Artificial Intelligence in Manufacturing Market Growth by Current and Upcoming Trends, Opportunities to 2025
Increasing deployment of automation technologies are expected to offer significant growth opportunities for the growth of the AI in manufacturing market.
PORTLAND, PORTLAND, OR, UNITED STATE, November 9, 2022 /EINPresswire.com/ — The increase in the use of machine vision and computer vision globally drives the growth of artificial intelligence in the manufacturing market. In addition, growth in venture capital investments also significantly contributes to market growth. Furthermore, the rise in standards of living and recent developments in emerging economies such as China and India have created a major growth potential for AI in the manufacturing sector.
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However, disinclination among manufacturers to adopt AI-based technologies and the threat of lots of jobs substituted by AI-based technology systems are expected to hinder the market demand. Conversely, enduring technological advancements such as smarter AI chips and others by key players are expected to create lucrative opportunities for the growth of the market.
An increase in demand for artificial Intelligence in the manufacturing market has been witnessed owing to a rise in the adoption of the Internet of Things and an increase in awareness about customer satisfaction. In addition, the development of smarter and more efficient robots is expected to propel market growth. However, the high cost of implementing this technology and the high threat to human dignity are anticipated to restrain the market growth.
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Based on the deployment, the on-premise segment is expected to garner the largest share of the global market during the forecast period. According to the industry segment, the automobile sector is expected to dominate the market in terms of revenue in 2017, owing to the capability of artificial Intelligence in manufacturing to achieve fewer errors and mass production.
COVID-19 Scenarios:
The global pandemic has affected a major part of the manufacturing industry which, in turn, impedes the adoption of artificial intelligence by companies. However, certain manufacturing companies including food & beverages and pharmaceuticals are permitted to continue production amid COVID-19. Moreover, the global lockdown has urged other manufacturing companies to halt production.
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The key players profiled in this report include Bosch, Cisco Systems, Inc., General Electric Company, IBM Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, NVIDIA Corporation, Oracle Corporation, and Siemens AG.
Key Findings of the Artificial Intelligence in the Manufacturing Market:
• Based on the application segment, the predictive maintenance and machinery inspection segment dominated the market in terms of revenue in 2017, and is projected to grow at a CAGR of 54.9% during the forecast period.
• North America generated the highest revenue in 2017, and is anticipated to grow at a CAGR of 55.5%.
• The computer vision segment based on technology generated the highest revenue in 2017, and is estimated to grow at the rate of 56.0%.
• In Asia-Pacific, China accounted for the largest market share in 2017.
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1. Artificial Intelligence as a Service Market
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