Global Artificial Intelligence in Manufacturing Market was valued at USD 966.67 million in 2019 which is expected to reach USD 22880.45 million by 2027 at CAGR 50.32%.
Artificial intelligence technology is the trending technology in manufacturing sector. By incorporating AI with machine learning, pattern recognition software, factories could be transformed in upcoming years. This technology helps in automating the manufacturing industry and results in reaching high level of productivity and accuracy that is even beyond human ability.
Increase in demand for machine learning technology and computer vision for machinery inspection is the key driving factor which is expected to boost the global artificial intelligence in manufacturing market growth. Furthermore, rise in adoption of artificial intelligence by factories to reduce machine downtime will have the positive impact on market growth. Furthermore, increase in demand from factories to improve productivity and reduce operational cost are projected to drive the market growth during this forecast period. Moreover, integration of artificial intelligence in machinery inspection and predictive maintenance encompasses testing, lubrication, regular examination, and adjustments of equipment’s. Such benefits are expected to fuel the market growth.
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However, reluctance among manufacturers to adopt AI-based technologies is the major challenging factor which is expected to hinder the global artificial intelligence in manufacturing market growth.
Global Artificial Intelligence in Manufacturing Market is segmented into offering such as Hardware, Software, and Services, by technology such as Machine Learning, Computer Vision, Context Awareness, and Natural Language Processing. Further, market is segmented into application such as Material Movement, Predictive Maintenance & Machinery Inspection, Production Planning, Field Services, and Quality Control & Reclamation.
Also, Global Artificial Intelligence in Manufacturing Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key Players are discussed in this report such as Bosch, General Electric Company, Cisco Systems, Inc., Intel Corporation, IBM Corporation, Microsoft Corporation, NVIDIA Corporation, Mitsubishi Electric Corporation, and Siemens AG
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