PUNE, India, August 2, 2017 /PRNewswire/ --
According to the new market research report "Artificial Intelligence in Manufacturing Market by Offering (Hardware, and Software), Technology (Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing), Application, Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™, the artificial intelligence (AI) in manufacturing market is expected to grow from USD 272.5 Million in 2016 to USD 4,882.9 Million by 2023, at a CAGR of 52.42% during the forecast period. The growing usage big data technology, Industrial IoT in manufacturing, extensive usage of robotics in manufacturing, computer vision technology in manufacturing, cross-industry partnerships and collaborations, and significant increase in venture capital investments would propel the growth of the AI in manufacturing market.
Browse 61 Market Data Tables and 58 Figures spread through 189 Pages and in-depth TOC on "Artificial Intelligence in Manufacturing Market - Global Forecast to 2023"
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In recent years, major software vendors such as IBM Corporation (US), Microsoft Corporation (US), and Alphabet Inc. (US) have started offering cognitive applications and cognitive software platforms. Moreover, many start-ups such as DataRPM (US), Clearpath Robotics Inc. (Canada), Sight Machine (US), Preferred Networks Inc. (Japan), SkyMind Inc. (US), Kespry Inc. (US), and AIBrain, Inc. (US) are bringing intelligent software solutions in manufacturing. The booming venture capital market for AI software-based start-ups and usage of big data technology are driving the growth of the AI in manufacturing market for the software segment.
Software to hold the largest share of the AI in manufacturing market during 2017-2023
The AI software is used to assist the manufacturing plant operator in finding the relevant insights, material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. In recent years, major software vendors such as IBM Corporation (US), Microsoft Corporation (US), and Alphabet Inc. (US) have started offering cognitive applications and cognitive software platforms.
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Deep learning technology expected to grow at the highest rate between 2017 and 2023
The deep learning technology, which includes image recognition, signal recognition, and data mining, is expected to witness the highest CAGR during the forecast period. The rapid adoption of robotics in the manufacturing industry, huge volume of data that is generated from the computer vision technology, and big data technology are driving the growth of the AI in manufacturing market for the deep learning technology.
North America to hold a major share of the AI in manufacturing market during the forecast period
North America, which comprises the US, Mexico, and Canada, dominates the overall AI in manufacturing market. The US is a major contributor to the growth of the AI in manufacturing market in North America. Cross-industry participation in the manufacturing domain along with significant increase in venture capital investment in North America is driving the growth of the AI in manufacturing market. Moreover, the presence of major AI providers such as NVIDIA Corporation (US), IBM Corporation (US), Intel Corporation (US), and Alphabet Inc. (US) is expected to drive the growth of the AI in manufacturing market in this region.
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The major players in the AI in manufacturing market are Siemens AG (Germany), Intel Corporation (US), NVIDIA Corporation (us), Alphabet Inc. (us), IBM Corporation, Microsoft Corporation (US), General Electric Company (US), DataRPM, Sight Machine (US), General Vision, Inc. (US), AIBrain, Inc. (US), Rockwell, Automation Inc. (US), Cisco Systems, Inc. (US), Mitsubishi Electric Corporation (Japan), Oracle Corporation (US), SAP SE (Germany), Preferred Networks, Inc. (Japan), Vicarious Inc. (US), Skymind Inc.(US), Citrine Informatics (US), CloudMinds Technologies (US), and Ubtech Robotics Corp. (China).
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