Global AI in Manufacturing Market Highlights over 2022 – 2030
The global AI in manufacturing market is estimated to grow at a CAGR of ~25% over the forecast period, i.e., 2022 – 2030. The growth of the market can primarily be attributed to the increasing penetration of advanced technologies, such as, artificial intelligence, machine learning, and augmented reality in the manufacturing industry. With the help of AI, manufacturers can test for design errors in their product. Moreover, product designers can use the inbuilt algorithm and machine learning tools while designing their products. Besides, artificial intelligence has the ability to enhance compatibility, safety, and reduce cost of manufacturing. Along with this, the rapidly growing investment in AI technology, and the rising revenue generated by AI industry, are forecasted to boost the market growth. It is observed that AI industry generated a revenue of around USD 325 billion in 2021. Moreover, the increasing investment in the manufacturing sector, especially automotive sector, is anticipated to boost the market growth. In addition to this, the growing advancements in technology, backed by rising investment in R&D activities, is foreseen to boost the market growth.
The market is segmented by end-user into automotive, electronics, semiconductor, and others, out of which, the automotive segment is anticipated to hold the notable share in the global AI in manufacturing market over the forecast period. This can be attributed to the need of high accuracy and precision for manufacturing any automobile, which is easier to achieve with the help of AI. Moreover, application of AI in manufacturing automobiles can make the process cost effective, which is further estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global AI in Manufacturing Market Regional Synopsis
On the basis of geographical analysis, the global AI in manufacturing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of growing manufacturing sector in the region, backed by rapid development of countries, such as, Japan, India, Singapore, South Korea, and others. Moreover, the presence of major automotive and electronics manufacturers in the APAC region, coupled with rising adoption of advanced technology is estimated to boost the regional market growth. The increasing demand for automobiles is also anticipated to boost the market growth. For instance, according to the data by India Brand Equity Foundation (IBEF), in 2019-20, the total passenger vehicles sales in India crossed 2.8 million units. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the presence of major market players in the region, along with availability of advanced technology in the region. Moreover, adoption of industrial IOT in the region is further anticipated to fuel the market growth.
The global AI in manufacturing market is further classified on the basis of region as follows:
Our in-depth analysis of the global AI in manufacturing market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing adoption of industry 5.0 by manufacturers is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030.
The major players in the market are General Electric Company, Microsoft Corporation, Intel Corporation, Alphabet Inc., IBM Corporation, General Vision Inc., Rockwell Automation Inc., SAP SE, Cisco Systems, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by component, application, end-user, and by region.
The automobile segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities owing to the large number of passenger cars being manufactured.
Requirement of high initial investment is estimated to hamper the market growth.
The market in the Asia Pacific region is estimated to provide significant growth opportunities to the market owing to the presence of various automotive manufacturers in the region.
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