BANGALORE, India, Jan. 28, 2021 /PRNewswire/ -- Artificial Intelligence in Manufacturing Market is Segmented by Type (Deep Learning, Computer Vision, Context Awareness, NLP), by Application (Semiconductor and Electronics, Energy and Power, Pharmaceuticals, Automobile, Heavy Metals and Machine Manufacturing, Food and Beverages, Textile and Aerospace), by Regions & Key players: Global Opportunity Analysis and Industry Forecast, 2021–2026. This report is published on Valuates Reports in the AI Technology Category.
The global Artificial Intelligence in Manufacturing market size is projected to reach USD 4798 Million by 2026, from USD 840 Million in 2019, at a CAGR of 28.1% during 2021-2026.
Major factors driving the growth of Artificial Intelligence in Manufacturing Market size are the increasing number of large and complex datasets, evolving Industrial IoT and automation, improving computing power, and increasing venture capital investments. The incorporation of AI in manufacturing offers added value and helps in predictive maintenance which results into reducing operational costs and increasing productivity.
TRENDS INFLUENCING THE ARTIFICIAL INTELLIGENCE IN MANUFACTURING MARKET SIZE
The evolution of industrial IoT and automation is expected to drive the growth of artificial intelligence in the manufacturing market size. In the manufacturing sector, the Industrial Internet of Things (IIoT) plays a key role in implementing AI-based technology. By allowing an architecture that provides real-time information on operational and business systems, industrial IoT makes industrial processes efficient. The AI-based system takes less time and can operate without errors hence. Manufacturing performance is improving, which further contributes to business growth. Furthermore, the growing use of deep learning technology in the manufacturing industry is expected to drive the growth of the AI in manufacturing market size.
Investments from government and private institutions fuel the growth of global artificial intelligence in manufacturing market size. In smart manufacturing, artificial intelligence is most widely used in factory automation, order management, and automated scheduling. During the forecast period, an increasing number of AI technologies will be used for quality monitoring and fault management, supported by advancements in computer vision technology.
On the contrary, it is anticipated that disinclination among manufacturers to implement AI-based technologies and the risk of unemployment caused due to robots replacing humans jobs would impede the market growth.
ARTIFICIAL INTELLIGENCE IN MANUFACTURING MARKET SHARE ANALYSIS
The hardware segment is expected to grow at the highest CAGR in the AI in manufacturing market. For a long time, most AI hardware manufacturers have been in the business of supplying other technologies such as connected vehicles, machine vision cameras, and IoT with the same hardware components. This will allow companies to easily move the technology. In addition, the growing involvement of startups in AI hardware complements the growth of the hardware market.
Based on Application, the quality control segment is expected to witness the highest CAGR in the AI in manufacturing market. AI in manufacturing helps provide real-time updates about the various stages of the manufacturing process.
The computer vision segment is expected to hold the largest manufacturing market share during the forecast period. Using computer vision, robots can better understand and safely navigate in the factory environment and around humans. The implementation of AI-based computer vision in smart factories helps detect faults and flaws in the outcome of the product.
The automotive sector is expected to witness the highest CAGR during the forecast period. Growing demand for autonomous vehicles, the adoption of innovative automotive technologies for quality control, increased demand for production tracking, predictive maintenance, and inspection of machinery is driving the market growth.
Based on the region, the APAC region is projected to grow at the highest CAGR from 2020 to 2026. The presence of a large number of manufacturing companies in China and Japan, together with the strong presence of automotive, electronics, and semiconductor companies, is driving the growth of AI in manufacturing market size. The rise in AI adoption in China's manufacturing sector has been boosted by favorable policies, ample funds, and the potential for AI implementation.
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