USD 2,579.2Million
Artificial Intelligence (AI) in Manufacturing Market Size, Share, Growth Analysis, By Component(Network, Module), By Technology(Machine Learning, and Computer Vision), By End User(Medical Devices, and Automobiles), By Application(Production Planning, Predictive Maintenance, & Machinery Inspection), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2099 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
94
|Figures:
70
Artificial Intelligence (AI) in Manufacturing Market Insights
Global Artificial Intelligence (AI) in Manufacturing Market size was valued at USD 2.58 Billion in 2022 and is poised to grow from USD 3.20 Billion in 2023 to USD 64.63 Billion by 2031, growing at a CAGR of 45.6% in the forecast period (2024-2031).
The rapid development of artificial intelligence (AI) in manufacturing is being fueled using cutting-edge technological innovations including analytics, augmented reality, virtual reality, smart packaging and additive manufacturing. The flexibility of the manufacturing organizations and their increasing demand for sustainable solutions remain important factors driving the rise of AI adoption in manufacturing.
Besides the advancement in automation in manufacturing and increasing demand for big data integration enabling the expansion of market. The increasing use of machine vision cameras in various business applications such as machine tracking, logistics, field service and quality control. For example, in April 2023 Databricks launched Databricks Lakehouse for manufacturers, with pre-developed AI solutions and applications adopted by DuPont.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Services
Growth Rate
45.6% CAGR
Global Artificial Intelligence (AI) in Manufacturing Market ($ Bn)
Country Share for North America Region (%)
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Artificial Intelligence (AI) in Manufacturing Market Segmental Analysis
The artificial intelligence (AI) in manufacturing market is segmented by component, technology, end-use and Regional. By component the market is segmented into hardware and software. By technology the market is segmented into machine learning and computer vision. By end-use, the market is segmented into medical devices and automobiles. By application the market is segmented into production planning, predictive maintenance & machinery inspection. Based on regional the market is segmented as North America, Asia Pacific, Latin America, and Middle East & Africa (MEA).
Analysis By Component
The hardware segment led the market and accounted for 42.1% of global revenue in 2023. The development of dedicated AI chips and processors played a key role in the industry. This hardware growth is shaped that can meet the specific mathematical needs of AI algorithms and deliver complex datasets that are quickly and efficiently processed. Companies are allocating resources for specialized hardware specially optimized for machine learning-related tasks, with consequences coming with improving efficiency.
Software solutions enable a wide range of applications across a variety of product lines due to their versatility and exceptional flexibility. The rapid development, testing, and deployment of the software enables rapid deployment a key advantage in product development. This flexibility proves important in an industry that requires quick responses to market changes to technological development. Furthermore, software integration into existing industrial devices and operating systems is particularly simple and easy.
Analysis By Technology
Machine learning technologies account for the largest market share in 2023. Machine learning algorithms have dramatically changed predictive maintenance in manufacturing. Through pre-equipment data analysis, these algorithms have shown the ability to predict potential machine failures before it has been revealed. This automated approach enabled manufacturers to efficiently plan maintenance activities, avoid unexpected downtime and maximize machine performance. Machine learning adopted for predictive maintenance represents a shift from manufacturing to operational processes, resulting in both cost efficiencies and operational reliability in manufacturing plants increases.
Computer Vision technology is expected to register the fastest CAGR during the forecast period. The combination of artificial intelligence with computer vision techniques increases operational efficiency. Because robots perceive their surroundings electronically, they gain an in-depth understanding of their surroundings in the workplace. In smart manufacturing facilities, AI-controlled computer vision helps identify flaws and deficiencies in the manufacturing process, subsequently streamlining factory operations.
Global Artificial Intelligence (AI) in Manufacturing Market By Component (%)
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Artificial Intelligence (AI) in Manufacturing Market Regional Insights
North America dominated the market and accounted for 33.9% in 2023. Revenues in the regional market are driven by top manufacturers of high-performance hardware components required to operate advanced AI graphics. The national strategy for advanced manufacturing serves as a strategic plan that outlines initiatives to revitalize manufacturing and strengthen domestic supply chains. This framework prioritizes research efforts, including machine learning, data privacy, encryption and risk assessment. It aims to facilitate the integration of AI within manufacturing processes.
Asia-Pacific is the fastest growing region in the market as industries in this region have made great strides in upgrading smart manufacturing to the 4.0 principles. With a heavy emphasis on integrating IoT devices, AI analytics and computational-physical systems, the aim was to achieve a state-of-the-art facility capable of adaptive manufacturing, predictive analytics and early data-driven decision-making.
Global Artificial Intelligence (AI) in Manufacturing Market By Geography
- Largest
- Fastest
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Artificial Intelligence (AI) in Manufacturing Market Dynamics
Artificial Intelligence (AI) in Manufacturing Market Drivers
Improved Operational Efficiency
- The use of AI in manufacturing dramatically will increase productivity. AI systems can analyze the massive quantities of facts from manufacturing machines in actual time, discover bottlenecks, and optimize the approaches to lessen downtime. This ends in more productiveness and lower expenses, making AI an appealing investment for the producers looking to remain competitive.
Advanced Provisioning for Prediction
- AI-powered predictive maintenance is a game-changer for the industry. By continuously monitoring devices and using the machine learning algorithms to predict potential failures, manufacturers can perform maintenance only, when necessary, thus avoiding expensive time avoiding unintended service and extending machine life This operating procedure reduces maintenance costs and improves overall machine efficiency.
Restraints
Increased Start-up Costs
- The main obstacle to the adoption of AI in construction is the high start-up cost. The development and integration of AI systems requires significant investments in hardware, software, and skilled personnel. Small and medium-sized enterprises (SMEs) often find it difficult to allocate critical resources, limiting the widespread use of AI technologies.
Data Privacy and Security Concerns
- The use of AI in creation requires the gathering and analysis of full-size amounts of crucial facts. Manufacturers must make certain sturdy cybersecurity measures in the region to protect proprietary information from breaches and cyberattacks, which can be a complicated and highly priced venture. This raises essential records of privacy and safety worries.
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Artificial Intelligence (AI) in Manufacturing Market Competitive Landscape
Artificial Intelligence (AI) in the manufacturing market is characterized by fierce competition among major players looking to use AI technology to enhance manufacturing The leading companies in this market are invest heavily in R&D, make strategic deals and acquire small technologies to strengthen their AI capabilities Competitive landscape Tech giants, Marked by AI specialists and the presence of traditional manufacturing companies, they are integrating AI solutions to stay ahead of the industry. Siemens is a leading player in artificial intelligence (AI) in manufacturing market, offering complete AI solutions through its digital factory division. The company is focused on developing AI-powered software to improve forecasting, product quality and supply chain efficiency.
Artificial Intelligence (AI) in Manufacturing Market Top Player’s Company Profiles
- Amazon Web Services (Seattle)
- Cisco Systems Inc (San Jose)
- General Electric Company (Boston)
- Google LLC (Alphabet Inc.) (Mountain View)
- IBM Corporation (Armonk)
- Intel Corporation (Santa Clara)
- Microsoft Corporation (Redmond)
- Mitsubishi Electric Corporation (Tokyo)
- NVIDIA Corporation (Santa Clara)
- Oracle Corporation (Austin)
- Rethink Robotics (Boston)
- Rockwell Automation Inc (Milwaukee)
- SAP SE (Walldorf)
- Siemens AG (Munich)
Recent Developments
- In October 2023, Google Cloud will launch unique empowering AI applications designed for healthcare and manufacturing. This initiative marked a breakthrough in the use of AI to achieve sector-specific improvements.
- In April 2023, Siemens and Microsoft joined forces to improve industrial AI, transforming product lifecycle management. Siemens’ Teamcenter software integrated with Microsoft Teams and the Azure OpenAI Service language model aims to increase innovation and productivity. This collaboration facilitated smooth interdepartmental collaboration, resulting in improvements in design, engineering, manufacturing and manufacturing that represent a significant step forward in the integration of industrial technologies.
- June 2023 - Jaguar Land Rover (JLR) and Everstream Analytics form a joint venture with the intention of integrating AI capabilities into the company’s processes to address future global supply chain issues.
Artificial Intelligence (AI) in Manufacturing Key Market Trends
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Integration of AI and IoT for Smart Manufacturing: A key AI trend in the manufacturing market is the integration of AI into the Internet of Things (IoT). This convergence enables intelligent manufacturing with connected devices and sensors providing real-time information. AI algorithms analyze this data to optimize production processes, improve supply chain management, and improve production efficiency. The interaction between AI and IoT is driving the growth of Industry 4.0, making manufacturing processes smarter, more efficient and more scalable to changing market demands.
Artificial Intelligence (AI) in Manufacturing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types of teams that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest Analysis, artificial intelligence (AI) in the manufacturing market is growing exponentially, with the need to increase operational efficiencies and advanced predictive maintenance. AI systems are revolutionizing manufacturing processes by analyzing large amounts of data in real time, improving efficiency and reducing downtime. The predictive maintenance provided by AI helps manufacturers avoid costly unplanned downtime by anticipating equipment failures and creating proactive maintenance plans. However, there are notable limitations in this market. The high start-up costs are a significant barrier, especially for small and medium-sized enterprises (SMEs) that may struggle to allocate the resources needed for AI integration. Furthermore, data privacy and security concerns are of the utmost importance, as implementing AI requires processing large amounts of sensitive data and requires robust cybersecurity measures to protect them against breaches and cyberattacks. A key trend shaping the market is the integration of AI with the Internet of Things (IoT), enabling smarter manufacturing processes. This convergence enables connected devices and sensors to collect and analyze data over time, optimize production, improve supply chain management, and improve quality control. The interaction between AI and IoT is fueling Industry 4.0, making manufacturing smarter, efficient and adaptable to changing market requirements.
| Report Metric | Details |
|---|---|
| Market size value in Manufacturing | USD 2.58 Billion |
| Market size value in 2031 | USD 64.63 Billion |
| Growth Rate | 45.6% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Artificial Intelligence (AI) in Manufacturing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Artificial Intelligence (AI) in Manufacturing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Artificial Intelligence (AI) in Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence (AI) in Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence (AI) in Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Artificial Intelligence (AI) in Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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