Press release
AI in Manufacturing Market Report 2024: Exponential Growth Driven by Automobile Demand
AI in Manufacturing Market Report
The ai in manufacturing market size is expected to see exponential growth in the next few years. It will grow to $13.53 billion in 2028 at a compound annual growth rate (CAGR) of 35.8%. The growth in the forecast period can be attributed to adoption of edge computing, green manufacturing initiatives, focus on cybersecurity, enhanced human-machine collaboration, supply chain resilience. Major trends in the forecast period include robotics and automation integration, quality control and defect detection, augmented reality applications, data-driven decision-making, autonomous manufacturing processes.
Market Overview -
AI in manufacturing refers to the integration of artificial intelligence (AI) technologies into the manufacturing process to increase efficiency, productivity, and quality. It involves the use of machine learning algorithms, computer vision, robotics, and other AI tools to analyze data, automate processes, and optimize production. By using AI in manufacturing, companies can reduce costs, improve product quality, and enhance overall performance.
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Rising Automobile Demand Accelerates AI Integration In Manufacturing
The increasing demand for automobiles is expected to propel the growth of AI in the manufacturing market going forward. An automobile, commonly known as a car or a motorcar, is a wheeled vehicle designed for the transportation of passengers or goods on roads. The automobile industry incorporates AI (artificial intelligence) in manufacturing in several ways, such as autonomous vehicle development, predictive maintenance, data collection and analysis, and quality control and inspection. Utilizing AI in the automotive sector makes it possible to design the vehicle as well as the tools and robots employed in its production. AI is currently being used in the manufacturing, supply chain, post-production, and design of automobiles. For instance, in March 2022, according to Bankrate, a US-based financial services company, 64,344 automobiles (21,177 vehicles and 43,167 light trucks) were sold in the United States, an increase of 37.4% from 2021. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, 79.1 million automobiles were produced globally in 2021, a 1.3% rise from 2020. Therefore, the increasing demand for automobiles is driving the growth of AI in the manufacturing market.
Competitive Landscape -
Major companies operating in the ai in manufacturing market report are Nvidia Corporation, The International Business Machines Corporation, Siemens AG, General Electric Company, SAP SE, Amazon Inc., Mitsubishi Electric Corporation, Rockwell Automation Inc., Robert Bosch GmbH, Google LLC, Intel Corporation, Micron Technology Inc., Oracle Corporation, Cisco Systems Inc., Microsoft Corporation, Hilscher Gesellschaft für Systemautomation GmbH, Beckhoff Automation GmbH, Phoenix Contact GmbH & Co. KG, Veo Robotics, Automation Anywhere, Machina Labs Inc., Advanced Micro Devices Inc., SoluLab, Keyence Corporation, LeewayHertz, Citadel Analytics, Omron Corporation, Yokogawa Electric Corporation, Cognex Corporation, Bosch Rexroth AG
Visual AI Platform Revolutionizes Manufacturing Productivity
Technological advancements are a key trend gaining popularity in AI in manufacturing market. Companies operating in AI in the manufacturing market are focused on adopting new technologies to sustain their position in the market. For instance, in March 2023, Leela AI, a US-based software development company, launched Leela Platform, its first 'commonsense' visual AI platform to improve manufacturing output. Using the Leela Platform, manufacturers can gain insights into production processes that are hidden from Industrial Internet of Things (IIOT) sensor analytics. The software offers insights that allow users to compare productivity between shifts, workstations, and locations, find bottlenecks, and identify best practices. Industrial engineers, CI officers, and line supervisors can use and benefit from the Leela Platform. By recognizing and monitoring frontline activities as people engage with equipment, machines, parts, and products, the Leela Platform functions as an ongoing time-and-motion study.
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Key Segments -
The ai in manufacturing market covered in this report is segmented -
1) By Offering: Hardware, Software, Services
2) By Technology: Machine Learning, Natural Language Processing, Context-Aware Computing, Computer Vision
3) By Deployment: Cloud, On-Premise
4) By Application: Predictive maintenance and machinery inspection, Material Movement, Production Planning, Field Services, Quality Control, Cybersecurity, Industrial Robots, Reclamation
5) By Industry: Automobile, Energy And Power, Semiconductor And Electronics, Pharmaceutical, Heavy Metal And Machine Manufacturing, Food And Beverage, Other Industries
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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