Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Artificial Intelligence in Manufacturing Market size is expected to reach $21.3 billion by 2028, rising at a market growth of 43.4% CAGR during the forecast period.
The Software segment acquired maximum revenue share in the Global Artificial Intelligence in Manufacturing Market by Offering in 2021, thereby, achieving a market value of $9,452.3 million by 2028. Faster computations in production, such as predictive analysis and machine inspection, quality control, and fieldwork, necessitate the AI-related additional hardware. The program, on the other hand, can run the full algorithm for the rest of the applications. Machine learning, semi-supervised learning, supervised learning, unsupervised learning, natural language processing, computer vision, and deep learning are among the AI technologies used to create the software. The market for AI platforms is growing due to the rising demand for software, particularly in predictive maintenance and quality control applications, as well as the expanding application breadth of AI in the manufacturing sector.
The Quality Control segment is showcasing a CAGR of 44.4% during (2022 - 2028). Quality control (QC) is a technique or group of procedures used to guarantee that a manufactured product or service fulfills a predetermined set of quality criteria or the client's or customer's expectations. Quality control is comparable to, but not the same as, quality assurance (QA). Quality control can be defined as a part of quality management process focused on meeting quality requirements." While quality assurance is concerned with how a process or a product is carried out, quality control is mainly concerned with the inspection part of quality management. AI can help enormously in checking the quality of products to maintain consistency.
The Machine Learning segment is leading the Global Artificial Intelligence in Manufacturing Market by Technology in 2021; thereby, achieving a market value of $8,773.5 million by 2028. This is because machine learning (ML) allows systems to learn from their mistakes and improve their performance over time. ML aids in the development of a computer program or algorithm that can access data and train itself without the need for human interaction. When dealing with vast amounts of data, machine learning is used. The time that was previously spent reviewing charts and spreadsheets is now being used to find clever ways to automate data analysis. Deep learning, unsupervised learning, supervised learning, and reinforcement learning are all examples of machine learning technology.
The Automotive segment dominated the Global Artificial Intelligence in Manufacturing Market by Industry in 2021, thereby, achieving a market value of $5,656.4 million by 2028. The increased deployment of advanced AI automotive solutions for fault detection and isolation, smart manufacturing, quality management, production monitoring, and the increasing requirement for predictive maintenance & machinery inspection solutions are driving this segment's huge market share.
Asia Pacific is the fastest growing region in the Global Artificial Intelligence in Manufacturing Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $7,477.4 million by 2028. The Europe market is estimated to witness a CAGR of 42.9% during (2022 - 2028). Additionally, The North America market would experience a CAGR of 42.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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