Global Artificial Intelligence (AI) in Manufacturing Market is valued approximately USD 1 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 57.5 % over the forecast period 2020-2027.
Artificial intelligence (AI) is related with human intelligence with similar characteristics such as understanding, reasoning, , learning, problem solving and language . Integration of AI in manufacturing industry offers safer operational environment, which further aids in improving the quality and quantity of the production. Artificial intelligence is largely adopted by the manufacturers in the industries such as energy and power, automobile, food and beverages, and pharmaceuticals. The major drivers for the market are the increasing number of large and complex datasets (often known as big data), evolving Industrial IoT and automation and improving computing power. According to American Society for Quality’s report of April 2019, 63% of manufacturers consider IoT products will increase profitability over the next five years and will invest USD 267 billion in IoT by 2020. Moreover, as per Statista, the North American IoT market has grown from USD 140 billion in 2012 to USD 330 billion in 2018. Also, as per the same source, the number of IoT units in Canada in 2013 amounted to 28 million which increased to 114 million units in 2018. Moreover, mounting demand for hardware platforms, and swelling need for high-computing processors to run a extensive range of AI software are also expected to propel the global artificial intelligence in manufacturing market. All such factors are expected to boost the global artificial intelligence in manufacturing market. However, data security concerns and lack of skilled workforce impedes the growth of the market over the forecast period of 2020-2027. Although, presents a lucrative opportunity for the market.
The regional analysis of global Artificial Intelligence in Manufacturing market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the Early adoption of technology. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising investment in industrial automation would create lucrative growth prospects for the Artificial Intelligence in Manufacturing market across Asia-Pacific region.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End-user Industry:
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