Global Ai In Manufacturing Market Size 2024, Forecast To 2033
6 Mar, 2024
The AI in manufacturing market size has experienced exponential growth in recent years. It will expand from $2.88 billion in 2023 to $3.98 billion in 2024 at a compound annual growth rate (CAGR) of 38.1%. The growth in the historic period can be attributed to energy efficiency and sustainability, customization and personalization, cost reduction measures, workforce upskilling and training, and supply chain optimization. The market is poised for continued expansion, projected to reach $13.53 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. Factors fueling this growth include the adoption of edge computing, green manufacturing initiatives, a focus on cybersecurity, enhanced human-machine collaboration, and supply chain resilience. Noteworthy trends in the forecast period encompass robotics and automation integration, quality control and defect detection, augmented reality applications, data-driven decision-making, and autonomous manufacturing processes.
Global AI in Manufacturing Market Key Driver
The surging demand for automobiles is anticipated to fuel the growth of AI in the manufacturing sector. Automobiles, designed for passenger and goods transportation, are integrating AI into various manufacturing processes, including autonomous vehicle development, predictive maintenance, data analytics, and quality assurance. AI technology facilitates the design of vehicles, tools, and robotic systems employed in automotive production. In March 2022, the United States witnessed a 37.4% increase in automobile sales, with 64,344 units sold (21,177 vehicles and 43,167 light trucks) compared to 2021, according to Bankrate, a US-based financial services company. Additionally, the European Automobile Manufacturers Association reported a global production of 79.1 million automobiles in 2021, marking a 1.3% rise from 2020. Consequently, the escalating demand for automobiles is propelling the growth of AI in the manufacturing market.
Get A Free Sample Of The Global AI in Manufacturing Market ReportGlobal AI in Manufacturing Market Segments
The ai in manufacturing market covered in this report is segmented –
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision
3) By Deployment: Cloud, On-Premise
4) By Application: Predictive maintenance and machinery inspection, Material Movement, Production Planning, Field Services, Quality Control, Cybersecurity, Industrial Robots, Reclamation
5) By Industry: Automobile, Energy And Power, Semiconductor And Electronics, Pharmaceutical, Heavy Metal And Machine Manufacturing, Food And Beverage, Other Industries
By Geography:The regions covered in the ai in manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the AI in manufacturing market in 2023. It is expected to be the fastest-growing region in the global AI in manufacturing market report during the forecast period. The regions covered in the ai in manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major AI in Manufacturing Industry Players
Nvidia Corporation, The International Business Machines Corporation, Siemens AG, General Electric Company, SAP SE, Amazon Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Google LLC, Intel Corporation, Micron Technology Inc., Oracle Corporation, Cisco Systems Inc., Microsoft Corporation, Hilscher Gesellschaft für Systemautomation GmbH, Beckhoff Automation GmbH, Phoenix Contact GmbH & Co. KG, Veo Robotics, Automation Anywhere, Machina Labs Inc., Advanced Micro Devices Inc., SoluLab, Keyence Corporation, LeewayHertz, Citadel Analytics, Omron Corporation, Yokogawa Electric Corporation, Cognex Corporation, Bosch Rexroth AG
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AI in Manufacturing Market Overview
AI in manufacturing refers to the integration of artificial intelligence (AI) technologies into the manufacturing process to increase efficiency, productivity, and quality. It involves the use of machine learning algorithms, computer vision, robotics, and other AI tools to analyze data, automate processes, and optimize production. By using AI in manufacturing, companies can reduce costs, improve product quality, and enhance overall performance.
AI in Manufacturing Global Market Report 2023 provides data on the global ai in manufacturing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The ai in manufacturing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.