Global AI (Artificial Intelligence) in Manufacturing Market 2022-2028

Global AI (Artificial Intelligence) in Manufacturing Market 2022-2028

Global artificial intelligence (AI) in manufacturing market was valued at $3.1 million in 2021 and expected to grow at a CAGR of 38.5% during the forecast period (2022-2028). AI is making its way towards the transformation of the manufacturing industry and enhancing the manufacturing processes. AI has the capability of altering complex task into consistent and precise solutions. Rising adoption of the industrial robot has significantly marked an increased deployment of IoT (Internet of Things) or AI in manufacturing processes. According to the International Federation of Robotics (IFR), in 2016, around 1.8 million robots were actively used in manufacturing industries around the globe; which is further projected to reach around 3 million by 2021. Therefore, there is a substantial rise in the demand for big data in the manufacturing industry, which is fueling the growth of the market. Moreover, increasing large and complex data set coupled with the transition towards software solutions for every application is further propelling the market growth.

The global AI in manufacturing market is further analyzed on the basis of geographical regions, including North America, Europe, Asia-Pacific, and Rest of the World. North America contributed a significant share in the global AI in manufacturing market in 2021. The US is regarded as the major adopter of advanced technologies in every sector; taking it from e-commerce to manufacturing. The country is a headquarter of some of the leading companies of the globe such as IBM Corp., and Microsoft Corp., which exuberantly adopts advanced technologies in their working culture. This includes increased adoption of industrial robots across manufacturing sites of the companies in the US. Moreover, the country is focusing on expanding the applications of AI in every sector by investing significantly in technology. Furthermore, Asia-Pacific is projected to exhibit the fastest growth in the global AI in manufacturing market during the forecast period. There are several countries in Asia-Pacific that are considered a hub for certain sectors such as China is a hub for electronic and semiconductor industry; owing to which, the deployment of AI-driven solutions in manufacturing sites is projected to take place in Asia-Pacific in the near future.

Some of the players operating in the global AI in manufacturing market include IBM Corp., Intel Corp., NVIDIA Corp., Microsoft Corp., Presenso Ltd., Rockwell Automation, Inc., SAS Institute Inc., Seebo Interactive Ltd., Sight Machine, Inc., and Uptake Technologies Inc. The companies are focused on the development of innovative products for AI in manufacturing market to stay competitive in the global market. Geographical expansion, merger & acquisition, partnerships & collaborations, finding a new market or innovate in their core competency in order to expand individual market share are some of the key strategies adopted by major market players. For instance, in April 2019, Rockwell Automation, Inc. released a new AI module that provides predictive analytics for industrial production. The module avails the facility of detecting production anomalies and improve automation processes.