Artificial Intelligence In Manufacturing Market - Forecasts from 2024 to 2029

The Artificial Intelligence In Manufacturing Market is projected to expand at a growth rate of 44.68% CAGR to account for US$75.704 billion by 2029, up from US$11.942 billion in 2024.

The global manufacturing sector is becoming hyper-competitive, and artificial intelligence (AI) is establishing a strong foothold in the industry. This competitiveness in the sector is compelling industry players to indulge in high R&D investments and incorporate new technologies across all key business functions that will propel AI deployment in the manufacturing sector in the coming years. The continued popularity of machine vision cameras in manufacturing applications such as inspection, material movement, and field service will play a key role in propelling the rise of AI in the manufacturing industry.

Additionally, another innovative way manufacturing is using AI is in quality control, in which an AI-driven visual inspection system easily spots defects that are far harder for the human eye. This reduces costs and protects the brand image. Additionally, predictive analytics and maintenance requirements are also benefiting from AI as it predicts equipment failures. AI applications in manufacturing, such as optimizing energy use, minimizing waste, and fulfilling sustainability guidelines, lead to higher demand for AI across different sectors.

ARTIFICIAL INTELLIGENCE IN MANUFACTURING MARKET DRIVERS:

• The increasing focus of end-user industries on reducing costs is anticipated to boost the demand for AI in manufacturing.

The rapid adoption of AI in most of its sub-sectors in the manufacturing industry and robust expenditure by the market players on research & development to launch novel, competitive, and innovative products are factors driving this market's growth. A long time out from singularity, companies are now spending a lot of money on AI innovations in manufacturing-related facilities and machinery. As a result, it facilitated fewer errors, shorter reaction times, accuracy in assigned tasks, and optimization of production systematically and sustainably.

Additionally, AI is gaining recognition in this sector, as it aligns with the goals of Industry 4.0. The application of AI has increased across many business functions. Further, Industry 4.0 has also increased production and enhanced worker safety while securing factory assets, resulting in manufacturers producing personalized products at reduced costs and shorter lead times. All this would add to the necessity for AI in manufacturing in the coming years.

Artificial Intelligence In Manufacturing Market Geographical Outlook:

• The Asia Pacific region is expected to hold a substantial artificial intelligence in manufacturing market share.

The market in the Asia Pacific region has consistent growth potential during the forecast period due to the rampant adoption of newer technologies by companies in the region. Many manufacturers use automation technologies to enhance their manufacturing processes, expanding the market. The growth is largely backed by heavy investments poured into this region by the industry players due to their abundant resources.

Moreover, companies in this region's dynamic manufacturing market, notably in countries like China and India, where a large-scale manufacturing opportunity exists, are prioritizing and enhancing their production lines by adapting new-age technologies based on AI. Additionally, increasingly stringent government regulations regarding the environmental conditions to be met by manufacturers have driven companies to adopt sustainable forms of manufacturing products, leading to regional market growth in the coming years.

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Report Coverage:

• Historical data & forecasts from 2022 to 2029
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

Market Segmentation:

The Global Artificial Intelligence In Manufacturing Market is segmented and analyzed as below:

By Offering

• Hardware
• Software
• Services

By Technology

• Natural language Processing
• Machine Learning
• Deep Learning
• Image Recognition
• Others

By End-User

• Automotive
• Consumer Electronics
• Healthcare
• Food & Beverage
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• France
• United Kingdom
• Spain
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others