Nov 28, 2022   SOURCE: BusinessWire

The Worldwide Artificial Intelligence in Manufacturing Industry is Expected to Reach $21.3 Billion by 2028 at a 42.2% CAGR - ResearchAndMarkets.com

The "Global Artificial Intelligence in Manufacturing Market Size, Share & Industry Trends Analysis Report by Offering, Application, Technology, Industry, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The Global Artificial Intelligence in Manufacturing Market is expected to reach $21.3 billion by 2028, rising at a market growth of 42.2% CAGR during the forecast period.

In recent years, artificial intelligence has become one of the fastest-growing technology. AI is linked to human intellect and shares similar traits like language comprehension, thinking, learning, problem solving, and so on. In the development and revision of such a technology, manufacturers in the market face huge underlying intellectual obstacles. AI is at the heart of the market's next-generation software technologies.

The implementation of artificial intelligence in the manufacturing sector is growing due to increased automation in the manufacturing industry and increased demand for big data integration. Moreover, the artificial intelligence in manufacturing market is being driven by the increased use of machine vision cameras in industrial applications such as machinery inspection, material movement, field service, and quality control.

Furthermore, leading market players are employing a variety of methods, such as product launch and product innovation, to increase their current product portfolio and maintain competition in the quickly expanding AI industry. Oracle, for example, released new artificial intelligence-based apps for supply chain, manufacturing, and other professionals in October 2017. IBM released Watson Assistant, an AI-powered business assistant, in 2018. This product is an artificial intelligence-enabled smart enterprise assistant.

Artificial intelligence (AI) in manufacturing supply chains can forecast demand trends for items across time, socioeconomic segments, and geographical marketplaces. Prominent corporations are incorporating AI into their systems in order to boost client happiness. For example, GE launched the Brilliant Manufacturing Suite to enable customers to create their Brilliant Factory concept.

Moreover, the use of automation and big data in the manufacturing business reduces risks throughout manufacturing processes and allows customers to receive rapid responses, improving the customer experience. However, some human vocations are projected to be replaced by AI-based technological systems in the near future.

Market Growth Factors

Developing Industrial IoT and Automation Technologies

The Industrial Internet of Things (IIoT) enables an architecture that offers real-time information about operational and business systems, making industrial operations more efficient, productive, and inventive. The data collected by IoT devices must be transformed into instructions that tell machines how to execute specific tasks.

These instructions were created by an AI system that used deep learning, context awareness, and natural language processing to learn human behavior (NLP). AI-based systems function faster and are less likely to make mistakes. As a result, manufacturing efficiency improves, assisting in business expansion.

Demand for AI in Manufacturing Being Driven by Increasing Volume of Complex Datasets

Companies in the manufacturing industry have access to a wealth of data collection and tracking resources. Big data, also known as sensor data, production data, IoT-driven systems, and manufacturing software, is exceedingly massive and difficult for humans to understand.

Since vast volumes of structured and unstructured data from a variety of sources can be examined rapidly, AI and big data analytics have emerged as viable solutions for important manufacturing concerns.

Organizations can interpret data and detect anomalies using AI and machine learning algorithms, minimize maintenance costs, improve customer service, increase predictive and preventative maintenance, and use raw data to support decision-making.

Market Restraining Factors

Hesitancy Among Manufacturers to Adopt AI-based Technologies

Artificial intelligence (AI) provides firms with tools to improve their predictive maintenance and machinery inspection processes. But, manufacturers, on the other hand, are hesitant to incorporate new technologies, particularly AI-based solutions, into their expensive machines and equipment.

Any errors in management could increase the costs. Furthermore, many manufacturers are skeptical of AI-based systems' ability to accurately perform maintenance and inspection tasks. Given these considerations, persuading manufacturers and persuading them that AI-based solutions are cost-effective, effective, and safe is a little more difficult. However, some manufacturers are increasingly accepting of the potential benefits of AI-based solutions and the range of applications they can support.

Scope of the Study

Market Segments Covered in the Report:

By Offering

  • Software
  • Hardware
  • Services

By Application

  • Predictive maintenance & Machinery Inspection
  • Inventory Optimization
  • Quality Control
  • Cybersecurity
  • Industrial robots
  • Field Services
  • Production Planning
  • Others

By Technology

  • Machine Learning
  • Computer Vision
  • Natural Language Processing
  • Context-aware Computing

By Industry

  • Automotive
  • Food & Beverage
  • Pharmaceutical
  • Heavy Metals & Machine Manufacturing
  • Semiconductor & Electronics
  • Others

By Geography

  • North America
  • Europe
  • Asia Pacific
  • LAMEA

Key Market Players

  • NVIDIA Corporation
  • Cisco Systems, Inc.
  • Microsoft Corporation
  • IBM Corporation
  • Intel Corporation
  • Oracle Corporation
  • Google LLC
  • Micron Technology, Inc.
  • Siemens AG
  • General Electric (GE) Co.

For more information about this report visit https://www.researchandmarkets.com/r/mhiwol