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Market Analysis
The global AI in manufacturing market will touch USD 53.69 billion at a 47.1% CAGR by 2030, as per the recent Market Research Future report.
Key Players
Key players in the AI in manufacturing market report include
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|
Report Attribute/Metric |
Details |
|
Market Size |
USD 53.69 billion (2030) |
|
CAGR |
47.1% (2023-2030) |
|
Base Year |
2022 |
|
Forecast Period |
2023-2030 |
Market Segmentation
The global AI in manufacturing market is bifurcated based on vertical, application, technology, and component.
Based on component, software will lead the market over the forecast period.
By technology, NLP will domineer the market over the forecast period.
By application, robot will spearhead the market over the forecast period.
By vertical, automobile will spur the market over the forecast period.
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Drivers
Increasing Adoption in the Medical Sector to Boost Market Growth
The increasing adoption of AI in medical devices will bolster market growth in the assessment period for the increasing incidence of chronic diseases, increasing geriatric population, the COVID-19 epidemic, increasing focus on the maintenance of preventive medical equipment to decrease unplanned, augment operational productivity, & the growing need for reducing the medical equipment’s operational cost.
Opportunities
Rising Use of IoT in Manufacturing to offer Robust Opportunities
The rising use of IoT in the manufacturing sector will offer robust opportunities for the AI in manufacturing market in the forecast period. IoT will pave the way for the delivery of services and supplies to customers who are ignorant that they are needed. Besides, IoT can send a complete telemetry back to distributors and manufacturers for scrutinizing quality & factors which may cause failures.
Restraints and Challenges
High Initial Investment to act as Market Restraint
The high initial investment coupled with lack of advanced infrastructure may act as market restraints over the forecast period.
Besides, the impact of the COVID-19 epidemic may also impede market growth.
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Regional Analysis
APAC to Lead AI in Manufacturing Market
The APAC region will lead the market in the forecast period. Various factors are propelling the market growth in the region such as rising investments via technology leaders, increasing AI spending, growing digitalization, & favorable government initiatives for promoting the use of advanced technologies. Besides, the presence of several manufacturers in Japan, South Korea, and China, the presence of electronics, automobile, and semiconductor companies, initiatives by the government of India such as Make in India motivating the start-ups and the manufacturing sector to use latest technologies such as AI and the Singapore government inviting investments of private firms for testing the AI functionality for the country are also propelling market growth.
North America to Have Admirable Growth in AI in Manufacturing Market
North America will have admirable growth in the AI in manufacturing market in the forecast period for the increasing investments by organizations for modernizing their manufacturing facilities coupled with early use of technologies like factory automation, ML, IoT, among others.
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