AI in manufacturing refers to the integration and utilization of artificial intelligence (AI) technologies within the manufacturing sector to enhance various processes and operations. This integration involves the use of advanced algorithms, machine learning techniques, robotics, and data analytics to optimize manufacturing processes, improve efficiency, quality and productivity, and enable predictive maintenance and smart decision-making.
The AI in manufacturing market consists of revenues earned by entities (organizations, sole traders and partnerships) by using AI technology in providing related services and solutions, such as predictive maintenance, quality control, supply chain optimization, demand forecasting, autonomous robots, process optimization and adaptive manufacturing.
The global AI in manufacturing market was valued at $865.9 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 27.0%.
Widespread Adoption Of Industrial Robots
During the historic period, the widespread adoption of industrial robots propelled the expansion of the AI in manufacturing market. Industrial robots refer to programmable machines that are designed to perform tasks traditionally carried out by human workers in manufacturing and industrial settings, such as assembly, welding, painting and material handling. The surge in the adoption of industrial robots is driven by factors such as technological advancements, increasing demand for automation to enhance productivity and efficiency and cost-effectiveness in the long term. Industrial robots utilize AI in manufacturing through advanced algorithms for tasks such as autonomous operation, adaptive learning and real-time decision-making, optimizing efficiency and productivity. The International Federation of Robotics, a Germany-based non-profit organization, reported a record high of 517,385 new industrial robots installed in factories globally in 2021, representing a 31% year-on-year growth and exceeding the pre-pandemic 2018 installation record by 22%. Therefore, the widespread adoption of industrial robots drove the growth of the Al in manufacturing market.
Advancements In Visual AI Solutions Transforming Manufacturing Operations
AI in manufacturing solution providers are focusing on developing next-generation visual AI solutions to enhance automation, quality control and predictive maintenance processes. Visual AI solutions enhance manufacturing processes by automating quality control, improving inspection accuracy and optimizing production efficiency through image recognition and analysis. For instance, in February 2023, Leela Al, a US-based software development company, launched the Leela Platform, a commonsense visual Al platform, to improve manufacturing output. It enables manufacturers to uncover insights beyond Industrial Internet of Things (IIoT) sensor analytics, facilitating productivity comparisons across shifts, workstations and locations, pinpointing bottlenecks and identifying optimal practices. Industrial engineers, C-level officers and line supervisors stand to benefit from its capabilities, which include real-time monitoring of frontline activities involving equipment, machinery, parts and products, effectively functioning as an ongoing time-and-motion study.
The global AI in manufacturing market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up to 49.7% of the total market in 2022.
AI In Manufacturing Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global AI in manufacturing market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for AI in manufacturing? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The AI in manufacturing market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider AI in manufacturing market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by offering, by technology, by deployment and by industry.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the AI in manufacturing market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis - Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by offering, By technology, by deployment and by industry in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for AI in manufacturing providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Offering: Hardware; Software; Services
- 2) By Technology: Machine Learning; Natural Language Processing; Context Aware Computing; Computer Vision
- 3) By Industry: Automobile; Energy And Power; Semiconductor And Electronics; Pharmaceuticals; Heavy Metal And Machine Manufacturing; Food And Beverage; Other Industries
- 4) By Deployment: Cloud; On-Premise
- Companies Mentioned: International Business Machines Corporation;MicrosoftCorporation;Amazon.com, Inc.; Oracle Corporation; Siemens AG
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; AI in manufacturing indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.