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Sept. 28, 2020, 8:47 a.m. EDT

Artificial Intelligence (AI) in manufacturing Market Size: Industry Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2024

Sep 28, 2020 (AmericaNewsHour) -- Global Artificial Intelligence (AI) in Manufacturing Market: by Component (Software, Service, Hardware (Network, Processor (ASIC, FPGA, GPU)), by Technology (Deep Learning, NLP), by Application (Robot, Quality Control), by Vertical (Automobile, Pharmaceutical) -- Forecast till 2024

Market Synopsis

The global artificial intelligence (AI) in manufacturing market was valued at USD 1.59 billion in 2018; it is estimated to reach USD 14.77 billion by 2024 at a 47.09% CAGR during the forecast period 2019-2024. Developing market of industry 4.0 and smart factories, increasing adoption of automation by SMEs as well as large enterprises, and development in advanced technologies such as artificial intelligence, machine learning & deep learning are some of the prime factors driving the growth of the market. However, data security & privacy concerns, and high integrating cost of AI-based solutions are some major factors hindering the market growth. The developing market of big data technology and increasing application of AI for business intelligence are some factors bringing fruitful opportunities for the market in the coming years. Whereas, the lack of skilled expertise is a major challenge in the market.

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Industry 4.0 or smart maintenance, predictive maintenance, testing, and quality optimization, supply chain communication, and yield enhancement are some of the use cases of artificial intelligence in manufacturing. Artificial intelligence and machine learning are benefitting industry 4.0 in automated production and monitoring process in smart factories, advanced digitized networks, automation of quality and inspection process, decentralized manufacturing system, and others.

Recent Developments:

In February 2019, Qualcomm Technologies, Inc., introduced "Qualcomm Robotics RB3 platform". The platform is deployed on "Qualcomm SDA/SDM845 system-on-chip (SoC)" and is capable of incorporating high-performance heterogeneous computing, 4G/LTE support, Qualcomm AI-based engine, mapping and navigation, and advanced security among others.

In October 2018, Audi, one of the pioneers in automobile manufacturing, has announced to integrate its production facilities with machine learning software. With this software, the company is aiming at improvising its quality testing and inspection process.

Segmentation

The global artificial intelligence (AI) in manufacturing market has been segmented into component, technology, application, vertical, and region.By component, the market has been segmented into hardware, software, and services. By hardware the market has been segmented into processor, memory, and network. The processor segment covers microprocessor unit (MPU), graphical processing unit (GPU), field programmable gate array (FPGA), and application-specific integrated circuits (ASICs). Whereas, the services segment has been further breakdown into deployment & integration, and support & maintenance.

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By technology, the market has been segmented into machine learning & deep learning, natural language processing, context-aware computing, and computer vision.

By application, the market has been sub-segmented into predictive maintenance, supply chain management, IT management, field services, quality control, robotics, and othersBy vertical, the market has been classified into automobile, aerospace & defense, energy & power, semiconductor & electronics, food & beverage, pharmaceuticals, and others.By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional analysis

Market Research Future (MRFR) study has covered the following countries in the regional analysis of artificial intelligence (AI) in the manufacturing market--the US, Canada, and Mexico in North America; Germany, the UK, France, Russia, Spain, the Netherlands, and Italy in Europe; China, Japan, India, Singapore, Australia, the Philippines, and South Korea in Asia-Pacific; and the Middle East & Africa and South America in the rest of the world.

Artificial intelligence in manufacturing market is currently dominated by Asia-Pacific region as the primary economic countries such as China, India, South Korea, and the Philippines are the major manufacturing centers of semiconductors, electronics, energy & power, and pharmaceuticals. Further, increasing adoption of robots in manufacturing processes is expected to aid the region in dominating the market throughout the forecast period.North America is the second highest contributor in artificial intelligence market. The US is the early adopter of new technologies for application such as factory automation, process planning, engineering design, and production scheduling among others.

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Artificial intelligence (AI) in the manufacturing market in Europe is projected to gain high momentum during the forecast period due to increasing adoption of industry 4.0 and robotics by automotive, and aerospace industry.

Global Artificial Intelligence (AI) in Manufacturing Market, 2018-2024 (USD Billion)

Artificial Intelligence (AI) in manufacturing Market Research Report -- Global Forecast till 2024 -Report image 00

Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, MRFR Analysis

Key players

Market Research Future has identified following key players in the market--Nvidia Corporation, Intel, Inc., IBM Corporation, Siemens AG, General Electric company, Google, Inc., Microsoft Corporation, Amazon Web Services, Bosch, Rockwell Automation, Cisco Systems, SAP SE, Foxconn, and others.

Intended Audience

Investors and consultants

System Integrators

Government Organizations

Research/Consultancy firms

Technology solution providers

Software Developers

OEMs

About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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The post Artificial Intelligence (AI) in manufacturing Market Size: Industry Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2024 appeared first on America News Hour .

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