AI in Manufacturing Market Report: Size, Share, Growth, and Trends
Fortune business insights recently published a detailed market research study focused on the “The ai in manufacturing market share Report 2024” delivering key insights and providing a competitive advantage to clients through a detailed report. Artificial Intelligence in Manufacturing Market Size, Share & Industry Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection), By Industry (Automotive, Medical Devices, Semiconductor &Electronics), and Regional Forecast, 2020-2032
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The competitive landscape of the market for ai in manufacturing market is determined by assessing the major industry participants, production capacity, production capacity utilization rate, ai in manufacturing marketM’s production chain, pricing by each manufacturer and the revenue generated by each manufacturer in the ai in manufacturing marketM globally.
Top key players of ai in manufacturing 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)
Market atributes:
Report Componant
Aspects
Forecast Period
2019-2032
Projected market valuve 2019
USD 8.14 billion
Forecasted market valuve 2032
USD 695.16 billion
Compound Annual Growth Rate
37.7
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Drivers and restraints:
Drivers:
Technological Advancements: Innovations in AI technologies, such as machine learning and predictive analytics, enhance manufacturing processes and productivity.
Demand for Automation: The push for automation to improve efficiency, reduce labor costs, and minimize errors drives the adoption of AI solutions in manufacturing.
Need for Quality Control: AI-powered systems improve quality control by detecting defects, optimizing processes, and ensuring consistent product quality.
Increased Data Availability: The growth of data collection and IoT devices provides valuable insights for AI algorithms to optimize manufacturing operations.
Competitive Pressure: Manufacturers seek AI solutions to stay competitive by enhancing operational efficiency, reducing costs, and innovating production processes.
Restraints:
High Implementation Costs: The initial investment in AI technologies, including software, hardware, and training, can be substantial for manufacturers.
Complex Integration: Integrating AI solutions with existing manufacturing systems and processes can be complex and require significant technical expertise.
Data Security Concerns: Increased reliance on AI and data-driven insights raises concerns about data security and privacy, necessitating robust protection measures.
Resistance to Change: Some manufacturers may resist adopting AI technologies due to existing workflows, fear of disruption, or lack of understanding of the benefits.
Skilled Labor Shortages: The need for skilled personnel to develop, implement, and maintain AI systems can be a challenge, impacting the overall effectiveness of AI adoption.
Regional analysis:
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)
Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
Latin America (Brazil, Mexico and Rest of Latin America)
Table of Content :
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments – Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
SWOT Analysis
Technological Developments
Value Chain Analysis
TOC Continued…!
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Key industry developments:
The company is focus on expanding the AI based product portfolio. Google LLC is acquiring companies from different countries such as China, India, the U.K., and the U.S. to name a few. Along with thirty AI startups of USD 4 billion, Google LLC tops the AI acquiring companies list. The company is also focusing on implementing AI in manufacturing industries. It is offering Cloud AI to boost and maximize the speed of process along with protecting the health and safety of workers. Also, it is investing in creating solutions and tools to ease the deployment and usage of AI in the manufacturing industries.
Apr 2023 - Siemens and Microsoft collaborate to elevate industrial AI, revolutionizing product lifecycle management. Integrating Siemens’ Teamcenter software with Microsoft Teams and Azure OpenAI Service's language models enhances innovation and efficiency. This partnership fosters seamless cross-functional collaboration, driving advancements in design, engineering, manufacturing, and product operations, marking a significant leap in industrial technology integration.
Oct 2023 - Google Cloud launches industry-focused Generative AI solutions for healthcare and manufacturing, aiming to enhance productivity and enable digital transformation. This move signifies a significant step in leveraging AI for industry-specific advancements.
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Key questions are answer in this report:
What is the market size of ai in manufacturing market 2024?
Who are top key players in this report?
what are drivers in the ai in manufacturing industry?
what is the future projection of ai in manufacturing industry?