New York, NY, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Artificial Intelligence in Manufacturing Market Share, Size, Trends, Industry Analysis Report, By Offering (Hardware, Software, Services); By Technology; By Application; By End Use Industry; By Region; Segment Forecast, 2023- 2032" in its research database.
According to the recent analysis by Polaris Market Research, artificial intelligence (AI) in manufacturing market size and share was valued at USD 2.76 Billion in 2022 and is predicted to reach USD 88.35 Billion by 2032. Also, the study states that the market reveals a robust 41.4% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is the Role of AI in the Manufacturing Industry? How Big is Artificial Intelligence (AI) in Manufacturing Industry Share?
- Overview
A huge amount of data is produced by the industrial sector from a variety of sources, including sensors and Internet of Things devices. The availability of this data has produced a favorable atmosphere for the adoption of AI. These data can be processed by AI systems, which can also spot trends and assist producers in making data-driven choices. This can help with cost-cutting, quality control, and process optimization.
The development of machine learning algorithms and data analytics is closely linked to the expansion of artificial intelligence (AI) in manufacturing market. Due to the maturity of these technologies, producers can now instantly glean insightful information from massive volumes of data. In addition, a number of startups are joining the market to provide improved solutions in response to the expanding demands of customers.
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What are the Key Findings of the Report?
- The manufacturing sector's increased automation and growing need for big data integration are driving the artificial intelligence market's expansion.
- The rising need for improving manufacturing efficiency is propelling market growth.
- Artificial intelligence (AI) in manufacturing market segmentation is mainly based on technology, offering, end-use, application, region, and industry.
- Asia Pacific region experiences the highest growth during the forecast period.
Who are the Major Players Operating in AI in the Manufacturing Industry?
- ABB Ltd
- Alphabet Inc. (Google)
- Cognex Corporation
- Fanuc Corporation
- General Electric Company (GE)
- Honeywell International Inc.
- Intel Corporation
- International Business Machines Corporation (IBM)
- Microsoft Corporation
- NVIDIA Corporation
- Oracle Corporation
- Robert Bosch GmbH
- Rockwell Automation, Inc.
- SAP SE
- Siemens AG
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Market Dynamics
- Which Factors are Driving the Market Growth?
Artificial intelligence (AI) has a lot to offer manufacturing operations, from production to supply chain management. This may result in lower expenses, more effective resource management, and increased operational efficiency, which boosts artificial intelligence (AI) in manufacturing market demand.
Moreover, AI also enables bulk customization, which enables producers to satisfy specific client requirements while keeping costs down. AI can also assist producers in the processing of vast volumes of data for trend analysis, process optimization, and decision-making.
- What are the Latest Market Trends and Opportunities?
Manufacturers may reduce errors and guarantee consistency by putting AI-driven systems for real-time quality monitoring and control into place. This will eventually raise the bar for product quality as a whole. Furthermore, AI-powered predictive maintenance can identify problems with machines before they result in breakdowns, cutting down on maintenance costs and downtime.
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Artificial Intelligence in Manufacturing Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 88.35 Billion |
| Market size value in 2023 | USD 3.90 Billion |
| Expected CAGR Growth | 41.4% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Offering, By Technology, By Application, By End Use Industry, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Overview of the Top Segments
- Software Sector Accounts for a Significant Share
Software solutions can be applied to a broad range of production processes due to their high versatility and adaptability. Software is the best option for a sector with a wide range of needs due to its inherent flexibility. It can be created, tested, and put into use very quickly. This flexibility is critical in the manufacturing sector, where it's imperative to react quickly to changes in artificial intelligence (AI) in manufacturing market and advances in technology. Software can be easily incorporated into current industrial equipment and processes.
- Machine Learning Sector Accounts for a Significant Share
AI in manufacturing is driven by machine learning, which is a key and revolutionary component that promotes innovation and operational effectiveness. This technology is useful in manufacturing because it uses sophisticated algorithms to assess data, draw conclusions, and adjust. Visual product inspection relies heavily on machine learning, which makes automated flaw detection possible and ensures that high-quality products are produced.
Moreover, components are inspected using cameras and sensors, and even the smallest anomalies are detected using machine learning algorithms. Supply chain management is enhanced by machine learning through demand forecasting, inventory optimization, and timely component delivery.
- Automotive Sector Holds the Significant Revenue Share
The automotive sector accounts for a significant artificial intelligence (AI) in manufacturing market share in 2022. Artificial Intelligence (AI) technology has become indispensable in today's automobile production processes, helping to increase productivity and improve quality. Diverse jobs, including as welding, painting, and assembly, are given to AI-powered robotic systems and autonomous machinery to ensure accurate and reliable performance.
Furthermore, AI-powered computer vision systems inspect cars for flaws, ensuring high-quality car manufacture while reducing mistakes. Artificial intelligence (AI) systems examine equipment data to predict maintenance needs, which lowers downtime and increases production uptime.
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Regional Landscape
Asia Pacific: Artificial intelligence (AI) in manufacturing market in Asia Pacific is expanding and changing at a very impressive rate right now. This industry is undergoing a dramatic transition as AI technologies are quickly being adopted and integrated into Asian industrial sectors. AI is bringing about a technological revolution that is bringing in a new era marked by creative breakthroughs and increased operational efficiency. In the Asian manufacturing sector, this disruptive technology is promoting innovation, improving efficiency, and streamlining operations in a variety of manufacturing domains.
North America: Predictive maintenance and intelligent automation are made possible by the integration of AI into precision manufacturing in the United States. In addition to making the country more competitive in the global manufacturing arena, this technology is propelling important developments in the sector. The region's AI in manufacturing market is distinguished by a vibrant ecosystem made up of startups, research projects, and tactical alliances between major players in the sector.
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Current Progresses
- IBASE debuted the EC3500 edge AI computing system in June 2023, with the goal of using AI in manufacturing and other industries. The NVIDIA Jetson AGX Orin 32GB or 64 GB powers the system. It comes with a 64-bit NVIDIA Arm Cortex A78AE v8.2 processor (with eight or twelve cores) and multiple expansion options.
Report Answers to the Following Questions
- How big is artificial intelligence (AI) in manufacturing market size during the forecast period?
- What is the study period of the market?
- Which region is experiencing a significant share of the market?
- What is the expected CAGR of the market during the forecast period?
- Which aspects are propelling artificial intelligence (AI) in manufacturing market demand?
Polaris Market Research has segmented the Artificial Intelligence in Manufacturing market report based on offering, technology, application, end use industry, and region:
By Offering Outlook
- Hardware
- Software
- Services
By Technology Outlook
- Natural Language Processing
- Machine Learning
- Context Awareness
- Computer Vision
By Application Outlook
- Production Planning
- Process Control
- Quality Control
- Logistics and Inventory Management
- Predictive Maintenance and Machinery Inspection
- Others
By End Use Industry Outlook
- Healthcare and Pharmaceutical
- Food and Beverages
- Automotive
- Electrical and Electronics
- Energy and Power
- Heavy Metal and Machine Manufacturing
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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