Artificial Intelligence in Manufacturing Market to Surpass $ 272.5 Billion by 2023

The overall Artificial Intelligence (AI) in Manufacturing Market was valued at USD 272.5 Million in 2016 and is expected to reach USD 4,882.9 Million by 2023, at a CAGR of 52.42% between 2017 and 2023. The growth of this market is driven by growing usage of big data technology and industrial IoT in the manufacturing industry, extensive usage of robotics, increased in usage of computer vision technology by manufacturing companies, cross-industry partnerships, and significant increase in venture capital investments.

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This report segments the AI in manufacturing market on the basis of offering, technology, application, industry, and geography. By offering, the Artificial Intelligence in manufacturing market has been divided further into hardware and software. The software segment held the largest share of the AI in manufacturing market in 2016. The growing demand for software-based AI solutions and the presence of major software companies providing AI software are expected to drive the growth of this market.

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By technology, the Artificial Intelligence in manufacturing market has been segmented into deep learning, computer vision, context awareness, and natural language processing (NLP). Currently, computer vision holds the largest share among AI technologies. The demand has grown since the companies have started to structure the huge volume of manufacturing data for predictive analysis.

By application, the Artificial Intelligence in manufacturing market has been segmented into material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control.  The predictive maintenance and machinery inspection held the largest share in 2016 owing to factors such as the growing machine’s data with the increasing adoption of big data technology, robotics, and computer vision technology in the manufacturing industry.

Software to hold the largest share of the AI in manufacturing market during 2017-2023

The AI software is used to assist the manufacturing plant operator in finding the relevant insights, material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. In recent years, major software vendors such as IBM Corporation (US), Microsoft Corporation (US), and Alphabet Inc. (US) have started offering cognitive applications and cognitive software platforms.

Deep learning technology expected to grow at the highest rate between 2017 and 2023

The deep learning technology, which includes image recognition, signal recognition, and data mining, is expected to witness the highest CAGR during the forecast period. The rapid adoption of robotics in the manufacturing industry, huge volume of data that is generated from the computer vision technology, and big data technology are driving the growth of the AI in manufacturing market for the deep learning technology.

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Objective of the Study:

  • To provide detailed information regarding the major factors influencing the growth of Artificial Intelligence in manufacturing market (drivers, restraints, opportunities, and industry-specific challenges)
  • To strategically analyze the micromarkets with respect to individual growth trends, prospects, and contribution to the overall Artificial Intelligence in manufacturing market
  • To define, describe, segment, and forecast the artificial intelligence (AI) in manufacturing market segmented on the basis of offering, technology, application, and industry
  • To forecast the size of market segments and key technological developments with respect to four main regions North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW)
  • To strategically profile the key players and comprehensively analyze their market share and core competencies
  • To analyze the competitive developments such as joint ventures, mergers and acquisitions, product developments, and ongoing research and development (R&D) in the Artificial Intelligence in manufacturing market
  • To conduct market life cycle analysis along with technology and market roadmaps

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