The latest report, “Artificial Intelligence in the Manufacturing Market,” provides key insights and provides a competitive advantage to clients through a detailed report. The report contains 184 pages that showcase the current market analysis scenarios, prospects, prospects, revenue growth, price, and profitability. The unique data provided in this report is collected by a team of research and industry experts.
Artificial intelligence in the manufacturing market is expected to grow from the US $ 1.0 billion in 2018 to US $ 17.2 billion by 2025, growing at a CAGR of 49.5% over the forecast period. The report spans 184 pages, profiling 10 companies and supporting 61 tables and 48 statistics.
Key Players — NVidia Corporation (US), IBM Corporation (US), Alphabet Inc. (Google) (US), Microsoft Corporation (US), Intel Corporation (US), AWS (US), Site Machine (US), Siemens AG (Germany), and General Electric Company (US).
“Hardware segment that sees the highest growth rate among other offerings in the forecast period”
The growing need for high computing power platforms to run various AI software will accelerate the growth of hardware devices in the manufacturing market. The AI processor in the manufacturing market is segmented based on hardware in memory and network. North America has a large presence of major companies contributing to the AI sector and has made the region a major market for AI hardware.
“Machine learning to have the largest market after computer vision in AI manufacturing market”
Its ability to collect and manage big data and its applications in various manufacturing applications, such as manufacturing analytics and machine inspection, quality control and cybersecurity, is fueling its growth. Increasing computer vision in applications such as industrial robots, quality control, and physical mobility will advance the growth of this technology in AI in the manufacturing market. Computer vision analyzes the information of different geometric shapes, volumes, and patterns, and provides visual feedback to the user, which can be used to draw inferences.
“Automobile industry holds the largest market in the forecast period”
The automobile industry is expected to have the largest volume of AI in the manufacturing market over the forecast period. The widespread use of AI technology, particularly machine learning and computer vision in the field of machine inspection, installations of industrial IoT and the use of big data, are driving the growth of AI in the manufacturing market for the automobile industry. In addition, to reduce costs and improve vehicle production quality, automobile manufacturers have begun to use computer vision and machine learning technologies.
Objectives of the study:
To analyze the joint ventures, collaborations, agreements, agreements, partnerships, mergers & acquisitions, new product developments and competitive developments in Research and Development (R&D) in AI in the manufacturing market.
To profile key players and to comprehensively analyze their market position in terms of ranking and core competencies, describe the competitive landscape for market leaders.
To describe and evaluate Artificial Intelligence (AI) in the manufacturing market, in terms of value, offering, technology, application, and industry.
To describe and forecast AI in regional-North America, Europe, Asia Pacific (APAC), and Rest of the World (Row) wise manufacturing market.
To provide comprehensive information on the major factors influencing the market growth (drivers, controls, opportunities, and challenges).
Strategically analyze micro markets with respect to personal growth trends, opportunities, and contributions to the entire market.
Today, top-level executives are investing for AI in manufacturing industry to improve operational efficiency, productivity, performance.
From achieving significant cuts in downtime to generating better-designed products and improving the safety of employees, AI is truly evolving manufacturing.In a Forbes Insights Survey on Artificial Intelligence, 44% of respondents from the automotive and manufacturing sectors classified AI as “highly important” to the manufacturing function in the next 5 years, while almost half, 49% said it was “absolutely critical to success.” According to markets and markets, Artificial Intelligence in the manufacturing market is expected to grow from USD 1.0 billion in 2018 to USD 17.2 billion by 2025.
AI-powered machines show an easy path to the future by providing some benefits — providing new opportunities, increasing production capacity, and bringing machine technology closer to human interaction.The fourth industrial revolution is knowledge-based work, driven by automation; By creating new ways to automate tasks, people and machines can rebuild a rich, robust digital economy that lives, interacts, and collaborates.
AI facilitates the conquest of many internal challenges in the industry: from lack of expertise to complexity of decision making, integration issues, and overload information.
Businesses can be witnessed to expand in terms of product capabilities and meet the high demand of customers worldwide.Safe operating environment:With so many flaws in the manufacturing plant, a step towards AI means fewer human resources have to do the risky and overworked work.
As robots replace humans and perform routine and hazardous operations, the number of workplace accidents decreases throughout.Novel Opportunities for Humans:As AI takes over the manufacturing plant and automates boring and simple human tasks, workers must focus on complex and innovative tasks.
While AI looks at unskilled labor, humans can focus on driving innovation and transforming their business to advanced levels.Condensed Maintenance Costs:While bringing in AI in the manufacturing industry requires huge capital investment, the ROI is significantly higher.
The development of machine learning techniques, advances in sensors and, therefore, the rise of computing power has helped to produce a new generation of robots.
AI is now a fairly developed technology.
It finds widespread use in multiple industries, like gaming, banking, commercial, retail, and government applications as well.
AI-driven machines are now creating the future of our convenience – they offer new opportunities and enhance efficiencies in production.Industrial Revolution 4.0 as it is called creates a stronger digital economy on the backbone of automated tasks, which allows it to reconfigure how people and machines interact with each other and collaborate to create the world as we experience it.
The first thing we think of when we think of AI is not how it can provide complex decision making in the manufacturing industry, or how it can solve issues related to information overload.
But it’s all happening, and the manufacturing industry is set to experience some of its biggest changes yet!
Robots can keep on doing the same activity over and over again, without getting tired or increasing the scope of error as time progresses – thus they are able to provide very high levels of quality assurance.Round the Clock ProductionRobots do not have the same human limitations that human workers have and can continue to work throughout the night as well as the day.
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