The AI in manufacturing market is expected to grow from USD 1.0 billion in 2018 to USD 17.2 billion by 2025, at a CAGR of 49.5%
NEW YORK, Jan. 28, 2019 /PRNewswire/ -- AI in manufacturing market projected to grow at 49.5% CAGR during 2018–2025
The AI in manufacturing market is expected to grow from USD 1.0 billion in 2018 to USD 17.2 billion by 2025, at a CAGR of 49.5% during the forecast period. Increasingly large and complex data set available in the form of big data and evolution of industrial IoT and automation are the key drivers of this market. Improving computing power, declining hardware cost, and increasing venture capital investments are the other factors fuelling the growth of this market. However, reluctance among manufacturers to adopt AI-based technologies and lack of awareness among small and medium-sized businesses are among the major factors restraining the growth of the AI in manufacturing market. Also, high power requirement from machine learning hardware, especially during network training, is limiting the growth of the said market.
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Hardware segment to witness highest growth rate among other offerings during forecast period
Increasing need for hardware platforms with high computing power to run various AI software is the key factor accelerating the growth of hardware devices in the manufacturing market.The AI in manufacturing market is segmented on the basis of hardware into processor, memory, and network.
The large presence of major companies that contribute to the AI sector are located in North America and has made the region a major market for AI hardware.
Machine learning to hold largest market followed by computer vision in AI manufacturing market
Machine learning's ability to collect and handle big data and its applications in various manufacturing applications such as predictive analytics and machinery inspection, quality control, and cybersecurity are fueling its growth.The growing adoption of computer vision in applications such as industrial robots, quality control, and material movement is propelling the growth of this technology in the AI in manufacturing market.
Computer vision analyzes the information of different geometric shapes, volumes, and patterns, and provides visual feedback to the user, which is further used to draw the inference. The fundamental objective of computer vision technology is to interpret the picture obtained through a high-resolution camera.
Automobile industry to hold largest market during forecast period
The automobile industry is expected to hold the largest size of AI in manufacturing market during the forecast period.Extensive use of AI technologies, especially machine learning and computer vision in machinery inspection, installations of industrial IoT, and usage of big data, is driving the growth of the AI in manufacturing market for the automobile industry.
Moreover, to reduce costs and improve the quality of vehicle production, automobile makers have started using computer vision and machine learning technology.
APAC to witness highest growth followed by North America from 2018 to 2025
APAC, especially in China, Japan, and South Korea, is considered the largest market for industrial robots.The industrial robots generate a huge amount of data.
This data is used in deep learning algorithm to further train the robots.This would act as one of the major drivers for the AI in manufacturing market in APAC.
Cross-industry participation in the manufacturing domain, along with a significant increase in venture capital investment, has propelled the growth of the AI in manufacturing market in North America.
In the process of determining and verifying the market size for several segments and subsegments gathered through the secondary research, extensive primary interviews have been conducted with key industry experts in the AI in manufacturing marketspace. The break-up of primary participants for the report has been shown below:
• By Company Type: Tier 1 – 15%, Tier 2 – 45%, and Tier 3 – 40%
• By Designation: C-level Executives – 65%, Directors – 25%, and Others – 10%
• By Region: North America – 25%, Europe – 55%, APAC – 15%, and RoW – 5%
The report profiles key players in the AI in manufacturing market with their respective market ranking analysis. Prominent players profiled in this report are NVIDIA Corporation (US), IBM Corporation (US), Alphabet Inc. (Google) (US), Microsoft Corporation (US), Intel Corporation (US), AWS (US), Sight Machine (US), Siemens AG (Germany), and General Electric Company (US).
Research Coverage:
This research report categorizes the global AI market on the basis of offering, technology, application, industry, and geography. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the AI in manufacturing market and forecasts the same till 2025.
Key Benefits of Buying the Report
The report would help leaders/new entrants in this market in the following ways:
1. This report segments the AI in manufacturing market comprehensively and provides the closest market size projection for all subsegments across different regions.
2. The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth.
3. The report helps stakeholders to understand value-chain of AI in manufacturing market along with recent case studies.
4. This report would help stakeholders understand their competitors better and gain more insights to improve their position in the business. The competitive landscape section includes product launch, acquisition, collaboration, expansion, and partnership.
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