AI in Manufacturing Market to Reach $84.5 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jun 03, 2024, 10:01 ET

REDDING, Calif., June 3, 2024 /PRNewswire/ -- Meticulous Research^®—a leading global market research company, published a research report titled, "AI in Manufacturing Market by Component, Technology (ML, NLP, Computer Vision), Application (Predictive Maintenance & Machinery Inspection, Cybersecurity, Supply Chain Optimization), End-use Industry, and Geography—Global Forecast to 2031". According to this report, the AI in manufacturing market is projected to reach $84.5 billion by 2031, at a CAGR of 32.6% during the forecast period 2024–2031.

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The growth of the AI in manufacturing market is driven by the rising adoption of Industry 4.0 and smart manufacturing, the growing need for predictive maintenance and quality control, and the increasing demand for automation and operational efficiency. However, a shortage of skilled workforce restrains the growth of this market.

Furthermore, the rising number of manufacturing operations in emerging economies and the increasing adoption of AI in supply chain management and logistics are expected to generate growth opportunities for the stakeholders in this market. However, data security and privacy concerns are a major challenge impacting the growth of the AI in manufacturing market.

The global AI in manufacturing market is segmented based on component (hardware [processors, memory, networking], software [AI platforms, AI solutions], and services [deployment & integration, support & maintenance]), technology (machine learning (ML), natural language processing (NLP), context-aware computing, computer vision, speech and voice recognition, and machine reasoning), application (field services, quality management, cybersecurity, robotics & factory automation, predictive maintenance & machinery inspection, material handling, production planning, safety planning, energy management, and supply chain optimization), end-use industry (semiconductor & electronics, energy & power, pharmaceuticals, medical devices, automotive, heavy metals & machine manufacturing, fast-moving consumer goods, aerospace and defense, and other end-use industries) and geography. The study also evaluates industry competitors and analyses the regional and country-level markets.

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Based on component, in 2024, the hardware segment is expected to account for the largest share of 44.6% of the global AI in manufacturing market. This segment's large market share can be attributed to the growing adoption of AI hardware in the manufacturing sector, the increasing R&D expenditure to develop AI hardware, and stringent regulations to ensure safe manufacturing practices. However, the services segment is projected to record the highest CAGR during the forecast period. The growth of this segment is driven by the growing adoption of smart manufacturing services and the shortage of skilled professionals.

Based on technology, in 2024, the machine learning segment is expected to account for the largest share of 67.7% of the global AI in manufacturing market. However, the natural language processing segment is projected to register the highest CAGR during the forecast period. This segment's growth is driven by the increasing demand for NLP technology for analyzing machinery data to predict and prevent failures, automating inspection report analysis, ensuring adherence to safety protocols through real-time analysis, enabling personalization based on customer feedback analysis, and optimizing manufacturing processes by evaluating production data.

Based on application, in 2024, the predictive maintenance & machinery inspection segment is expected to account for the largest share of 20.6% of the global AI in manufacturing market. This segment's large market share can be attributed to the rising demand for self-monitoring systems, the increasing need to reduce the costs of heavy equipment operation and maintenance, and the growing demand for real-time plant monitoring in the manufacturing sector. Moreover, the predictive maintenance & machinery inspection segment is projected to register the highest CAGR during the forecast period.

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Based on end-use industry, in 2024, the automotive segment is expected to account for the largest share of 18.0% of the AI in manufacturing market. This segment's large market share can be attributed to the increasing adoption of AI by automotive manufacturers, increasing demand for advanced driver-assistance systems (ADAS) and autonomous vehicles, and consumers' preference for vehicles with advanced safety features.

However, the medical devices segment is expected to register the highest CAGR during the forecast period. This segment's growth is driven by increasing demand for advanced healthcare technologies, regulatory compliance requirements, and the need for improved efficiency and quality in medical device manufacturing processes.

Based on geography, in 2024, Asia Pacific is expected to account for the largest share of 53.1% of the global AI in manufacturing market, followed by Europe, North America, Latin America, and the Middle East & Africa. The Asia Pacific AI in manufacturing market is estimated to be worth USD 6.3 Billion in 2024. Asia-Pacific's significant market share can be attributed to the rising demand for automation, the increasing adoption of industrial robots, the advent of Industry 4.0, the growing adoption of cloud-based manufacturing solutions, and the presence of prominent market players in the region. Moreover, the market in Asia-Pacific is projected to record the highest CAGR of 34.1% during the forecast period.

The key players operating in the AI in manufacturing market include Google LLC (A Subsidiary of Alphabet Inc.) (U.S.), International Business Machines Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), NVIDIA Corporation (U.S.), Oracle Corporation (U.S.), Cisco Systems, Inc. (U.S.), Rockwell Automation, Inc. (U.S.), Amazon Web Services, Inc. (A Subsidiary of Amazon.com, Inc.) (U.S.), Siemens AG (Germany), General Electric Company (U.S.), SAP SE (Germany), Advanced Micro Devices, Inc. (U.S.), Robert Bosch GmbH (Germany), and Sight Machine Inc. (U.S.).

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Scope of the report:

AI in Manufacturing Market Assessment—by Component

Hardware
- Processors
- Network
- Memory
Software
- AI platforms
- AI solutions
Services
- Deployment & integration services
- Support & maintenance services

AI in Manufacturing Market Assessment—by Technology

Machine Learning
Natural Language Processing
Computer Vision
Machine Reasoning
Speech and Voice Recognition
Context-aware Computing

AI in Manufacturing Market Assessment—by Application

Predictive Maintenance & Machinery Inspection
Quality Management
Robotics & Factory Automation
Supply Chain Optimization
Material Handling
Production Planning
Safety Planning
Field Services
Cybersecurity
Energy Management

AI in Manufacturing Market Assessment—by End-use Industry

Automotive
Semiconductor & Electronics
Heavy Metals & Machine Manufacturing
Energy & Power
Aerospace and Defense
Medical Devices
Pharmaceuticals
Fast-moving Consumer Goods
Other End-use Industries

AI in Manufacturing Market Assessment—by Geography

Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Thailand
- Taiwan
- Vietnam
- Rest of Asia-Pacific
Europe
- Germany
- Italy
- U.K.
- France
- Spain
- Netherlands
- Russia
- Turkey
- Ireland
- Rest of Europe
North America
- U.S.
- Canada
Latin America
- Mexico
- Brazil
- Rest of Latin America
Middle East & Africa
- UAE
- Israel
- Rest of Middle East & Africa

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