Rising Demand for Autonomous Laser Technologies Drives the AI in Manufacturing Market
The artificial intelligence in manufacturing market is likely to gain significant revenue growth. Market Research Future (MRFR) states that the global artificial intelligence (AI) in manufacturing market is estimated to garner approximately USD 53.69 billion by 2030, growing at 47.1% CAGR throughout the review period (2023-2030).
Artificial intelligence in manufacturing helps boost the data value, employing technology and human insight. Most businesses today have employed AI-based solutions to boost agility to respond to changing conditions in real time for greater safety, profitability, and sustainability. Technology providers strive to purpose-built AI solutions for industrial application requirements.
AI-based solutions integrate AI technology and machine-learning capabilities to optimize autonomous and semi-autonomous processes. These industrial AI solutions enable users to detect current performance issues and predict future ones, minimizing the risk of failure of critical assets and maximizing operational performance. Using AI in manufacturing ensures improved detection of performance issues, optimization of processes, and smarter decisions.
Robotics, digitalization, and AI are considered the next stage of industrialization. Artificial intelligence in manufacturing facilitates time and cost-saving in many time-consuming manual tasks, raises efficiency, heightens supply chain visibility, optimizes inventory management, and improves product quality by integrating information technology (IT) and operational technology (OT) systems.
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Top Key Players
- Nvidia Corporation
- Intel, Inc
- IBM Corporation
- Siemens AG
- General Electric company
- Google, Inc
- Microsoft Corporation
- Amazon Web Services
- Bosch
- Rockwell Automation
- Cisco Systems
- SAP SE
- Foxconn
AI in Manufacturing Market Drivers
Artificial intelligence in manufacturing is being termed a new intelligence revolution. The widespread popularity and government support for robotics would allow the market to progress smoothly in the next few years. Factors such as the proliferation of automation across manufacturing sectors and the rising demand for advanced production & manufacturing processes worldwide drive market growth.
Moreover, growing AI applications in end-user industries such as automobile, electronics, healthcare, manufacturing, energy & power, semiconductor, food & beverages boost the market size. Additional factors bolstering market revenues include the increasing number of manufacturers leveraging AI to improve operations, launch new products, customize designs, and plan their future financials.
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Here are some of the key trends in the AI in manufacturing market:
The increasing adoption of cloud computing is making it easier for manufacturers to deploy and use AI-powered applications.
The development of more powerful AI algorithms is enabling manufacturers to solve more complex problems.
The growing availability of data is providing manufacturers with the insights they need to make better decisions.
The increasing collaboration between manufacturers and AI technology providers is accelerating the development and adoption of AI in manufacturing.
The AI in manufacturing market is a rapidly growing and evolving market. Manufacturers who are able to adopt AI-powered technologies early on will be well-positioned to gain a competitive advantage.
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