Artificial Intelligence in Manufacturing Market by Offerings (Solutions, Service); Application (Field Services Management, Maintenance and Inspection, Operations and Logistics, Others); End user (Automotive, Oil and Gas, Energy and Power, Electronics and Semiconductor, Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026884 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The Artificial Intelligence in Manufacturing market crossed US$ 2.5 billion mark in 2022 and is expected to hit US$ 53.5 billion by 2030, recording a CAGR of 46.4% during the forecast period.

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Artificial Intelligence in the Manufacturing market has been significantly growing with the adoption of artificial intelligence (AI)-based quality control systems

AI-based quality control applications/machines enable plant operators to detect property variations during production time quickly. These AI-based quality control applications rely on 3- and 2-dimensional data by a laser-based aggregate scanning system that converts data into digital images. This quality control helps a plant operator to verify the quality of products. If there is a problem with the product, the AI-based system separates the object from the conveyer belt. This AI-based quality control system is generally used in the food & beverage, pharmaceutical, and semiconductor industries. Mostly machine learning, computer vision, and context-aware computing technologies are used in quality control applications in a manufacturing plant.

Within the report, the Artificial Intelligence in Manufacturing market is segmented into offering, application, end user, and geography. Based on offering, the market is segmented into Solutions and Services. On the basis of the application, the market is segmented as Field Services Management, Maintenance and Inspection, Operations and Logistics, and Others. The market on the basis of the end user is classified as Automotive, Oil and Gas, Energy and Power, Electronics and Semiconductor, and Others. Geographically, the market is subsegmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The Artificial Intelligence in Manufacturing market in the Asia Pacific holds the highest growth rate and is expected to retain its position during the forecast period (2022-2030). The high growth is due to the presence of the most populous countries, such as China and India, in the region.

 

The automotive segment in the end user to hold the largest share of Artificial Intelligence in the Manufacturing market during the forecast period (2022-2030)

Based on end user, the automotive segment is estimated to account for a larger market share in 2022 and is expected to hold its position during the forecast period. The automotive industry is a pioneer in implementing new technologies. The large market share of this segment is primarily driven by the growing implementation of advanced AI automotive solutions for fault detection & isolation, production monitoring, quality management, smart manufacturing, and the increasing need for predictive maintenance & machinery inspection solutions.

 

Rising volume of complex datasets is one of the major factors accelerating the growth of Artificial Intelligence in the Manufacturing market growth.

Companies have access to extensive data capturing and tracking resources in the manufacturing industry. The information produced by sensors, production equipment, IoT-driven systems, and manufacturing software, also known as big data, is extremely large and complex for humans to analyze. AI and big data analytics have emerged as feasible solutions for critical manufacturing issues as large volumes of structured and unstructured data from various sources can be analyzed efficiently. Using AI and machine learning algorithms, organizations can contextualize the data and flag anomalies, reduce maintenance costs, improve customer service, enhance predictive & preventive maintenance, and use raw data to support decision-making. AI and big data advanced analytics play a vital role in processing the massive flows of information generated and captured daily. Manufacturers have already started deploying these technologies in their workplaces. Apart from this, AI-powered big data analytics also helps enhance, enable quality assessment, manufacturing operations, customize product designs, ensure better product quality, and manage supply chains, making the collection and comprehensive evaluation of data a standard practice in real-time decision-making.

 

Recent strategic developments in Artificial Intelligence in Manufacturing market

The Artificial Intelligence in Manufacturing market has undergone several significant developments, and a few of these have been mentioned below:

  • In January 2022, NVIDIA has launched GeForce RTX 3050, a next-generation graphics and AI to games product. The RTX 3050 line-up uses ray tracing technology for real-time, cinematic-quality rendering. The RTX 3050 product also features deep learning super boosts frame rate and sampling.
  • In December 2021, IBM has launched IBM Z and Cloud Modernization Center, a digital platform with a varied range of tools and resources, as well as ecosystem partners, which will help users accelerate the modernization of data, processes, and applications in an open hybrid cloud architecture.

The Artificial Intelligence in Manufacturing market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. CISCO SYSTEMS INC., GENERAL ELECTRIC COMPANY, IBM CORPORATION, INTEL CORPORATION, MITSUBISHI ELECTRIC CORPORATION, NVIDIA CORPORATION, ROBERT BOSCH GMBH, ROCKWELL AUTOMATION, SIEMENS AG, and UBTECH ROBOTICS are among the prominent players operating in the market.

Target audience for the report:

  • Artificial Intelligence in Manufacturing software providers
  • Artificial Intelligence in Manufacturing service providers
  • Artificial Intelligence in Manufacturing associations, organizations, forums, and alliances
  • Venture capitalists, private equity firms, and start-up companies
  • End users of Artificial Intelligence in Manufacturing
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the Artificial Intelligence in Manufacturing market has been segmented on the basis of:

  • Offerings
    • Solution
    • Service
  • Application
    • Field Services Management
    • Maintenance and Inspection
    • Operations and Logistics
    • Others
  • End user
    • Automotive
    • Oil and Gas
    • Energy and Power
    • Electronics and Semiconductor
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • CISCO SYSTEMS INC.
    • GENERAL ELECTRIC COMPANY
    • IBM CORPORATION
    • INTEL CORPORATION
    • MITSUBISHI ELECTRIC CORPORATION

The List of Companies
- CISCO SYSTEMS INC.
- GENERAL ELECTRIC COMPANY
- IBM CORPORATION
- INTEL CORPORATION
- MITSUBISHI ELECTRIC CORPORATION

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