Acumen Research and Consulting recently published report titled “Artificial Intelligence in Manufacturing Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
BEIJING, July 11, 2022 (GLOBE NEWSWIRE) — The Global Artificial Intelligence in Manufacturing Market size accounted for USD 2,963 Million in 2021 and is estimated to reach USD 78,744 Million by 2030.
The rising volume of complex data sets is the leading factor boosting the global artificial intelligence in manufacturing market revenue. Our worldwide artificial intelligence in manufacturing industry analysis suggests that the manufacturers require artificial intelligence (AI) in their facilities due to the surging need for enhanced productivity and automation.
AI is being used by manufacturers to enhance day-to-day operations, introduce new products, personalize designs, and forecast future financials. According to an MIT survey, about 60% of industry players are already using artificial intelligence. Similarly, according to a recent Forbes survey on AI, 44% of automotive manufacturing respondents rated AI as “extremely important” to production in the next five years, and 49% said it was “absolutely critical to success.” Despite this, more than half of automotive respondents (56%) said they plan to increase AI expenditure by less than 10%.
According to Accenture and Frontier Economics, AI-powered technologies could boost labor productivity by up to 40% throughout 16 industries, including manufacturing, by 2035. In the same publication, the authors claim that artificial intelligence (AI) could boost the manufacturing sector’s GVA by nearly 45% by 2035, especially in comparison to business as usual.
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|Market||Artificial Intelligence in Manufacturing Market|
|Market Size 2021||USD 2,963 Million|
|Market Forecast 2030||USD 78,744 Million|
|CAGR During 2022 – 2030||44.3%|
|Analysis period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Offering, By Technology, By Application, By Industry Vertical, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company,
Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation,
Rockwell Automation, SAP SE, and Siemens AG.
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Impact of COVID-19 pandemic on Global Artificial Intelligence in Manufacturing Market
The manufacturing industry has been severely impacted by the global shutdown. As a result, the use of artificial intelligence in the industry has been hammered to some degree. According to a survey from the National Association of Manufacturers (US) in February and March 2020, more than 78% of respondents said the COVID-19 pandemic has had a detrimental effect on their industry.
Conversely, the advantages of artificial intelligence were used as a crisis management solution by a variety of manufacturing companies. Thanks to AI, countries have managed to categorize different patterns from big data, endorse people’s healthcare systems, and regulate disease spread to some extent. A number of applications also were developed to help stabilize the system as a whole.
AI in Manufacturing Market Dynamics
The growing adoption of IoT, big data, and factory automation is one of the prominent trends in artificial intelligence in manufacturing market. Additionally, the advent of industry 4.0 is another trend driving AI in manufacturing market growth. Our analysis of the artificial intelligence in manufacturing market forecast that the venture capital investment in AI and rising consumer behavior and demand have escalated the need for AI in manufacturing industries. However, lack of skilled professionals, lacking awareness and technology integration among emerging, and threat to human dignity are some of the aspects that are plummeting the industry growth. Furthermore, increasing focus on boosting operational efficiency, adoption of automation technologies to mitigate the effects of COVID-19, and application of AI for intelligent business processes are some of the aspects that are likely to generate numerous growth opportunities for the market during the forecast timeframe .
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Worldwide Artificial Intelligence in Manufacturing Market Segmentation
The global artificial intelligence in manufacturing market has been segmented into offering, technology, application, industry vertical, and region. Based on offering the market is categorized as hardware, software, and services. Among them, the hardware segment is expected to lead the market with maximum shares. Machine learning (ML), natural language processing (NLP), context-aware computing, and computer vision are the categories of the technology segment. Machine learning is one of the leading sub-segments among technologies. The application segment can be split into cyber security, field services, production planning, quality control, predictive maintenance and machinery inspection, inventory optimization, and others. Production planning and quality control will occupy considerable artificial intelligence in manufacturing market share during the forecast timeframe. Furthermore, the vertical industry segment is sub-segmented into automotive, pharmaceuticals, food & beverages, semiconductor & electronics, energy & power, and others (aerospace, mining, and textile). Based on our analysis, the automotive segment generated significant revenue in 2021, while the semiconductor & electronics segment achieved a robust growth rate in the coming years.
Artificial Intelligence in Manufacturing Market Regional Overview
The global artificial intelligence in manufacturing market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. The Asia-Pacific region accounted for the leading market share in 2021. Additionally, Europe is also considered one of the major regions in the AI manufacturing sector. According to a Capgemini study, artificial intelligence is used by 51% of European manufacturers, particularly in comparison to 30% in Japan and 28% in the US According to Capgemini, the two most common use cases for AI in manufacturing are maintenance and quality assurance .
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AI in Manufacturing Market Players
Some artificial intelligence in manufacturing companies covered globally includes Amazon Web Services, Bosch, Cisco Systems, Foxconn General Electric Company, Google, Inc., IBM Corporation, Intel, Inc., Microsoft Corporation, Nvidia Corporation, Rockwell Automation, SAP SE, and Siemens AG.
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