"Growing usage of big data technology and industrial IoT is expected to drive the growth of the AI in manufacturing market"
The artificial intelligence (AI) in manufacturing market was valued at USD 272.5 million in 2016 and is expected to reach USD 4,882.9 million by 2023, at a CAGR of 52.42% between 2017 and 2023. The growth of this market is driven by the growing usage of big data technology in manufacturing, Industrial IoT, extensive usage of robotics, computer vision technology, cross-industry partnerships and collaborations, and significant increase in venture capital investments. However, reluctance among manufacturers to adopt AI-based technologies is the major factors restraining the growth of the AI in manufacturing market.
"Easy technology transfer and participation of established market leaders are the factors driving the growth of the AI in manufacturing market for the hardware segment"
Hardware includes graphics processing unit GPUs, digital signal processing (DSPs), field programming gateway array (FPGAs), Microprocessors, and tensor processing unit (TPU) chips. This segment is expected to grow at the highest CAGR in the AI in manufacturing market for offering. The GPU, DSP, and FPGA are widely used to implement the deep learning algorithm. In terms of throughput, GPU is faster than FPGA, whereas in the case of power efficiency, FPGA is better than GPU. Keeping these factors in mind, the AI providers choose the hardware accordingly.
"Extensive usage of computer vision camera in machinery inspection, material movement, field service, and quality control is driving the growth of the AI in manufacturing market"
Computer vision technology currently holds the largest market share among AI technologies. This demand has grown since the companies have started to structure the machine's data for predictive analysis. Moreover, the growing usage of internet and connected devices along with huge volumes of machine data is driving the growth of the AI in manufacturing market.
"APAC to witness the highest growth rate in the AI in manufacturing market"
Asia Pacific (APAC) is expected to be the fastest-growing region in the AI in manufacturing market during the forecast period. APAC, especially China, Japan, and South Korea, is considered as the largest market for industrial robots. The industrial robots generate a huge amount of data. This data is used in deep learning algorithm to train the robots further. This would act as one of the major drivers for the growth of AI in manufacturing market in APAC.
The breakup of the profile of primary participants has been given below:
- By Companies: Tier 1 - 40 %, Tier 2 - 20%, and Tier 3 - 40%
- By Designation: C-level Executives - 40%, Directors - 40%, and Others - 20%
- By Region: North America - 40%, Europe - 40%, APAC - 10%, and RoW - 10%
This report provides valuable insights into the ecosystem of the AI in manufacturing market including the software companies, and chipset and manufacturing related solution providers. The major players in the AI in manufacturing market are Siemens AG (Germany), Intel Corporation (US), NVIDIA Corporation (us), Alphabet Inc. (us), IBM Corporation, Microsoft Corporation (US), General Electric Company (US), DataRPM, Sight Machine (US), General Vision, Inc. (US), AIBrain, Inc. (US), Rockwell, Automation Inc. (US), Cisco Systems, Inc. (US), Mitsubishi Electric Corporation (Japan), Oracle Corporation (US), SAP SE (Germany), Preferred Networks, Inc. (Japan), Vicarious Inc. (US), Skymind Inc.(US), Citrine Informatics (US), CloudMinds Technologies (US), and Ubtech Robotics Corp. (China).