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

Artificial Intelligence (AI) in Manufacturing Market size was valued at USD 2.58 Billion in 2022 and is expected to grow from USD 3.20 Billion in 2023 to reach USD 64.63 Billion by 2031, at a CAGR of 45.6% during the forecast period (2024-2031).

The Artificial Intelligence (AI) in Manufacturing market exhibits fragmentation, with a notable market leader securing a significant market share. Key players in this landscape continually employ diverse growth strategies to maintain their competitive edge. These strategies encompass product launches, innovations, mergers, acquisitions, collaborations, and partnerships. Moreover, a relentless focus on research and development persists among these market leaders, aimed at delivering industries with the most efficient and cost-effective solutions.  '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)'

Automation enables tasks to be performed with greater precision, speed, and consistency, leading to higher productivity and reduced labor costs. AI-powered robotics and autonomous systems are revolutionizing traditional manufacturing methods by streamlining repetitive tasks, optimizing resource utilization, and enabling real-time decision-making.

Focused on Specialized AI Hardware: The increasing focus on specialized AI hardware is a significant supply-side trend shaping the AI market. Specialized hardware is commonly utilized to enhance the speed and energy efficiency of executing artificial intelligence (AI) programs. This encompasses technologies such as Lisp machines, neuromorphic engineering, event cameras, and physical neural networks. The semiconductor companies are adapting their approaches to meet market demands and enhance compatibility with other layers of the technology stack.

In the global Artificial Intelligence (AI) in manufacturing market, North America is in the lead concerning market share and revenue in the global market. The primary of its kind is due to the technological development of the region, the high rate of investment, and in the development of research studies regarding AI technological systems. The availability of advanced industrial players and tech gurus in the United States coupled with strong fundamentals of government support towards automation features of industries contribute to the subsequent growth of the market. The major areas for AI implementation among North American manufacturers remain the enhancement of production, prognostics, and maintenance, and supply chain management, which will allow companies to cement their market dominance. 

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). 

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. '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)'

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. 

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.