DUBLIN, December 14, 2021– (BUSINESS WIRE) – The report “Artificial Intelligence in Manufacturing Market by Component, Technology, Application, Industry Vertical and Geography – Global Forecast to 2028” has been added to ResearchAndMarkets.com offer.
Artificial intelligence in the manufacturing market is expected to reach $ 13.96 billion by 2028 and grow at a CAGR of 38.6% during the forecast period 2021-2028.
The growth of this market is mainly attributed to the advent of Industry 4.0, the increasing volume of big and complex data and the growing adoption of industrial IoT.
In addition, the increase in government initiatives in favor of digitization, the growing need to improve production results, advance process efficiency, reduce costs and downtime of production lines. are factors that are expected to drive the growth of AI in the manufacturing market in the coming years. In addition, the growing use of computer vision in manufacturing, the growing adoption of 5G technology, and the growing demand for factory automation are significant technology trends in this market.
On the basis of components, the hardware segment is expected to account for the largest share of the AI ââmarket in the manufacturing market in 2021. The large market share of this segment is mainly due to the growing demand for rugged devices. and cost-effective, including servers, storage, and network devices.
However, the software segment is expected to register the fastest CAGR during the forecast period owing to the high adoption rate of cloud-based technologies, the growing need for innovative technologies to predict and prevent errors, and the growing demand for AI platforms to streamline processes. and operations.
On the basis of technology, the machine learning segment is estimated to account for the largest share of AI in the manufacturing market in 2021. The large market share of this segment is mainly due to the growing need for ” identify, monitor and analyze critical system variables. during the manufacturing process and the increasing demand for predictive maintenance and machine inspection.
However, the Natural Language Processing (NLP) segment is expected to register the fastest CAGR during the forecast period due to the increasing demand for cloud-based NLP solutions to reduce overall costs, facilitate intelligent environments and improve operational upgrades.
Based on applications, predictive maintenance and machine inspection segment is estimated to account for the largest share and experience the fastest CAGR of AI in the manufacturing market in 2021. Share of Large market and high growth rate of this segment are attributed to growing demand for lower operating costs of heavy equipment, increasing adoption of advanced technologies including IoT devices in manufacturing plants, increasing demand for time operational and equipment availability, the growing need to reduce maintenance planning time, the growing need to improve production capacity, and the growing need to report manufacturing issues in real time.
Based on the industry vertical, the automotive industry segment is expected to account for the largest share of AI in the manufacturing market in 2021. The large market share of this segment is mainly due to the ‘growing adoption of advanced automotive AI solutions for fault detection and isolation. , quality management, smart manufacturing, production monitoring and the growing need for predictive maintenance and machine inspection solutions.
However, the medical device manufacturing segment is expected to register the fastest CAGR during the forecast period due to the outbreak of the COVID-19 pandemic, with more emphasis on preventive maintenance of medical equipment to reduce unplanned downtime, improve production quality control and improve operational productivity.
Asia-Pacific is estimated to account for the largest share and experience the highest CAGR of the AI ââmarket in the manufacturing market in 2021. The large market share and high growth rate of the region are due to the growing investments of technology leaders in digitalization, the strong presence of automotive, electronics and semiconductor companies in the region, and their focus on developing advanced solutions to optimize operations and manufacturing processes In the region.
Growing scale of manufacturing operations in emerging economies
Growing acceptance of modern manufacturing techniques
Growing deployment of automation technologies
Growing demand for factory automation
Growing adoption of 5G technology
Growing use of computer vision in manufacturing applications
The major players operating in the AI ââin manufacturing market are
Scope of the report:
Artificial intelligence in the manufacturing market, by component
Deployment & Integration
Assistance and maintenance
Artificial intelligence in the manufacturing market, by technology
Artificial Intelligence in Manufacturing Market, By Application
Predictive maintenance and machine inspection
Supply chain optimization
Industrial robot / Robotics and factory automation
Artificial intelligence in the manufacturing market, by vertical sector
For more information on this report, visit https://www.researchandmarkets.com/r/kkjwcf
See the source version on businesswire.com: https://www.businesswire.com/news/home/20211214006028/en/
Laura Wood, Senior Press Director
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