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Artificial Intelligence in Manufacturing Market: Meticulous Research® Reveals Why This Market is Growing at a CAGR of 38.6% to Reach $13.96 Billion by 2028

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Artificial Intelligence in Manufacturing Market: Meticulous Research® Reveals Why This Market is Growing at a CAGR of 38.6% to Reach $13.96 Billion by 2028

November 18
18:52 2021
Artificial Intelligence in Manufacturing Market: Meticulous Research® Reveals Why This Market is Growing at a CAGR of 38.6% to Reach $13.96 Billion by 2028
The Artificial Intelligence (AI) in Manufacturing Market is expected to reach $13.96 billion, at a CAGR of 38.6% during the forecast period of 2021-2028.
Artificial Intelligence in Manufacturing Market By Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance Quality Management, Supply Chain, Production Planning), Industry Vertical, & Geography – Global Forecast to 2028

Evolving business landscape puts several organizations under constant pressure to innovate, making digital transformation a top priority for businesses. The integration of artificial intelligence technologies in manufacturing industries emerged as a key factor for organizations covering various products and services to ensure enhanced IT operations, simplify management, and boost marketability.

Manufacturing industries are implementing AI-powered intelligent solutions & services for enhancing the automation and operational efficiency of organizations. Thus, there is considerable growth in the demand for the adoption of AI in the manufacturing industry for intelligent manufacturing processes that offer decentralized decision-making, optimized logistics & supply chains, enhanced production outcomes, advancements in process effectiveness, and minimization of operational costs and enable an intelligent manufacturing environment. Meticulous Research®, in its latest publication on AI in manufacturing market, states that the AI in manufacturing market is expected to grow at a CAGR of 38.6% from 2021–2028 to reach $13.96 billion by 2028.

Download Free Sample Report : https://www.meticulousresearch.com/download-sample-report/cp_id=4983

The growth of this market is backed by the advent of industry 4.0, increasing volumes of complex datasets, the rising adoption of industrial IoT and automation, and the rising need to reduce operating costs and improve the scalability of infrastructure.

Furthermore, the growing scale of manufacturing operations in emerging economies, rising acceptance of modern manufacturing techniques, and increasing deployment of automation technologies are expected to offer significant growth opportunities in the AI in manufacturing market.

However, high procurement and operating costs and lack of infrastructure are the biggest restraining factors for the growth of this market. Also, privacy and data protection concerns are a major challenge for this market’s growth. Presently, the growing usage 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.

Scope of the Report:

AI in Manufacturing Market, by Component                

  • Hardware
    • Processors
    • Memory Solutions
    • Networking Solutions
  • Software
    • AI Platforms
    • AI Solutions
  • Services
    • Deployment & Integration
    • Support & Maintenance

AI in Manufacturing Market Market, by Technology             

  • Machine Learning
  • Natural Language Processing
  • Computer Vision
  • Speech and Voice Recognition
  • Context-Aware Computing

AI in Manufacturing Market Market, by Application              

  • Predictive Maintenance & Machinery Inspection
  • Quality Management
  • Supply Chain Optimization
  • Industrial Robot / Robotics & Factory Automation
  • Production Planning
  • Material Handling
  • Field Services
  • Safety Planning
  • Cybersecurity
  • Energy management

AI in Manufacturing Market Market, by Industry Vertical               

  • Automotive
  • Semiconductors & Electronics
  • Heavy Metals & Machine Manufacturing
  • Energy & Power
  • Aerospace & Defense
  • Medical Devices
  • Pharmaceuticals
  • FMCG

AI in Manufacturing Market Market, by Geography  

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Netherlands
    • Russia
    • Ireland
    • Turkey
    • Rest of Europe
  • Asia-Pacific
    • Japan
    • China
    • India
    • South Korea
    • Australia & New Zealand
    • Thailand
    • Indonesia
    • Taiwan
    • Vietnam
    • Rest of Asia-Pacific
  • Latin America
    • Mexico
    • Brazil
    • Rest of Latin America
  • Middle East and Africa

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To provide efficient analysis, Meticulous Research® has segmented this market based on component (hardware [processors, memory solutions, networking solutions], software [AI platforms, AI solutions], services [deployment & integration, support & maintenance]), by technology (machine learning, natural language processing, computer vision, speech & voice recognition, context-aware computing), by application (predictive maintenance & machinery inspection, quality management, supply chain optimization, industrial robot, production planning, material handling, field services, safety planning, cybersecurity, energy management), by industry vertical (automotive, semiconductors & electronics, heavy metals & machine manufacturing, energy & power, aerospace & defense, medical devices, pharmaceuticals, and FMCG), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

In terms of industry vertical, the automotive industry 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 benefits offered by AI technology, including fault detection & isolation, quality management, smart manufacturing, production monitoring, and the need for predictive maintenance & machinery inspection solutions.

However, the medical devices manufacturing industry is slated to register the fast CAGR during the forecast period due to factors such as the rising focus on preventive medical equipment maintenance to reduce unplanned downtime and improve operational productivity, surging prevalence of chronic diseases, rising geriatric population, and the outbreak of the COVID-19 pandemic.

To gain more insights into the market with a detailed table of content and figures, click here :https://www.meticulousresearch.com/product/artificial-intelligence-in-manufacturing-market-4983

Based on geography, Asia-Pacific is estimated to account for the largest share of the AI in manufacturing market in 2021. The Asia-Pacific region is expected to continue its dominance in the AI in manufacturing market during the forecast period. The region’s large market share and high growth rate are attributed to the presence of major manufacturing companies in China, South Korea, and Japan, along with the strong presence of automobile and electronics & semiconductors companies and their focus on developing advanced solutions to optimize manufacturing operations and processes.

In addition, increasing supportive government funding and initiatives for new entrants, growing demand to improve the scalability of infrastructure, rising focus on digitalization with technological advancements including artificial intelligence, industrial automation, robotics, and IoT are expected to support the growth of the AI in manufacturing market in the Asia-Pacific region during the forecast period.

Key Players:

The report provides competitive intelligence in terms of financials, growth strategies, product portfolios, and geographical presence on some of the key players operating in the artificial intelligence in manufacturing market, including Alphabet, Inc. (U.S.), IBM Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Oracle Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Robert Bosch GmbH (Germany), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Advanced Micro Devices, Inc. (U.S.), and Sight Machine Inc. (U.S.).

Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here-https://www.meticulousresearch.com/custom-research

About Meticulous Research®

Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.

Media Contact
Company Name: Meticulous Market Research Pvt Ltd
Contact Person: Khushal Bombe
Email: Send Email
Phone: +1 646-781-8004
Address:1267 Willis St, Ste 200 Redding, California, 96001, U.S.
Country: United States
Website: www.meticulousresearch.com

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