Tokyo, Japan, May 05, 2023 (GLOBE NEWSWIRE) -- The AI in manufacturing market will touch USD 22.6 billion at a 48.20% CAGR by 2030, as per the present Market Research Future report.
Tremendous Influence of Industrial 4.0 in Manufacturing to Boost Market Growth
Industrial 4.0 has a significant impact on the manufacturing industry. By implementing intelligent sensors, linked systems, and other technologies, industries are becoming smarter thanks to Industry 4.0. Yet, as a result of this, the machines exchange a lot of data. Artificial intelligence indeed is the best option to handle such a massive volume of data since it enables intelligent manufacturing. Intelligent manufacturing employs a data-driven AI model that incorporates manufacturing decision-making, forecasting, and real-time process optimization. Hence, this is fueling the market for AI in manufacturing.
Market Opportunities
Increasing Adoption of Big Data and IoT in Manufacturing to offer Robust Opportunities
The main reason propelling the development of the artificial intelligence in manufacturing market is the increased adoption of IoT & big data technology in manufacturing industries. IoT will make it possible to supply goods and services to clients who might not be aware that they are needed. In order to check quality and identify potential failure sources, IoT can also send thorough telemetry back to the manufacturers and distributors. Similar to how adoption of the big data will increase market share in the future. For instance, manufacturers gather enormous volumes of data about operations, procedures, and other topics. When paired with modern analytics, this data can offer insightful information that will help the company grow. Big data may therefore help manufacturers manage their supply chains, forecast their sales, control risks, and maintain the quality of their products.
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Report Scope:
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 7.9 billion |
| Market Size 2023 | USD 11.47 billion |
| Market Size 2030 | USD 107.49 billion |
| Compound Annual Growth Rate (CAGR) | 45.20% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Platform, Technology, Application, End-User, and Region |
| Geographies Covered | North America, Asia Pacific, Europe, and the Rest of the World |
Market Restraints and Challenges
High Initial Investment to act as Market Restraint
The high initial investment, dearth of advanced infrastructure, and manufacturers’ hesitancy in adopting AI-based technologies may act as market restraints in the forecast period.
Market Segmentation
The artificial intelligence in manufacturing market is bifurcated based on application, component, technology, and vertical.
By component, software will lead the market over the forecast period.
By application, predictive maintenance will domineer the market over the forecast period.
By technology, machine learning will spearhead the market over the forecast period.
By vertical, energy and power will have the lions share in the market in the forecast period.
COVID-19 Analysis of Artificial Intelligence in Manufacturing Market
The manufacturing sector has been severely damaged by the worldwide lockdown. Thus, there has also been some disruption in the industry's employment of artificial intelligence. The advantages of AI, on the contrary, have helped a lot of manufacturing businesses manage crises. Countries have in fact been able to classify patterns from large data, support people's health systems, and contain the spread to a certain extent with the use of AI. Moreover, a variety of apps have been developed to stabilize the entire system.
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Regional Analysis
APAC to Rule Artificial Intelligence in Manufacturing Market
While the major economic nations of China, South Korea, India, and the Philippines are the key manufacturing hubs of semiconductors, electronics, energy & electricity, and pharmaceuticals, the Asia-Pacific area now dominates the artificial intelligence manufacturing business. Additionally, the region would continue to dominate the Artificial Intelligence in Manufacturing Market due to the growing deployment of robots in manufacturing processes. The region with the highest CAGR in the forecast period is Asia-Pacific. The expansion of this region is anticipated to be supported by rising investments from technology leaders, rising AI spending, rising digitization, and supportive government actions to encourage the adoption of cutting-edge technologies.
In addition, the proliferation of manufacturing businesses in South Korea, China, and Japan, as well as the prominence of the automotive, semiconductor, and electronics industries, is fostering the market's rapid expansion. The immensely developed manufacturing facilities in nations like China, South Korea, and Japan will support the demand in the local market. The region's increasing embrace of industry 4.0 revolution encourages the use of AI technologies. Also, the market revenue is being driven by the rising investment in AI technology in emerging economies like China and India.
Due to the huge number of manufacturing firms in China, India, Japan, and South Korea as well as their growing emphasis on digitization and technological improvement, Asia Pacific is predicted to have the largest share of the market. Governments in Singapore, China, Japan, and India are also investing in AI technology and promoting its use in the industrial sector & for industry 4.0. China has a very high level of AI adoption. The industrial industry and startups are being encouraged to employ cutting-edge technologies like AI thanks to the Indian government's Make in India initiative. Singapore's government is seeking investments from private companies to test the AI functionality there.
North America to Have Admirable Growth in Artificial Intelligence in Manufacturing Market
The artificial intelligence market's second-largest contributor is from North America. In areas like factory automation, engineering design, process planning, and production scheduling, among others, the US is a pioneer in implementing new technology. The extremely developed manufacturing facilities in leading nations will support the demand in the local market.
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Key Players
Key players profiled in the global artificial intelligence in manufacturing market report include:
- Nvidia Corporation
- Intel, Inc.
- IBM Corporation
- Siemens AG
- General Electric Company
- Google, Inc.
- Microsoft Corporation
- Amazon Web Services
- Bosch
- Rockwell Automation
- Cisco Systems
- SAP SE
- Foxconn.
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