According to the latest market research report "Artificial Intelligence in Manufacturing Market
by Offering (Hardware, Software, and Services), Technology (Machine
Learning, Computer Vision, Context-Aware Computing, and NLP),
Application, Industry, and Geography - Global Forecast to 2025",
the artificial intelligence in manufacturing market is estimated to be
valued at USD 1.0 billion in 2018 and is expected to reach USD 17.2
billion by 2025, at a CAGR of 49.5% from 2018 to 2025.
Browse 134 market data Tables and 48 Figures spread through 184 Pages and in-depth TOC on "Artificial Intelligence in Manufacturing Market"
The
major companies profiled in this report are NVIDIA Corporation (US),
IBM Corporation (US), Alphabet Inc. (Google) (US), Microsoft Corporation
(US), Intel Corporation (US), Siemens AG (Germany), General Electric
Company (US), General Vision Inc. (US), Data RPM (US) (now Progress
Software Corporation), Clearpath Robotics Inc.(Canada), Mitsubishi
Electric Corporation (Japan), Sight Machine (US), SAP SE (Germany),
Oracle Corporation (US).
The market has huge
potential across various industries such as automobile, energy and
power, pharmaceuticals, and food and beverages. Increasingly large and
complex data set available in the form of big data and evolving
industrial IoT and automation drive the growth of this market. Improving
computing power and declining cost of hardware are other key factors
driving the AI in manufacturing market.
AI in manufacturing market for software to hold largest market during forecast period
The
AI in manufacturing market for software segment is expected to hold the
largest market from 2018 to 2023. A large number of companies such as
IBM (US), Microsoft (US), SAP (Germany) and Siemens (Germany) are
developing software solutions for various manufacturing applications;
this is the key factor complementing the growth of software segment.
Moreover, growing involvement of start-ups in the market is further
complementing the growth of the software segment.
Computer vision technology to witness highest CAGR from 2018 to 2025
Computer
vision technology is expected to foresee the highest CAGR throughout
the forecast period. The growing adoption of computer vision in
applications such as industrial robots, quality control, and material
movement is propelling the growth of this technology in the AI in
manufacturing market. Computer vision is mainly used for predictive
maintenance and machinery inspection purpose. Companies such as Siemens
(Germany) and Mitsubishi Electric (Japan) are using computer vision
technology in their manufacturing plants.
APAC leads AI in manufacturing market in terms of value
APAC
to account for the largest size of the AI in manufacturing market
throughout the forecast period. The presence of a large number of
manufacturing companies in China and Japan along with the strong
presence of automobile and electronics and semiconductor companies are
driving the growth of the AI in manufacturing market in APAC. Moreover,
the high adoption of industrial robots is expected to play a vital role
in the growth of the said market in APAC.
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