Rise in demand for artificial intelligence in manufacturing due to increasing adoption of Internet of Things and rise in awareness about customer satisfaction augment the growth of the global artificial intelligence in manufacturing market.
However, high cost of implementing this technology and high threat to human dignity restrain the market growth. Moreover, expansion of smarter and efficient robots is anticipated to offer lucrative opportunities to the market, in the near future.
The technologies included in the scope of the study are machine learning (ML), computer vision, context awareness, and natural language processing (NLP). The computer vision and machine learning segments are estimated to collectively constitute around 70% of the market share by 2025.
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Furthermore, computer vision is projected to be the most lucrative segment for market players down the years, as it has the largest revenue share and is one of the fastest growing AI technologies used in the manufacturing sector.
The report comprehensively discusses the various end-use industries that have benefitted from using AI in manufacturing processes such as semiconductor & electronics, energy & power, pharmaceuticals, automobile, and heavy metals & machine manufacturing.
The automobile end use segment is expected to witness more than thirty-fold increase in revenue over the forecast period due to the extensive use of AI at various stages of production.
The on-premise and cloud modes of deployment have been discussed in the report. The cloud segment is projected to be the most lucrative segment during the forecast period.
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An in-depth analysis of the application areas, which include material movement, predictive maintenance & machinery inspection, production planning, and field services, has been included in the study. Among applications, the predictive maintenance & machinery inspection and material movement segments would constitute more than 50% of the global market share through 2025.
The report covers an extensive, country-wise analysis of various regions including, North America, Europe, Asia-Pacific, and LAMEA. The AI in manufacturing market in North America is expected to account for more than half of the total market revenue by 2025, thus maintaining its dominant position in the global market. The Asia-Pacific region is expected to grow at a prominent CAGR of 56.6% from 2018 to 2025.
This study offers an in-depth assessment of the most active market players, which include Bosch, General Electric Company, Intel Corporation, Mitsubishi Electric Corporation, Oracle Corporation, Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, NVIDIA Corporation, and Siemens AG to enable stakeholders understand the market dynamics.
COVID-19 Scenarios:
The global pandemic has affected a major part of the manufacturing industry which, in turn, impedes the adoption of artificial intelligence by companies. However, certain manufacturing companies including food & beverages and pharmaceuticals are permitted to continue the production amid COVID-19. Moreover, the global lockdown has urged other manufacturing companies to halt the production.
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