Artificial Intelligence in Manufacturing Market Surges, Projected to Reach USD 20.8 Billion by 2028, Reports MarketsandMarkets

The global artificial intelligence in manufacturing market is experiencing remarkable growth, with an estimated valuation of USD 3.2 billion in 2023, anticipated to reach USD 20.8 billion by 2028. This substantial expansion reflects an impressive Compound Annual Growth Rate (CAGR) of 45.6% during the forecast period, according to the latest report by MarketsandMarkets, a leading market research firm recognized for its comprehensive analyses of advanced technologies.

https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-manufacturing-market-72679105.html

Key Segments:

The artificial intelligence in manufacturing market is segmented into key categories, providing a detailed overview of the industry landscape:

Technology: Segmentation based on technologies includes machine learning, computer vision, natural language processing, and context-aware computing, reflecting the diverse applications of artificial intelligence in manufacturing.

Deployment: The market is categorized by deployment models, including on-premise and cloud-based solutions, addressing the varied requirements of different manufacturing environments.

Application: Segmentation by applications encompasses predictive maintenance, process optimization, quality control, and supply chain management, showcasing the versatility of artificial intelligence solutions in manufacturing.

Growth Drivers:

The market's substantial growth is driven by several key factors:

Operational Efficiency: The implementation of artificial intelligence in manufacturing processes enhances operational efficiency, reduces downtime, and optimizes resource utilization.

Predictive Analytics: The use of AI-driven predictive maintenance and analytics enables manufacturers to anticipate equipment failures, reducing downtime and lowering maintenance costs.

Quality Control: AI applications contribute to improved quality control processes, ensuring the production of high-quality products and minimizing defects.

Challenges:

While the market experiences robust growth, it faces certain challenges:

Integration Complexity: Integrating artificial intelligence solutions with existing manufacturing systems can be complex and requires careful planning and coordination.

Data Security Concerns: The handling of sensitive manufacturing data raises concerns about data security and privacy, necessitating robust cybersecurity measures.

Opportunities:

The market presents numerous opportunities for growth:

Rise of Industry 4.0: The integration of artificial intelligence in manufacturing aligns with the principles of Industry 4.0, fostering smart manufacturing and digital transformation.

Collaborative Robotics: The synergy between AI and collaborative robotics (cobots) opens new avenues for enhanced automation and flexibility in manufacturing processes.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=72679105

Key Players:

Prominent players shaping the artificial intelligence in manufacturing market include:
• Siemens AG
• IBM Corporation
• General Electric Company
• SAP SE
• Microsoft Corporation

These key players are strategically focusing on technological innovation, research and development, and collaborations to maintain their competitive edge in the dynamic artificial intelligence in manufacturing market.

In conclusion, the global artificial intelligence in manufacturing market is poised for substantial growth, driven by operational efficiency, predictive analytics, and the rise of Industry 4.0. Industry stakeholders are encouraged to seize emerging opportunities and address challenges to establish a sustainable and competitive presence in this vital and rapidly evolving market.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.