Artificial Intelligence in Manufacturing Market worth $20.8 billion by 2028 – Exclusive Report by MarketsandMarkets™

Press Releases

Sep 25, 2023

CHICAGO , Sept. 25, 2023 /PRNewswire/ — The Artificial Intelligence in Manufacturing Market is expected to reach USD 20.8 billion by 2028 from USD 3.2 billion in 2023, at a CAGR of 45.6% during 2023 to 2028 according to a new report by MarketsandMarkets™. The significant growth factor associated with the Artificial Intelligence in Manufacturing Market growth is the Rising need to handle increasingly large and complex dataset, emerging industrial IoT and automation technology. The AI in manufacturing market is witnessing significant growth because of the extensive usage of big data, industrial robots, and the evolution of the Internet of Things (IoT), along with a few macro drivers such as emphasis on value creation and experiential customers.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=72679105

Browse in-depth TOC on “Artificial Intelligence in Manufacturing Market”

208 – Tables
67 – Figures
280 – Pages

Artificial Intelligence in Manufacturing Market Report Scope:

Report Coverage	Details
Market Revenue in 2023	$ 3.2 billion
Estimated Value by 2028	$ 20.8 billion
Growth Rate	Poised to grow at a CAGR of 45.6%
Market Size Available for	2019–2028
Forecast Period	2023–2028
Forecast Units	Value (USD Million/Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Offering, Technology, Application and Region
Geographies Covered	North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge	Lack of skilled workforce, especially in developing countries
Key Market Opportunities	Application of AI-driven machine learning and NLP for intelligent enterprise processes
Key Market Drivers	Rising need to handle increasingly large and complex dataset

Hardware segment to grow with higher CAGR during the forecast period.

The artificial intelligence in manufacturing market based on offering has been segmented into hardware, software, and services. The market for the hardware segment has been sub-segmented into processors, memory, and network. Different types of processors considered in the scope of this report are microprocessor units (MPUs), graphics processing units (GPUs), field-programmable gate arrays (FPGAs), and application-specific integrated circuits (ASICs). The demand for high-computing processors to run AI algorithms is rising significantly. In the processor market, the GPU sub-segment is expected to witness substantial growth in the coming years owing to its high parallel computing capabilities.

Computer vision technology segment to grow with higher CAGR during the forecast period.

Computer vision technology is concerned with the physical structure of 3D objects attached to an intelligent computing system. Computer vision analyzes the information of different geometric shapes, volumes, and patterns and provides visual feedback to the user, which is used to draw the inference. Computer vision is mainly used for predictive maintenance and machinery inspection purposes. The technology is mainly used in the automotive, energy & power, and heavy metals & machine manufacturing industries. In the automotive industry, this technology is used for 3 stages—gauges, inspections, and identification.

Predictive maintenance & Machinery Inspection to hold largest market share through the forecast period.

Predictive maintenance and machinery inspection is a regular and systematic application of AI, which ensures the proper functioning of different equipment and reduces their rate of deterioration. AI technology in predictive maintenance and machinery inspection is used in regular examination, inspection, lubrication, testing, and equipment adjustments. The growing need to reduce operational costs due to untimely machine failures and machine downtime is crucial in adopting AI-based solutions in predictive maintenance and machinery inspection applications. Factors such as the generation of a large volume of machine data, advantages offered by AI systems to manufacturers in predictive maintenance and machinery inspections, and the entry of many startups in this segment are driving the growth of the artificial intelligence in manufacturing market.

Automotive industry to hold largest market share in 2023.

The artificial intelligence in manufacturing industry for the automotive industry held the largest share of the overall market in 2023. To reduce costs and improve vehicle production quality, automakers have started using computer vision and machine learning technologies. Use of AI in Automotive industry reduces downtime, vehicle recalls, and financial losses. Moreover, Predictive analytics can be used to evaluate whether a flawed part can be reworked or needs to be scrapped.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=72679105

Asia Pacific is anticipated to grow at the highest CAGR during the forecast period.

Asia Pacific consists of some of the fastest-growing economies—such as China, Japan, and India. The market in Asia Pacific is propelled by factors such as rapid industrialization, the substantial growth of e-commerce, rising labor costs, technological advancements in warehouses, progressing logistics and warehousing sectors, and the extensive focus on Industry 4.0. Moreover, the strong economic growth in this region is attracting further investments from AI in manufacturing suppliers for establishing sales and support facilities.

The report profiles key players in artificial intelligence in manufacturing companies such Siemens (Germany), IBM (US), Intel Corporation (US), NVIDIA Corporation (US), and General Electric Company (US) and others.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=72679105

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports:

Artificial Intelligence (AI) Market by Offering (Hardware, Software), Technology (ML (Deep Learning (LLM, Transformers (GPT 1, 2, 3, 4)), NLP, Computer Vision), Business Function, Vertical, and Region – Global Forecast to 2030

Artificial Intelligence (chipsets) Market by Technology (Machine Learning, Natural Language Processing, Computer Vision), Function (Training, Inference), Hardware (Processor, Memory, Network), End-user Industry and Region – Global Forecast to 2028

Artificial Intelligence in Cybersecurity Market by Offering (Hardware, Software, and Service), Deployment Type, Security Type, Technology (ML, NLP, and Context-Aware), Application (IAM, DLP, and UTM), End User and Geography – Global Forecast to 2028

Industry 4.0 Market Size, Share & Industry Growth Analysis Report by Technology (Industrial Robots, Blockchain, Industrial Sensors, Industrial 3D Printing, Machine Vision, HMI, AI in Manufacturing, Digital Twin, AGV’s, Machine Condition Monitoring) and Geography – Global Growth Driver and Industry Forecast to 2026

Artificial Intelligence in Supply Chain Market by Offering, Technology, Application (Fleet Management, Supply Chain Planning, Warehouse Management, Virtual Assistant, Freight Brokerage), End-User Industry, and Geography – Global Forecast to 2025

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/artificial-intelligence-manufacturing-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/artificial-intelligence-manufacturing.asp