AI in Manufacturing Market to Exhibit a CAGR of 24.2% by 2027; Increasing Demand for COBOTS to Boost Market Growth: Fortune Business Insights™
PUNE, India, May 28, 2020 /PRNewswire/ -- Key Companies Covered in Artificial Intelligence (AI) in Manufacturing Market Research Report are Microsoft Corporation, Google LLC, IBM Corporation, Amazon.com Inc., NVIDIA Corporation, Siemens AG, GENERAL ELECTRIC, SAP SE, Rockwell Automation, Inc., Mitsubishi Electric Corporation.
The global AI in manufacturing market size is expected to rise owing to increasing demand for collaborative robots and growing semiconductor industry. According to Fortune Business Insights, its latest report, titled "Artificial Intelligence (AI) in Manufacturing Market Size, Share & COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Context Awareness), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection, Logistics and Inventory Management, Quality Management, and Others), By Industry (Automotive, Medical Devices, Semiconductor &Electronics, Energy & Power, Heavy Metal & Machine Manufacturing, and Others), and Regional Forecast, 2020-2027.", observes that the market will hit USD 9.89 Billion by 2027, while exhibiting a promising 24.2% CAGR between 2020 and 2027. This market is expected to witness substantial growth owing to the COVID-19 impact and hence the 2020-2027 CAGR is high/very high, as a large section of industry would look to adopt AI in order to automate the operation with less human intervention.
Artificial intelligence (AI) is believed to be a game-changing modern technology for the manufacturing industry. Adoption of AI in manufacturing provides multi-faceted benefits such as accurate and rapid data-driven decisions, minimizing of operational costs, optimizing several processes, and improving the overall experience of customer-satisfaction. In addition to this, AI can be easily embedded to the existing products and services offered by the companies to render them reliable, effective, and safe. For instance, in the automotive industry, AI-based technology such as computer vision is used to accurately detect obstructions to prevent road fatalities, while promoting safe driving.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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What does the Market Report Offer?
The market report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years. The report covers regional demographics that include qualitative and quantitative information about the regions that are further divided into nations that are contributing to the growth of the market between 2019 and 2026. Furthermore, the competitive landscape has been discussed in-depth that include information of several players operating in the market. Moreover, information on the adoption of strategies such as merger and acquisition, collaboration, partnerships, and joint ventures by the companies that will drive the growth of the market has been included during the projected horizon.
Drivers and Restraints:
Increasing Adoption of Cobots to Promote Growth
Emergence of automation and robotics has propelled the rise of collaborative robots (Cobots) across several manufacturing industries. Cobots are perceived as an essential addition to implement several industrial operations such as detecting failure scenarios, analyzing the result, and further taking appropriate action to resolve the issues. Increasing adoption of Cobots by the manufacturers is anticipated to drive the growth of the AI in manufacturing market during the forecast period. For instance, MVI Maskinfabrik, a Danish kitchen utility manufacturer, invested in Cobot to cater to the increasing demand for its several products. According to the company, the investment proved to be the right decision as it reduced 50% time required in the wielding process of its products. Furthermore, the total cost procured to buy Cobot was far more less than a wielding machine.
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Regional Analysis:
Increasing Investment for AI-based Platform in Asia-Pacific to Drive the Market
Among the regions, the market in Asia-Pacific that hit USD O.68 Billion in 2019 is expected to hold the highest global AI in manufacturing market revenue during the projected horizon. This is ascribable to factors such as increasing investment for AI-based platforms in countries such as India, China, and Japan in the region.
The market in Europe is expected to be the second-most leading region in the forthcoming years. Countries such as the UK investing a huge sum of about USD 1.3 Billion in developing AI technology will drive the market growth in the region. North America, on the other hand, will witness significant growth owing to increasing investment in R&D activities and growing number of startups for AI technology between 2020 and 2027.
Competitive Landscape:
Rockwell Automation Introducing New AI Module to Augur Growth
In April 2019, Rockwell Automation, Inc. announced its launch of a new AI module, FactoryTalk Analytics LogixAI to enhance industrial production. The new AI module efficiently predicts analysis for precise decision making without interference from the data scientists. In addition to this, the module detects data anomalies, while alerting the workers to attain precise results. Major focus of the companies to provide AI-based solutions to strengthen market position will bode well for the growth of the market in the forthcoming years. Furthermore, amid the global pandemic, COVID-19, adoption of AI technology by the manufacturers will contribute to the market growth during the projected horizon.
List of Key Companies Profiled in the Artificial Intelligence (AI) in Manufacturing Market Research Report are:
- Microsoft Corporation (United States)
- Google LLC (United States)
- IBM Corporation (United States)
- Amazon.com Inc. (United States)
- NVIDIA Corporation (United States)
- Siemens AG (Germany)
- GENERAL ELECTRIC (United States)
- SAP SE (Germany)
- Rockwell Automation, Inc. (United States)
- Mitsubishi Electric Corporation (Japan)
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- Porter's Five Forces Analysis
- Global AI in Manufacturing Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Offering
- Hardware
- Software
- Services
- By Technology (Value)
- Computer Vision
- Machine Learning
- Natural Language Processing
- Context Awareness
- By Application (Value)
- Process Control
- Production Planning
- Predictive Maintenance & Machinery Inspection
- Logistics and Inventory Management
- Quality Management
- Others
- By Industry (Value)
- Automotive
- Medical Devices
- Semiconductor & Electronics
- Energy & Power
- Heavy Metal & Machine Manufacturing
- Others (Aerospace & Defense, Conglomerates, etc.,)
- By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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