AI adoption in Manufacturing could boost the business revenue growth of Manufacturing Market

[189 Pages Report] Artificial Intelligence in Manufacturing Market categorizes global market by Offering (Hardware, and Software), Technology (Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing), Application, Industry, and Geography."

Download PDF Brochure-https://www.marketsandmarkets.com/pdfdownload.asp?id=72679105

The growth of this market is driven by growing usage of big data technology and industrial IoT in the manufacturing industry, extensive usage of robotics, increased in usage of computer vision technology by manufacturing companies, cross-industry partnerships, and significant increase in venture capital investments.

According to the forecast provided by MarketsandMarkets, the overall artificial intelligence (AI) in manufacturing market was valued at USD 272.5 Million in 2016 and is expected to reach USD 4,882.9 Million by 2023, at a CAGR of 52.42% between 2017 and 2023.

This report segments the AI in manufacturing market on the basis of offering, technology, application, industry, and geography. By offering, the Artificial Intelligence in manufacturing market has been divided further into hardware and software.

The software segment held the largest share of the AI in manufacturing market in 2016.

The growing demand for software-based AI solutions and the presence of major software companies providing AI software are expected to drive the growth of this market.

By technology, the Artificial Intelligence in manufacturing market has been segmented into deep learning, computer vision, context awareness, and natural language processing (NLP). Currently, computer vision holds the largest share among AI technologies. The demand has grown since the companies have started to structure the huge volume of manufacturing data for predictive analysis.

By application, the Artificial Intelligence in manufacturing market has been segmented into material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. The predictive maintenance and machinery inspection held the largest share in 2016 owing to factors such as the growing machine’s data with the increasing adoption of big data technology, robotics, and computer vision technology in the manufacturing industry.

By industry, the Artificial Intelligence in manufacturing market includes semiconductor and electronics, energy and power, pharmaceuticals, automobile, heavy metals and machine manufacturing, food and beverages, and others (textiles and aerospace). Automobiles held the largest share in 2016 owing to the factors of extensive usage of industrial IoT and robots in automobile plants.

Of all the regions, North America is expected to have the largest share of the AI in manufacturing market in 2016.

The US is a major contributor to the growth of the Artificial Intelligence 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 AI in manufacturing market in the region. Asia Pacific (APAC) is expected to be the fastest-growing region in the AI in manufacturing market during the forecast period.

APAC, especially China, Japan, and South Korea, is considered as the largest market for industrial robots. The industrial robots generate a huge amount of data. This data is used in deep learning algorithm to train the robots further. This would act as one of the major drivers for the AI in manufacturing market in APAC.