AI in Manufacturing Market Segmentation by Component (Hardware, Software, and Services); by Application (Production Management, Planning Control, Machinery Inspection, Predictive Management, and Others); and by End-User (Automotive, Electronics, Semiconductor, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3767 | Published Date: Feb 06, 2023
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.
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The global AI in manufacturing market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global AI in manufacturing market includes the following segments:
By Component
By Application
By End-User
Growth Drivers
Challenges
November, 2021: Habana Labs, a subsidiary of Intel Company, announced the collaboration with DDN and Supermicro, to provide enterprise-scale artificial intelligence (AI) training solution. This features the Supermicro X12 Gaudi AI training server and DDN AI400X2 storage system.
June, 2020: Wipro limited to collaborate with IBM corporation to provide security across public or private cloud and on-premises IT environments.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Abhishek Verma, Hetal Singh
Ans: The growing adoption of industry 5.0 by manufacturers is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~25% over the forecast period, i.e., 2022 – 2030.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by component, application, end-user, and by region.
Ans: 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.
Ans: Requirement of high initial investment is estimated to hamper the market growth.
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