The global manufacturing landscape is undergoing a profound transformation, and at the heart of this revolution lies Artificial Intelligence (AI). AI in manufacturing has emerged as a game-changer, revolutionizing the way products are designed, produced, and maintained. This technology is not only enhancing efficiency but also enabling manufacturers to adapt swiftly to market dynamics. In this article, we will delve into the overview, drivers, restraints, growth factors, and present key statistics from government organizations that underscore the significance of AI in manufacturing.
The global Artificial Intelligence (AI) in manufacturing market size was USD 2.60 Billion in 2022 and is expected to register a revenue CAGR of 44.5% during the forecast period, according to the latest analysis by Emergen Research. Rising demand for predictive maintenance in smart factories and service robots in the manufacturing sector are key factors driving revenue growth of the market.
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Artificial Intelligence in Manufacturing refers to the integration of AI technologies such as machine learning, computer vision, and natural language processing into various aspects of the manufacturing process. It encompasses everything from predictive maintenance and quality control to demand forecasting and supply chain optimization. This innovation is not limited to large corporations; even small and medium-sized manufacturers are embracing AI to stay competitive in the ever-evolving global market.
Several factors are driving the adoption of AI in manufacturing. Firstly, the need for improved operational efficiency and cost reduction is a prominent driver. AI-driven automation streamlines production processes, reduces downtime, and minimizes human error. Secondly, the surge in data availability is instrumental in AI adoption. Manufacturing processes generate vast amounts of data, which AI can analyze to derive actionable insights for process optimization and product quality enhancement. Additionally, the increasing complexity of products and the demand for customization are pushing manufacturers to rely on AI for agile production.
While AI holds immense promise, there are notable challenges and restraints to its widespread implementation in manufacturing. One of the primary concerns is the initial investment required for infrastructure and skill development. Smaller manufacturers may find it daunting to embark on the AI journey due to these financial barriers. Furthermore, there are data privacy and security issues associated with AI, especially when sensitive data is involved. Ensuring data integrity and compliance with regulatory standards is a critical challenge. Lastly, the integration of AI into existing manufacturing systems can be complex, leading to resistance and organizational inertia.
The growth prospects for AI in manufacturing are undeniably robust. One key factor propelling this growth is the continual advancements in AI technology itself. Machine learning algorithms are becoming more sophisticated, enabling better predictive maintenance and quality control. Furthermore, the proliferation of IoT (Internet of Things) devices in manufacturing is generating an even larger volume of data, amplifying AI’s potential impact. Moreover, the demand for environmentally sustainable manufacturing practices is pushing the industry to explore AI-driven solutions for energy optimization and waste reduction.
Some major players included in the global artificial intelligence in manufacturing market report are:
- IBM Corporation
- SAP SE
- Amazon.com Inc.
- General Electric Company
- Alphabet Inc.
- Microsoft Corporation
- Siemens AG
- NVIDIA Corporation
- Rockwell Automation Inc.
- Mitsubishi Electric Corporation
Some Key Highlights From the Report
- The software segment is expected to account for largest revenue share over the forecast period. Rising demand for Robotic Process Automation (RPA) that use AI-based software technologies and machine learning capabilities in order to facilitate intelligent automation is driving revenue growth of the market.
- The computer vision segment is expected to register significantly rapid revenue CAGR over the forecast period. This can be attributed to rising demand for computer vision for process monitoring and optimization, which can drive revenue growth of the segment.
- The quality control segment is expected to account for largest revenue share over the forecast period. This is due to rising use of AI to maintain quality standards and comply with regulations in the manufacturing sector.
- The healthcare segment is expected to register significantly rapid revenue CAGR over the forecast period. Rising demand for advanced medical devices for smart diagnosis and rising adoption of Internet of Things (IoT) in conjunction with medical devices that incorporate Artificial Intelligence (AI) to enhance patient outcomes is driving revenue growth of the segment.
Emergen Research has segmented the global artificial intelligence in manufacturing market on the basis of offering, technology, application, end-use, and region:
- Offering Outlook (Revenue, USD Billion; 2019-2032)
- Technology Outlook (Revenue, USD Billion; 2019-2032)
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context-aware Computing
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Predictive Maintenance
- Inventory Optimization
- Production Planning
- Field Services
- Quality Control
- Industrial Robots
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Energy & Power