LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) market size in manufacturing industry is poised to grow by USD 7.22 billion during 2019-2023, according to a new report by Technavio, progressing at a CAGR of close to 31% during the forecast period.
Read the 160-page research report with TOC on "Artificial Intelligence (AI) Market in Manufacturing Industry Analysis Report by application (predictive maintenance and machine inspection, production planning, quality control, and others) and geography (North America, Europe, APAC, South America, and MEA) 2019 - 2023" at
The market is driven by the evolving industrial IoT and big data integration. Also, the increasing human-robot collaboration is anticipated to further boost the growth of the artificial intelligence (AI) market in manufacturing industry.
Several manufacturing companies are moving toward Industry 4.0 standards to achieve higher operational efficiency and lower error rates. The increasing adoption of IIoT results in a high volume of data being generated that transforms the industrial data to industrial big data. This is driving the manufacturing companies to adopt AI-based solutions to extract insights from the data to manage their operations better. Thus, the integration of industrial IoT and big data will drive the growth of the market during the forecast period.
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Major Five Artificial intelligence (AI) Companies:
Amazon Web Services Inc.
Amazon Web Services Inc. has business operations under various segments, namely analytics, machine learning, Internet of Things, database, end-user computing, and others. The company’s AWS Cloud is an agile, secure, and scalable platform with a set of IIoT, data lake, analytics, and ML tools, which allow the development of smart factories and products that increase operational efficiency.
FANUC Corp. deals with the development of machine tools such as CNC series, SERVO MOTOR, and SERVO AMPLIFIER. The company also deals with sales of ROBODRILL, ROBOSHOT, and ROBOCUT. The company offers AI Bin Picking, which is a DL-based application that identifies and picks suitable orders automatically as well as reduces robot users’ burden of a lengthy manual setup process.
General Electric Co.
General Electric Co. has business operations under various segments such as power, renewable energy, aviation, oil & gas, healthcare, transportation, lighting, and capital. The company’s offerings include Predix Platform, which is an IoT-based PaaS that helps organizations to create ML analytics which predicts critical failures, automates process, and increases efficiencies.
Google LLC is one of the most popular global tech companies with operations in various segments which include android, chrome, google cloud, google play, google maps, and others. The company offers the Cloud Machine Learning Engine, which offers cloud computing services that comprise ML, data analytics, and data storage capabilities.
H2O.ai Inc. offers H2O Driverless AI, Enterprise Support, and Enterprise Puddle for cloud deployment. H2O Driverless AI is a next-generation industrial manufacturing solution that helps data science teams to increase ML and develop highly accurate predictive models.
Technavio has segmented the artificial intelligence (AI) market in manufacturing industry based on the end-users and region.
Artificial intelligence (AI) Application Outlook (Revenue, USD Million, 2019 - 2023)
- Predictive maintenance
- Machine inspection
- Production planning
- Quality control
Artificial intelligence (AI) Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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