DUBLIN, December 14, 2021--(BUSINESS WIRE)--The "Artificial Intelligence in Manufacturing Market By Component, Technology, Application, Industry Vertical, & Geography - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The artificial intelligence in manufacturing market is expected to reach $13.96 billion by 2028 and grow at a CAGR of 38.6% during the forecast period of 2021-2028.
The growth of this market is mainly attributed to the advent of Industrial 4.0, the increasing volume of large complex data, and the rising adoption of industrial IoT.
Additionally, increasing government initiatives towards digitization, the rising necessity to enhance production outcomes, advance process effectiveness, reduce costs, and downtime in production lines are factors expected to drive the growth of the AI in manufacturing market in the coming years. Also, the growing use of computer vision in manufacturing, the rising adoption of 5G technology, and the increasing demand for factory automation are prominent technology trends in this market
Based on component, the hardware segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of this segment is primarily driven by the increasing demand for robust and cost-effective devices, including servers, storage, and networking devices.
However, the software segment is slated to record the fastest CAGR during the forecast period due to the high adoption rate of cloud-based technologies, the rising need for innovative technologies for predicting & preventing errors, and the increasing demand for AI platforms to streamline processes and operations.
Based on technology, the machine learning segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of this segment is primarily driven by the increasing need for identifying, monitoring, and analyzing the critical system variables during the manufacturing process and the increasing demand for predictive maintenance & machinery inspection.
However, the natural language processing (NLP) segment is slated to record the fastest CAGR during the forecast period due to the growing demand for cloud-based NLP solutions to reduce overall costs, facilitate smart environments and enhance operational scalabilities.
Based on application, the predictive maintenance & machinery inspection segment is estimated to account for the largest share and witness the fastest CAGR of the AI in manufacturing market in 2021. The large market share and the high growth rate of this segment are attributed to the growing demand to reduce costs for operating heavy equipment, increasing adoption of advanced technologies including IoT devices in manufacturing plants, rising demand for equipment uptime & availability, growing necessity to reduce maintenance planning time, rising need to improve production capacity and increasing need to report manufacturing issues in real-time.
Based on industry vertical, the automotive industry segment is estimated to account for the largest share of the AI in manufacturing market in 2021. The large market share of this segment is primarily driven by the growing adoption of advanced AI automotive solutions for fault detection & isolation, quality management, smart manufacturing, production monitoring, and the increasing need for predictive maintenance & machinery inspection solutions.
However, the medical devices manufacturing segment is slated to record the fastest CAGR during the forecast period due to the outbreak of the COVID-19 pandemic, rising focus on preventive medical equipment maintenance to reduce unplanned downtime, enhance production quality control and improve operational productivity.
Asia-Pacific is estimated to account for the largest share and witness the highest CAGR of the AI in manufacturing market in 2021. The region's large market share and high growth rate are due to the increasing investments by technology leaders towards digitalization, the strong presence of automobile and electronics & semiconductor companies in the region, and their focus on developing advanced solutions to optimize manufacturing operations and processes in the region.
Advent of Industry 4.0
Increasing Volumes of Complex Datasets
Rising Adoption of Industrial IoT and Automation
High Procurement & Operating Costs and A Lack of Infrastructure
Growing Scale of Manufacturing Operations in Emerging Economies
Rising Acceptance of Modern Manufacturing Techniques
Increasing Deployment of Automation Technologies
Privacy and Data Protection Concerns
Increasing Demand for Factory Automation
Rising Adoption of 5G Technology
Growing Use of Computer Vision in Manufacturing Applications
The key players operating in the AI in manufacturing market are
Amazon Web Services Inc.
General Electric Company
Robert Bosch GmbH
Cisco Systems Inc.
Rockwell Automation Inc.
Advanced Micro Devices Inc.
Sight Machine Inc
Scope of the Report:
Artificial Intelligence in Manufacturing Market, by Component
Deployment & Integration
Support & Maintenance
Artificial Intelligence in Manufacturing Market, by Technology
Natural Language Processing
Speech and Voice Recognition
Artificial Intelligence in Manufacturing Market, by Application
Predictive Maintenance & Machinery Inspection
Supply Chain Optimization
Industrial Robot / Robotics & Factory Automation
Artificial Intelligence in Manufacturing Market, by Industry Vertical
Semiconductors & Electronics
Heavy Metals & Machine Manufacturing
Energy & Power
Aerospace & Defense
For more information about this report visit https://www.researchandmarkets.com/r/kkjwcf
View source version on businesswire.com: https://www.businesswire.com/news/home/20211214006028/en/
Laura Wood, Senior Press Manager
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