AI in manufacturing market to reach $4,012.5 million by 2023.
North America market for AI application in the Manufacturing is expected to witness a CAGR of 51.6% and reach $4,012.5 million by 2023.
Bangalore, India, June 4, 2018: The recently published Infoholic Research study “Artificial Intelligence in Manufacturing Market – Global Drivers, Restraints, Opportunities, Trends, and Forecasts up to 2023”, estimates that the global market for AI in Manufacturing will continue to grow, owing to the increasing number of application areas in the developed and developing countries. Artificial Intelligence relies on large datasets, uses statistical modelling and various technologies such as machine learning and natural language processing to generate insights from the manufacturing records, data, IT systems, stock control and order processing. AI uses electronic records (ER), machine produced data from apps and sensors, factory and equipment databases, which is applied to material technology, factory process control, customer and supplier relationship management, logistics and warehousing management, decision making and communication of process information systems. Besides cost and time efficiency, various other technologies are responsible for the integration of AI in manufacturing such as the growing cloud computing and robotics market.
The widespread usage of AI in manufacturing processes increases efficiency while reducing operational costs and will steer market growth, both in developed and developing countries. This trend is expected to continue during the forecast period 2017–2023, fuelling the AI in manufacturing market growth at a CAGR of 51.6% to reach $4,012.5 million by 2023.
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North America dominates the AI in manufacturing market, followed by Europe and Asia-Pacific. The large population base and sturdy manufacturing facilities in relatively improving economic conditions are the key contributors that make North America the leader in this market. The dominance of North America will continue during the forecast period, while underdeveloped countries are expected to witness a higher adoption rate, thereby boosting the AI in manufacturing market.
“Organizations in manufacturing are heading towards enhancing their offerings and are entering into partnerships with technology providers to cater to the increasing needs of the users. The new digital manufacturing services are having wide applications in terms of smart technology, connected products and plants with highly secure connectivity, mobility, analytics and cloud solutions. The growth in the automobile market is vital for growth in the coming years, especially in the developing countries where demand for AI is high from export-oriented large manufacturing capacities,” said Pradeep Singh, Sr. Research Analyst, Infoholic Research.
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Key insights of the report include:
- Major Application Areas:
- Predictive Maintenance and Machinery Inspection
- Material Movement
- Production Planning
- Field Services
- Quality Control and Reclamation
- Key verticals:
- Energy and Power
- Heavy Metals and Machine Manufacturing
- Semiconductor and Electronics, and Other
- Industry outlook: Market trends, drivers, restraints, and opportunities