North America Artificial Intelligence in Manufacturing Market Size, Share & Industry Trends Analysis Report By Offering (Software, Hardware, and Services), By Application, By Technology, By Industry, By Country and Growth Forecast, 2022 - 2028
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Market Report Description
The North America Artificial Intelligence in Manufacturing Market would witness market growth of 42.6% CAGR during the forecast period (2022-2028).
Natural language processing-powered chatbots are an important AI trend in manufacturing that can assist streamline factory issue reporting and help requests. This is a branch of artificial intelligence that focuses on simulating real human dialogue. Artificial intelligence can help workers produce competent reports more quickly in an easy-to-understand style if they can utilize devices to communicate and report difficulties and inquiries to chatbots. This increases worker accountability while also reducing the workload for both workers and management.
Manufacturers can use AI-enabled systems to evaluate multiple scenarios (in terms of time, cost, and income) to optimize last-mile deliveries. AI can forecast future delivery times precisely by predicting the best delivery routes, tracking driver performance in real-time, and assessing weather and traffic reports in addition to past data. From capacity planning to inventory tracking and administration, AI can help manufacturers gain more control over their supply chains. They can set up a real-time and predictive supplier assessment and monitoring mechanism to be notified as soon as a supplier fails and analyze the scope of the supply chain interruption. The manufacturer Rolls Royce is one such example. It powers its fleet of self-driving ships with advanced machine learning algorithms and image recognition, which increases supply chain efficiency and ensures cargo is transported securely.
The processing of food and beverages is a significant contributor to the Canadian economy. Employment in the sector was predicted to grow by 4.7% in 2014, reaching around 265,000 people. According to Agriculture and Agri-Food Canada, the Canadian food and beverage processing industry supplied around 80% of the processed food and beverage products accessible in the country in 2011. Soft drink and bottled water production, as well as wineries, breweries, and distilleries, are all examples of beverage processing. Since the manufacturing of food and beverages is a complex process that involves quality checks at multiple stages, the deployment of artificial intelligence in the manufacturing of food and beverages is set to grow with time.
Canada's modern economy relies heavily on manufacturing. Manufacturing accounts for over $174 billion of Canada's total GDP or more than 10% of the country's total. Furthermore, manufacturers export more than $354 billion every year, accounting for 68 percent of all merchandise exports in Canada. All of this translates to 1.7 million good-paying full-time jobs across the country. Manufacturers have become more innovative and high-tech as the industry has modernized, relying on a highly skilled and knowledgeable workforce of designers, researchers, programmers, engineers, technicians, and craftspeople.
The US market dominated the North America Artificial Intelligence in Manufacturing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $4,481.4 million by 2028. The Canada market is experiencing a CAGR of 45.8% during (2022 - 2028). Additionally, The Mexico market would exhibit a CAGR of 44.5% during (2022 - 2028).
Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Application, the market is segmented into Predictive maintenance & Machinery Inspection, Inventory Optimization, Quality Control, Cybersecurity, Industrial robots, Field Services, Production Planning, and Others. Based on Technology, the market is segmented into Machine Learning, Computer Vision, Natural Language Processing, and Context-aware Computing. Based on Industry, the market is segmented into Automotive, Food & Beverage, Pharmaceutical, Heavy Metals & Machine Manufacturing, Semiconductor & Electronics, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NVIDIA Corporation, Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, Intel Corporation, Oracle Corporation, Google LLC, Micron Technology, Inc., Siemens AG, and General Electric (GE) Co.
Scope of the Study
Market Segments Covered in the Report:
- Predictive maintenance & Machinery Inspection
- Inventory Optimization
- Quality Control
- Industrial robots
- Field Services
- Production Planning
- Machine Learning
- Computer Vision
- Natural Language Processing
- Context-aware Computing
- Food & Beverage
- Heavy Metals & Machine Manufacturing
- Semiconductor & Electronics
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- NVIDIA Corporation
- Cisco Systems, Inc.
- Microsoft Corporation
- IBM Corporation
- Intel Corporation
- Oracle Corporation
- Google LLC
- Micron Technology, Inc.
- Siemens AG
- General Electric (GE) Co.
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