DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The AI in manufacturing market is expected to grow from USD 1.0 billion in 2018 to USD 17.2 billion by 2025, at a CAGR of 49.5% during the forecast period.
Increasingly large and complex data set available in the form of big data and evolution of industrial IoT and automation are the key drivers of this market. Improving computing power, declining hardware cost, and increasing venture capital investments are the other factors fuelling the growth of this market.
However, reluctance among manufacturers to adopt AI-based technologies and lack of awareness among small and medium-sized businesses are among the major factors restraining the growth of the AI in manufacturing market. Also, high power requirement from machine learning hardware, especially during network training, is limiting the growth of the said market.
Hardware segment to witness highest growth rate among other offerings during forecast period
Increasing need for hardware platforms with high computing power to run various AI software is the key factor accelerating the growth of hardware devices in the manufacturing market. The AI in manufacturing market is segmented on the basis of hardware into processor, memory, and network. The large presence of major companies that contribute to the AI sector are located in North America and has made the region a major market for AI hardware.
Machine learning to hold largest market followed by computer vision in AI manufacturing market
Machine learning's ability to collect and handle big data and its applications in various manufacturing applications such as predictive analytics and machinery inspection, quality control, and cybersecurity are fueling its growth. 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 analyzes the information of different geometric shapes, volumes, and patterns, and provides visual feedback to the user, which is further used to draw the inference. The fundamental objective of computer vision technology is to interpret the picture obtained through a high-resolution camera.
Automobile industry to hold largest market during forecast period
The automobile industry is expected to hold the largest size of AI in manufacturing market during the forecast period. Extensive use of AI technologies, especially machine learning and computer vision in machinery inspection, installations of industrial IoT, and usage of big data, is driving the growth of the AI in manufacturing market for the automobile industry. Moreover, to reduce costs and improve the quality of vehicle production, automobile makers have started using computer vision and machine learning technology.
- Increasingly Large and Complex Data Set
- Evolving Industrial IoT and Automation
- Improving Computing Power and Declining Hardware Cost
- Increasing Venture Capital Investments
- Reluctance Among Manufacturers to Adopt AI-Based Technologies
- Growth in Operational Efficiency of Manufacturing Plants
- Application of AI for Intelligent Business Process
- Limited Skilled Workforce
- Concerns Regarding Data Privacy
- Value Chain Analysis
- Siemens Games Uses Fujitsu's AI Solution to Accelerate Inspection of Turbine Blades
- Volvo Uses Machine Learning-Driven Data Analytics for Predicting Breakdown and Failures
- Rolls-Royce Using Microsoft Cortana Intelligence for Predictive Maintenance
- Paper Packaging Firm Used Sight Machines Enterprise Manufacturing Analytics to Improve Production
- Alphabet Inc
- Amazon Web Services (AWS)
- Arimo Inc.
- Cisco Systems
- Citrine Informatics
- Clearpath Robotics Inc.
- CloudMinds Technologies
- General Electric (GE) Company
- General Vision
- Kespry Inc.
- Micron Technology
- Mitsubishi Electric
- Omron Adept Technologies Inc.
- Preferred Networks Inc.
- Progress Software Corporation (Datarpm)
- Rockwell Automation
- Sight Machine
- SkyMind, Inc.
- Tamr Inc.
- Ubtech Robotics
For more information about this report visit https://www.researchandmarkets.com/research/jmpdf3/artificial?w=4