Artificial Industrial in Manufacturing Market is Expected to Reach USD 4.9 Billion by the End of 2023
Research Reports
Jan 07, 2021
Market Synopsis
As per the analysis by Market Research Future Reports (MRFR), the global artificial industrial in the manufacturing market is estimated to value USD 4.9 Billion, with a CAGR of 45% during the forecast period from 2017 to 2023. The global artificial industrial manufacturing market 2020 is very competitive. The major competitors are implementing various strategies like innovation, mergers and acquisitions, investment in research and development, and economic portfolio. Several domestic and international brands continue to form a competitive environment. Moreover, the rising demand for the betterment of the operational efficiency of manufacturing plants is estimated to foster the market. Besides, various developments in operating technologies with artificial technologies are helping the market to expand. Other major factors leading to the growth of the market are industrial internet of things, computer vision technology, big data technology in manufacturing, cross-industry partnerships and collaborations, extensive usage of robotics, and an increase in venture capital investment.
However, the COVID-19 breakthrough is likely to hamper the expansion of the market. We will provide COVID-19 impact analysis with the report. The market is estimated to experience expansion in the forthcoming period, i.e., post COVID-19 period. Besides, expenses related to technological innovations, the hesitance of manufacturers to adopt industrial-based technologies are likely to impede the augmentation.
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Regional Analysis
The geographical analysis of North America, Asia-Pacific, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis, North America acquired the maximum market share form countries like Canada and the U.S. On the other hand, and the APAC region is likely to expand during the forecast period from 2017 to 2023. The expansion in the U.S. can be accredited to the increasing research and development, high-end technology solutions, and stringent rules and regulations related to the environment. The expansion in the APAC region can be attributed to the rise of consumer electronics and automotive industries and the presence of a large number of manufacturers in the region. Europe is likely to expand significantly during the forecast period due to the presence of countries like the U.K and Germany. The increasing research and development and the rising demand for advanced solutions in the region have resulted in the expansion. The RoW market is likely to expand significantly during the forecast period.
Key Players
The most significant players of global artificial industrial in manufacturing market are SAP SE (Germany), Siemens AG (Germany), Intel Corporation (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Alphabet Inc. (U.S.), Cisco Systems, Inc. (U.S), Data RPM, Sight Machine (U.S), General Electric Company (U.S.), General Vision, Inc. (the U.S), Mitsubishi Electric Corporation (Japan), Rockwell, Automation Inc. (U.S.), Oracle Corporation (U.S.) and others.
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