Artificial Intelligence in Manufacturing Market: Development Factors, Key Players, Regional Analysis, Applications and Forecasts by 2024
The main objective of this report is to define, describe, and forecast the global “Artificial Intelligence in Manufacturing” market on the basis of types of applications, major sectors, deployment models, organization size, and regions. The report contains an analysis of the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges). It aims to strategically analyze the micromarkets with respect to individual growth trends, prospects, and their contribution to the market. The report attempts to forecast the market size for 5 major regions, namely, North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America. It contains key vendor profiles and comprehensively analyzes their core competencies. The report also tracks and analyzes competitive developments, including partnerships, collaborations, acquisitions, new product developments, and R&D activities in the market.
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Artificial intelligence (AI) is the branch of computer science that emphasizes the creation of intelligent machines to simulate the human intelligence. The artificial intelligence is used in the many industries to provide the better efficiency, precision, accuracy, and speed. Presently, the artificial intelligent plays an import role in the manufacturing industries as it offers more reliable and faster work process than the humans. AI has the potential to increase the efficiency of manufacturing with improved productivity. Rapidly growing industrial automation, digitalization, extensive use of robotics and the computer technologies in the manufacturing, growing use of big data and IoT drives the growth of human intelligence in the manufacturing market. In addition, the artificial intelligence offers speech recognition, learning, planning, and problem-solving capabilities which help the manufacturing companies to provide the safer operational environment helps to enhance the quantity and quality of the production. On the other side, reluctance for acceptance of artificial intelligence among the manufacturers is expected to restrain the market growth over the forecast period.
Moreover, the use of AI in the manufacturing will offer more opportunities for personalized and customized manufacturing. The growing technological advancements and rising investments in R&D of AI are projected to create new opportunities for this market in upcoming years. Among the regions, North America dominates the market of artificial intelligence in the manufacturing. The existence of the major players of artificial intelligence in North America is contributing to the market growth in this region. Asia-pacific is the fastest growing region in the artificial intelligence in manufacturing industries market. The rapidly growing industrial automation in the Asia Pacific region increased the use of robotics and other computer technology. The countries including China, Japan, South Korea, and Indonesia are focusing on the introduction of a new technology of AI to improve the efficiency and enhances the productivity with minimal cost.
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The report on global artificial intelligence in manufacturing market covers segments such as, technology and end use industries. On the basis of technology the global artificial intelligence in manufacturing market is categorized into text analytics & NLP (natural language processing), machine learning platforms, deep learning, robotic processes automation, machine vision and others. On the basis of end use industries the global artificial intelligence in manufacturing market is categorized into automobile, heavy metals and machine manufacturing, semiconductor and electronics, energy and power, food and beverages and pharmaceuticals.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.
The report provides profiles of the companies in the global artificial intelligence in manufacturing market such as, Siemens AG, IBM Corporation, Intel Corporation, General Electric (GE) Company, Microsoft Corporation, Rockwell Automation Inc., Cisco Systems, Inc., Mitsubishi Electric Corporation, Oracle Corporation, Datarpm and Others.