Global AI in Manufacturing Market- Technologies, Market share and Industry Forecast to 2024
Global artificial intelligence in manufacturing market is expected to rise with the CAGR of about 52% during the forecast period 2017-2024. The major drivers for this market are growing industrial IoT and usage of big data technology in the manufacturing industry, rise in usage of computer-based technology extensive usage of robotics by manufacturing companies, significant increase in venture capital investments and cross-industry partnerships. The major restraint for the market is lack of technically skilled personnel. Also, increasing operational efficiency in manufacturing firm and scope for AI based technology across emerging regions are major opportunities for the market. However, data privacy and security concern is the major market challenge.
Geographically, global artificial intelligence in manufacturing market report has been segmented in North America, Asia Pacific, Europe and Rest of World. North America is expected to dominate the market during the forecast period. Presence of majority of the market players of artificial intelligence across the region, venture capital investment across the region, etc. contribute towards the dominance of North America during the forecast period. However, Asia Pacific is expected to be the fastest growing region in artificial intelligence in manufacturing market during the forecast period due to growth in manufacturing sector across the region, increasing investments in artificial intelligence technologies, etc.
The growth in global artificial intelligence in manufacturing market is also influenced by the presence of major players such as NVIDIA Corporation (United States), Oracle Corporation (United States), Microsoft Corporation (United States), Intel Corporation (United States), IBM Corporation (United States), etc. to gain competitive advantage, the major players of global artificial intelligence in manufacturing market are adopting various strategies such as mergers & acquisitions, product launch, strategic partnership, collaboration, joint ventures, investment, strategic expansion, funding etc. during the forecast period.
The report on global artificial intelligence in manufacturing market is segmented on the basis of technology, offering, application and industry. Offering includes hardware and software. Also, technology segment is divided as deep learning, context awareness, computer vision, and natural language processing. Further, application segment is divided as predictive maintenance and machinery inspection, material movement, field services, production planning, reclamation and quality control. In addition, industry segment is divided as energy and power, semiconductor and electronics, automobile, pharmaceuticals, food and beverages, heavy metals and machine manufacturing, and other industries. Software is expected to dominate the market during the forecast period due to use of artificial intelligence software to assist during manufacturing, etc.
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