WESTFORD, Mass., July 12, 2024 /PRNewswire/ -- According
to SkyQuest, the global Artificial Intelligence (AI) in
Manufacturing Market size was valued at USD
2.58 Billion in 2022 and is expected to grow from
USD 3.20 Billion in 2023 to reach
USD 64.63 Billion by 2031, at a CAGR
of 45.6% during the forecast period (2024-2031).
Artificial intelligence helps boost factory productivity and
efficiency in manufacturing industry and is therefore getting
adopted at a rapid pace. The objective of optimizing manufacturing
processes and the increasing adoption of Industry 4.0 is driving
the demand for AI in manufacturing. The global market for AI in
manufacturing is categorized by components, technology,
applications, end-users, and regions.
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overview:
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Artificial Intelligence (AI) In Manufacturing Market
Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$ 3.20
Billion
|
Estimated Value by
2031
|
$ 64.63
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 45.6%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, Device Type
and End User
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, Latin America
|
Report
Highlights
|
Development of new AI
in manufacturing hardware and software solutions remains prime
focus of companies
|
Key Market
Opportunities
|
Demand for predictive
maintenance slated to create new business scope
|
Key Market
Drivers
|
Computer vision and
machine learning technologies to improve automation capabilities
drive market growth
|
Segments covered in Artificial Intelligence (AI)
In Manufacturing Market are as follows:
- Component
- Device Type
- Wearables, Tracker, Smart Lighting, Smart Parking, Alarm &
Detector, Others
- End-User
- Automotive Industry, Infrastructure, Healthcare, Manufacturing
Industry, Others
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report:
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Hardware Plays a Vital Role in Adoption of Artificial
Intelligence (AI) in Manufacturing
Legacy infrastructure and systems of manufacturing facilities
are not compatible with advanced artificial intelligence technology
thereby driving the demand for novel hardware solutions. This
sub-segment covers components such as sensors, devices, processors,
integrated circuits, etc. designed especially for AI in
manufacturing going forward. The need for better computing power
and demand for faster hardware configurations will also help this
segment bolster artificial intelligence (AI) in manufacturing
market growth in the future.
Software plays a crucial role in incorporating advancements of
AI technology in artificial intelligence (AI) in manufacturing
applications. High investments in the development of novel AI
software solutions and integration of edge and cloud computing are
also creating new opportunities for artificial intelligence (AI) in
manufacturing providers going forward.
Machine Learning in AI Applications for Manufacturing will
help Promote Growth
Machine learning algorithms help to examine extensive datasets
for providing immediate insights into manufacturing equipment and
processes. Such insights help players improve their market position
by optimizing operations and utilizing resources. Predictive
maintenance is also largely enabled by the deployment of machine
learning algorithms. High investments in machine learning
technology development are also expected to alter the global
artificial intelligence (AI) in manufacturing market growth
trajectory vastly in the future.
Computer vision technology is projected to witness robust demand
over the coming years. The growing need for automation across all
kinds of manufacturing facilities is slated to create an opportune
setting for artificial intelligence (AI) in manufacturing companies
going forward. This technology helps machines to interpret and
process visual data to make informed decisions in real time that
enhance the productivity of manufacturing operations.
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(TOC):
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Predictive Maintenance Takes Crown When It Comes to AI
Application in Manufacturing Space
Downtime is the worst nightmare of any manufacturing operation,
and this is why predictive maintenance is the best companion for
any manufacturing company. A growing number of manufacturing
facilities deploying predictive maintenance solutions to reduce
downtime allow this segment to lead global artificial intelligence
(AI) in manufacturing adoption. Meanwhile, the use of AI for
quality control and inspection of finished goods is also expected
to rise at a robust CAGR over the coming years. Use of AI for
production planning also offers lucrative opportunities for
artificial intelligence (AI) in manufacturing providers in the long
run.
Artificial intelligence (AI) in the manufacturing market is
slated to largely benefit from the predictive maintenance
sub-segment across the forecast period. Upcoming artificial
intelligence (AI) in manufacturing companies should target the
services sub-segment and established providers should focus on the
hardware sub-segment to get the best returns in the long run.
Context awareness and natural language processing technologies have
a lot of untapped potential for artificial intelligence (AI) in
manufacturing companies to experiment with.
Related Report:
AI Market
Artificial Intelligence (AI) Robots Market
Artificial Intelligence (AI) in Healthcare Market
Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Hardware Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj
Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
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