Artificial Intelligence (AI) in Manufac Market
An important part of computer science involved in developing intelligent machines that react and work like a human being is known as artificial intelligence (AI). It plays a significant role in various sectors, such as education, finance, manufacturing, and heavy industry. AI has brought a paradigm shift in the manufacturing industry. Virtual reality, automation, Internet of Things (IoT), and robotics are some important features of AI that are benefitting the manufacturing industry. Artificial Intelligence (AI) is currently transforming the manufacturing industry. The ongoing maintenance of manufacturing equipment and production line machinery results in huge expenditures due to unplanned downtime costs. According to a recent survey, the manufacturers accrue nearly over USD 50 billion of annual maintenance cost due to unplanned manufacturing activities. Due to such expenses, the adoption of predictive maintenance to get prior warnings about upcoming component failures is becoming mandatory for the manufacturers.
The predictive maintenance analysis works on artificial intelligence (AI) algorithms and artificial neural networks. Along with downtime cost reduction, it helps in the extension of equipment’s RUL (Reduction of Life). In case of unavoidable maintenance, AI informs the technicians for advanced inspection much before the situation arises. The emerging need for smart maintenance application in the manufacturing industry is majorly driving the global artificial intelligence (AI) in manufacturing market worldwide. Huge initial investments in deploying artificial intelligence (AI) in already existing mechanical robots are hindering the market. The integration of AI has revolutionized product designing techniques. The rising demand for generative designs is estimated to create new market opportunities over the forecast timeframe.
The global artificial intelligence (AI) in manufacturing market is segmented on the basis of offering, technology, application, and end-user. The offering segment is classified into hardware, software, and services. The technology segment includes machine learning, context-aware computing, natural language processing, and computer vision. By application, the artificial intelligence (AI) in manufacturing market includes production planning, predictive maintenance, and machinery inspection, material movement, quality control, field services, cybersecurity, and others. The predictive maintenance and machinery segment is anticipated to grow rapidly over the forecast timeframe, due to the rising demand for smart maintenance for overall downtime cost reduction. By end-user, the artificial intelligence (AI) in manufacturing market include energy and power, automotive, food and beverages, semiconductors and electronics, heavy metals and machine manufacturing, pharmaceuticals, and others. The heavy metals and machine manufacturing segment is likely to hold substantial market share in the upcoming years.
By region, the Asia Pacific artificial intelligence (AI) in manufacturing market is likely to register prominent growth in the upcoming years due to the remarkable presence of the manufacturing industry. Out of all the emerging Asian countries, China is projected to dominate this regional market in the years ahead.
Some key participants operating in the global artificial intelligence (AI) in manufacturing market are Corporation, Google, Siemens, NVIDIA, General Vision, Darktrace, AIBrain, Oracle Corporation, Cisco Systems, Inc., General Electric Company, and Microsoft Corporation, among others.