, Food & Beverages, Semiconductors & Electronics, Energy & Power, and Others (Aerospace, Mining & Textiles). Based on our analysis, the automotive segment has generated significant revenue in 2021, while the semiconductor and electronics segment has achieved a robust growth rate in the coming years.
Artificial Intelligence in Manufacturing Market Regional Overview
The regional outlook of the global artificial intelligence in manufacturing market is given in North America, Europe, Latin America, Asia-Pacific, Middle East & Africa. Asia-Pacific accounted for the top market share in 2021. Moreover, Europe is also considered as one of the leading regions in the AI manufacturing sector. According to a Capgemini study, artificial intelligence is used by 51% of European manufacturers, in particular compared to 30% in Japan and 28% in the United States. According to Capgemini, the two most common use cases for AI in manufacturing are maintenance and quality assurance. .
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AI in manufacturing market players
Some artificial intelligence in manufacturing companies covered globally include Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company, Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation, Rockwell Automation, SAP SE and Siemens AG.
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Mr. Richard Johnson
Acumen Research and Consulting