Mar 01, 2023
English - UK
Pramod Pawar
Market Overview
The global artificial intelligence in manufacturing market is projected to experience rapid growth over the coming years due to increasing adoption of industrial automation and an uptick in demand for predictive maintenance and quality control applications within this sector. Furthermore, the need for efficient and optimized production processes should further fuel market expansion.
The global artificial intelligence in manufacturing market size is expected to be worth around USD 115.19 Bn by 2032 from USD 2.30 Bn in 2022, growing at a CAGR of 47.9% during the forecast period from 2022 to 2032.
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The Key Takeaways
The global AI in manufacturing market can be divided into North America, Europe, Asia-Pacific, Middle East & Africa and South America. Asia-Pacific is expected to experience the fastest growth rate due to the increasing adoption of automation technologies within manufacturing operations there. Furthermore, Asia-Pacific boasts some of the biggest industries such as automotives, electronics and pharmaceuticals which will further fuel demand for AI solutions within this region.
Drivers
The Industrial Internet of Things (IoT), which enables real-time information about business and operational systems, makes industrial processes more efficient, productive and innovative. Data derived from loT devices must be transformed into instructions to instruct machines to do specific tasks. An Al system uses these instructions to learn human behavior via deep learning, context awareness and natural language processing (NLP). Al-based systems are faster and more reliable than traditional methods. This improves manufacturing efficiency, which is a key factor in business growth. General Motors Company (US), an American car manufacturer, installed industrial loT devices at its automotive manufacturing plant to improve body painting quality. The factory's loT devices are used to transmit data to the system.
Restraints
The market for AI in manufacturing is expected to grow significantly in the next few years due to the increasing use of automation technologies as well as the growing demand in quality control and predictive maintenance applications. Market growth will be slowed by high implementation and maintenance cost, limited availability and privacy concerns.
Al technologies provide manufacturers with tools that will help them in machine inspection and predictive maintenance. Manufacturers are reluctant to use new technology, especially Al-based solutions in expensive machines and equipment. Mismanagement can increase costs. Many manufacturers have doubts about Al-based solutions' ability to accurately maintain and inspect equipment. These factors make it difficult for manufacturers to accept that Al-based solutions can be cost-efficient, efficient, and safe. Manufacturers are accepting Al-based solutions' potential benefits and the wide range of applications they can serve.
Opportunities for Artificial Intelligence on the Manufacturing Market
Artificial Intelligence and the Manufacturing Market
Recent Innovations in Artificial Intelligence for the Manufacturing Market
Edge AI: This is the use of AI algorithms and models on the factory floor. It allows for real-time decision-making and reduces the need to send data to the cloud.
Autonomous Systems: Artificial Intelligence is being used by manufacturers to create autonomous systems such as drones or robots that can carry out tasks without human intervention.
Explainable AI refers to AI systems which can clearly explain their decision-making process to human beings. This makes it easier for manufacturers and suppliers to trust these systems.
Digital Twins are virtual replicas that simulate physical manufacturing assets. They can be used to optimize production processes and reduce the need for costly physical testing.
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Key Market Segments
Type
Application
Key Market Players included in the report:
Report Scope
Report Attribute | Details |
The market size value in 2022 | USD 2.30 Bn |
Revenue forecast by 2032 | USD 115.19 Bn |
Growth Rate | CAGR Of 47.9% |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of the World |
Historical Years | 2017-2022 |
Base Year | 2022 |
Estimated Year | 2023 |
Short-Term Projection Year | 2028 |
Long-Term Projected Year | 2032 |
FAQs with question answers
Q: What is Artificial Intelligence?
A: Artificial Intelligence in Manufacturing refers the use of AI technologies like machine learning, computer vision and natural language processing in manufacturing to maximize production and minimize costs.
Q: What are the driving forces of Artificial Intelligence in the Manufacturing Market?
A: There are many market drivers, including the rising need for automation and optimization in manufacturing processes, Industry 4.0's growing trend and adoption of industrial IoT. The need for predictive maintenance to decrease equipment downtime and increasing demand for customization and personalization.
Q: What are the main challenges for the Artificial Intelligence in the Manufacturing Market?
A: There are many challenges in the market, including the need to standardize data and allow seamless integration of AI technology into manufacturing processes. Also, there are ethical and social implications for using AI in manufacturing such as job displacement or bias.
Q: How can AI improve manufacturing?
A: AI can analyze data and identify inefficiencies and bottlenecks. It can also predict equipment failures and monitor quality in real time. This will optimize supply chain management.
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