An increase in the use of machine vision and computer vision globally drives the growth of artificial intelligence in the manufacturing industry. In addition, growth in venture capital investments also significantly contributes to market growth.
Furthermore, the rise in standards of living and recent developments in emerging economies such as China and India have created a major growth potential for AI in the manufacturing sector.
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However, disinclination among manufacturers to adopt AI-based technologies and the threat of lots of jobs substituted by AI-based technology systems are expected to hinder the market demand.
According to a new report published by Allied Market Research, the global artificial Intelligence in manufacturing market size was $513.6 million in 2017, and is expected to reach at $15,273.7 million by 2025, growing at a CAGR of 55.2% during the forecast period. The On-Premise segment accounted for a two-thirds share of the market in 2017, and is expected to witness significant growth during the forecast period.
An increase in demand for artificial Intelligence in the manufacturing market has been witnessed owing to a rise in the adoption of the Internet of Things and an increase in awareness about customer satisfaction.
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In addition, the development of smarter and more efficient robots is expected to propel market growth. However, the high cost of implementing this technology and the high threat to human dignity are anticipated to restrain the market growth.
Based on the deployment, the on-premise segment is expected to garner the largest share in the global market during the forecast period. According to the industry segment, the automobile sector is expected to dominate the market in terms of revenue in 2017, owing to the capability of artificial Intelligence in manufacturing to achieve less errors and mass production.
The key players profiled in this report include Bosch, Cisco Systems, Inc., General Electric Company, IBM Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, NVIDIA Corporation, Oracle Corporation, and Siemens AG.
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