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AI in Manufacturing Market Size to Reach $9.89 Billion by 2027; High Adoption of Industry 4.0 to Create Exponential Growth Opportunities

May 27, 2020 | Information & Technology

The global AI in manufacturing market size is expected to foresee augmented growth by reaching USD 9.89 billion by 2027. This is ascribable to factors such as growing demand for AI-based technology in several sectors such as automotive, medical devices, and semiconductors, among others. Fortune Business Insights, publish this information in its latest report, titled “Artificial Intelligence (AI) in Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Context Awareness), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection, Logistics and Inventory Management, Quality Management, and Others), By Industry (Automotive, Medical Devices, Semiconductor &Electronics, Energy & Power, Heavy Metal & Machine Manufacturing, and Others), and Regional Forecast, 2020-2027.” The report further states that the market, which was sized USD 1.82 billion in 2018, will exhibit a stellar CAGR of 24.2% between 2020 and 2027. This market is expected to witness substantial growth owing to the COVID-19 impact and hence the 2020-2027 CAGR is high/very high, as a large section of industry would look to adopt AI in order to automate the operation with less human intervention.


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Global Strategic Partnership Witnessed Between Schaeffler and Mitsubishi Electric


Several companies operating in the AI in manufacturing market are striving to leverage the most possible opportunities to outshine the rivals and maintain market stronghold. Among the torchbearers that are, gaining inroads to maintain market stronghold are Schaeffler Technologies AG & Co. KG and Mitsubishi Electric. The two companies in partnership since 2010, in January 2019 announced a global strategic partnership to consolidate their e-factory alliance network concept. The concept involves digital transformation within the framework such as efficient integration of plant and machine data for manufacturing execution systems (MES) and enterprise resource planning systems (ERP). Mr. Noriyuki Shimizu, Vice President of Corporate Executive Group at Mitsubishi Electric says,” For the past 10 years, both the companies have jointly carried out projects successfully in several countries of Europe and Asia. Now, we plan to intensify and strengthen our collaboration at a global level.”


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/artificial-intelligence-ai-in-manufacturing-market-102824


Emergence of Industry 4.0 to Surge Demand


The AI in manufacturing industry is gaining tremendously from the high impact of Industry 4.0. High adoption of automation along with data exchange in several manufacturing technologies and processes that includes technologies such as internet of things (IoT), cloud computing, artificial intelligence, and cognitive computing, among others. Several benefits such as reducing labor costs, product defects, and increasing speed of production owing to adoption of automation is likely to drive the growth of the market during the forecast period. For instance, Lamborghini, the global automotive manufacturer, has adopted Industry 4.0 by transforming its manufacturing plants into smart factory. Under the able guidance of global technology solutions provider, KPMG, the AI-based services at the smart factory provide accurate customer data along with their preference for its new car model. Additionally, the company is planning to integrate its professional workers with robotics for a better machine-to-machine collaboration.


The Market to Usher Amid COVID-19


Though the manufacturing sectors across the globe is on a stand still owing to widespread effects of COVID-19, the AI in manufacturing market is expected to witness growth during the testing times. The manufacturers are adopting AI-based technologies that offer live-work environment along with on-demand labor force. In addition to this, the market is witnessing huge investments from the key players for AI-enabled tools and platform globally.


Product Launches by the Companies to Bolster Growth


In November 2019, Google LLC introduced its new AI-based platform, AutoML for several manufacturing industries to create visual inspection of operations.  The platform is beneficial for the companies to maintain quality control and improve efficiency largely for their manufacturing activities. For instance, Siemens, a leading technology provider, implements the Google AutoML platform for its Factory AI to improve overall productivity. According to market report by Fortune Business Insights, adoption of strategies such as novel product launches, collaboration, and joint ventures will enable the companies to maintain the AI in manufacturing market stronghold in the forthcoming years.


List of the Companies Operating in the Market:



  • Microsoft Corporation (United States)

  • Google LLC (United States)

  • IBM Corporation (United States)

  • Amazon.com Inc. (United States)

  • NVIDIA Corporation (United States)

  • Siemens AG (Germany)

  • GENERAL ELECTRIC (United States)

  • SAP SE (Germany)

  • Rockwell Automation, Inc. (United States)

  • Mitsubishi Electric Corporation (Japan)


Further Report Findings:



  • The market in Asia-Pacific was valued at USD 0.69 Billion in 2019 and is likely to dominate the market during the forecast period. This is ascribable to factors such as increasing investment in AI technology by governments of countries such as China, India, Singapore, and Japan. Furthermore, China with an investment of USD 150 Billion for its Artificial Intelligence Development Plan is aiming to lead AI-based technology by 2030.

  • Europe is anticipated to be the second-most leading region during the projected horizon. This is attributable to government initiative to sponsor education for several AI graduates. Furthermore, presence of major companies such as Cisco, BAE Systems, and Goggle’s Deepmind is likely to bode well for the growth of the market in the region.

  • The segment Hardware (By Offering) is likely to gain momentum owing to involving major components such as processors, and logical circuits, among others that run AI software efficiently.

  • The segment Predictive Maintenance & Machinery Inspection (By Application) registered a market share of 22.0% in 2019 and is likely to rise in the forthcoming years. Factors such as prevention of untimely downfalls of machines is likely to boost the market growth.


Table of Segmentation:














































 ATTRIBUTE



 DETAILS



Study Period



  2016–2027



Base Year



  2019



Forecast Period



  2020–2027



Historical Period



  2016– 2018



Unit



  Value (USD billion)



Segmentation



By Offering



  • Hardware

  • Software

  • Services



By Technology



  • Computer Vision

  • Machine Learning

  • Natural Language Processing

  • Context Awareness



By Application



  • Process Control

  • Production Planning

  • Predictive Maintenance & Machinery Inspection

  • Logistics and Inventory Management

  • Quality Management

  • Others



By Industry



  • Automotive

  • Medical Devices

  • Semiconductor & Electronics

  • Energy & Power

  • Heavy Metal & Machine Manufacturing

  • Others (Aerospace &Defense, Conglomerates, etc.,)



By Region



  • North America (U.S. and Canada)

  • Europe (U.K., Germany, France, Spain and Rest of Europe)

  • Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)

  • The Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)

  • Latin America (Brazil, Mexico and Rest of Latin America)


Artificial Intelligence (AI) in Manufacturing Market
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