Track topics on Twitter Track topics that are important to you
Growing usage of big data technology and industrial IoT is expected to drive the growth of the AI in manufacturing market
The artificial intelligence AI in manufacturing market was valued at USD 272.5 million in 2016 and is expected to reach USD 4,882.9 million by 2023, at a CAGR of 52.42% between 2017 and 2023. The growth of this market is driven by the growing usage of big data technology in manufacturing, Industrial IoT, extensive usage of robotics, computer vision technology, crossindustry partnerships and collaborations, and significant increase in venture capital investments. However, reluctance among manufacturers to adopt AIbased technologies is the major factors restraining the growth of the AI in manufacturing market.
Easy technology transfer and participation of established market leaders are the factors driving the growth of the AI in manufacturing market for the hardware segment
Hardware includes graphics processing unit GPUs, digital signal processing DSPs, field programming gateway array FPGAs, Microprocessors, and tensor processing unit TPU chips. This segment is expected to grow at the highest CAGR in the AI in manufacturing market for offering. The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm. In terms of throughput, GPU is faster than FPGA, whereas in the case of power efficiency, FPGA is better than GPU. Keeping these factors in mind, the AI providers choose the hardware accordingly.
Extensive usage of computer vision camera in machinery inspection, material movement, field service, and quality control is driving the growth of the AI in manufacturing market
Computer vision technology currently holds the largest market share among AI technologies. This demand has grown since the companies have started to structure the machine's data for predictive analysis. Moreover, the growing usage of internet and connected devices along with huge volumes of machine data is driving the growth of the AI in manufacturing market.
APAC to witness the highest growth rate in the AI in manufacturing market
Asia Pacific APAC is expected to be the fastestgrowing region in the AI in manufacturing market during the forecast period. APAC, especially China, Japan, and South Korea, is considered as the largest market for industrial robots. The industrial robots generate a huge amount of data. This data is used in deep learning algorithm to train the robots further. This would act as one of the major drivers for the growth of AI in manufacturing market in APAC.
The breakup of the profile of primary participants has been given below:
By Companies: Tier 1 40 %, Tier 2 20%, and Tier 3 40%
By Designation: Clevel Executives 40%, Directors 40%, and Others 20%
By Region: North America 40%, Europe 40%, APAC 10%, and RoW 10%
This report provides valuable insights into the ecosystem of the AI in manufacturing market including the software companies, and chipset and manufacturing related solution providers. The major players in the AI in manufacturing market are Siemens AG Germany, Intel Corporation US, NVIDIA Corporation us, Alphabet Inc. us, IBM Corporation, Microsoft Corporation US, General Electric Company US, DataRPM, Sight Machine US, General Vision, Inc. US, AIBrain, Inc. US, Rockwell, Automation Inc. US, Cisco Systems, Inc. US, Mitsubishi Electric Corporation Japan, Oracle Corporation US, SAP SE Germany, Preferred Networks, Inc. Japan, Vicarious Inc. US, Skymind Inc.US, Citrine Informatics US, CloudMinds Technologies US, and Ubtech Robotics Corp. China.
The AI in manufacturing market has been segmented on the basis of offering, technology, application, industry, and geography. By offering, the market has been further segmented into hardware and software. By technology, the market is segmented into deep learning, computer vision, context awareness, and natural language processing NLP. By application, the market is segmented into material movement, predictive maintenance and machinery inspection, production planning, field services, reclamation, and quality control. By industry, the market is segmented into semiconductor and electronics, energy and power, pharmaceuticals, automobile, heavy metals and machine manufacturing, food and beverages, others textiles and aerospace By geography, the market has been segmented into North America, Europe, Asia Pacific APAC, and Rest of the World RoW.
Reasons to Buy the Report:
The report would help the market leaders/new entrants in the AI in manufacturing market in the following ways:
1. This report segments the AI in manufacturing market comprehensively and provides the closest approximations of the market sizes for the overall market segments and subsegments across different applications and regions.
2. This report helps stakeholders to understand the pulse of the AI in manufacturing market and provides them information on key market drivers, restraints, challenges, and opportunities.
Original Article: Artificial Intelligence in Manufacturing Market by Offering Hardware, and Software, Technology Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing, Application, Industry, and Geography Global Forecast to 2023 [Report UpdateNEXT ARTICLE
Alliances, mergers acquisitions and partnerships
BioPortfolio's alliances, mergers acquisitions and partnerships channel provides the latest news and corporate information on the global bio-pharmaceutical industry.
A diagnostic test is any kind of medical test performed to aid in the diagnosis or detection of disease. For example: to diagnose diseases to measure the progress or recovery from disease to confirm that a person is free from disease Clin...
Food is any substance consumed to provide nutritional support for the body. It is usually of plant or animal origin, and contains essential nutrients, such as carbohydrates, fats, proteins, vitamins, or minerals. The substance is ingested by an organism ...