AI In Manufacturing Market 2020 : Global Industry Growth, Opportunities, Consumptions, Industry Analysis and Forecasts 2026

 Infinium Global Research’s recent report on the “AI In Manufacturing Market (Component (Hardware, Software, and Services), Technology (Text Analytics & NLP, Machine Learning Platforms, Deep Learning, Robotic Processes Automation, Machine Vision, and Others), EndUse Industries (Automobile, Heavy Metals and Machine Manufacturing, Semiconductor and Electronics, Energy and Power, Food and Beverages, Pharmaceuticals, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” estimates that the market was worth USD 2 billion in 2020 and is expected to reach USD 34.9 by 2026. The report also provides a comprehensive outline of the factors responsible for the growth of the market.

"We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026." 

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Artificial intelligence (AI) is the branch of computer science that emphasizes the creation of intelligent machines to simulate human intelligence. The artificial intelligence is used in numerous manufacturing industries to provide superior efficiency, precision, accuracy, and speed. Presently, artificial intelligence plays an important role in the manufacturing industries as it offers a more reliable and faster work process than humans.

Increasing Adoption of Smart Manufacturing Factory Resolution is Augmenting the Demand for AI in Manufacturing

Globally, there has been a tremendous advancement in the technological front. The emergence of artificial intelligence is one such advancement that has transformed the industries in so many ways. Growing investment in artificial intelligence across the world is driving global AI in the manufacturing market. Furthermore, the increasing adoption of smart manufacturing factory resolution is augmenting the demand for AI in manufacturing. These days, factories are becoming increasingly automated, self-monitoring, and self-correcting as their machines are acquiring the ability to analyze and communicate with each other and their human co-workers.

Furthermore, the concerns over the spread of coronavirus have severely affected the AI in manufacturing market by hindering production and demand, and by its impact on manufacturing sector. Many manufacturing companies have frozen their production, which has collaterally damaged the supply chain and the industry.

Moreover, the growth in the adoption of AI solutions is completely dependent on the growth of manufacturing units. In the current circumstances, manufacturing networks have been disrupted, and thus, the growth of AI solutions will also get affected negatively in such industries.

On the other hand, industries such as pharmaceuticals are expected to witness a moderate impact. Many factors have contributed to the disruptions in manufacturing industries. Broadly, three major factors are disrupting the manufacturing industries, namely, supply chain disruption, a shutdown of manufacturing units, and a decrease in demand amidst lockdown in many countries.

Growing Technological Advancement and Increasing Data Generation to Augment the Demand For machine Learning Platforms in the Ai in Manufacturing Market

Based on technology, global artificial intelligence in manufacturing market is categorized into text analytics & NLP (Natural Language Processing), machine learning platforms, deep learning, robotic processes automation, machine vision, and others. Among these, a machine learning platform is expected to dominate the market during the forecast period owing to the technological advancement and proliferation in data generation. Developing technologies such as artificial intelligence and machine learning are changing the way industries and humans work. These technologies have optimized supply chains, launched numerous digital products and services, and transformed overall customer experience. Machine learning is a subset of artificial intelligence and it has evolved from computational learning and pattern recognition in artificial intelligence.

Further, it explores the construction and study of algorithms and carries out predictions on data. In addition, in the upcoming years, applications of machine learning in various industry verticals are anticipated to rise exponentially. Technological advancement and proliferation in data generation are some of the major pouring factors for the machine learning platforms segment growth.

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AI in Manufacturing Market to Register Several Mergers and Acquisitions Over the Forecast Years

The key market players in AI in manufacturing market are Siemens AG, Mitsubishi Electric Corporation, Intel Corporation, NVIDIA Corporation, IBM Corp, Progress Software Corporation, Rockwell Automation Inc., Cisco Systems Inc., Microsoft Corporation and Oracle Corporation. With an emphasis on strong and advanced networking capabilities companies are witnessing a record number of partnership deals. For instance, In April 2019 Siemens and SAS partnered to deliver AI-embedded IoT analytics for edge and cloud. This partnership is a benefit to working in a range of industries including manufacturing, healthcare, energy & utilities, smart cities, transportation, and automotive. Mergers & Acquisitions (M&A) are heating up in Automation & AI industry and new deals seem to come every day.

For instance, In May 2019 Progress has acquired Ipswitch, Inc., a provider of award-winning and easy-to-use secure data file transfer and network management software. Moreover, In October 2019 Rockwell Automation Acquired MESTECH Services.Infinium Global Research’s recent report on the global AI in manufacturing market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

North America Region to Generate Highest Revenue in the Global AI in Manufacturing Market

Among the regions, North America held the largest share in the global AI in the manufacturing market due to the continued American leadership in AI. In 2019, an estimated value of USD 565 Million was generated from the U.S. alone as it is an early adaptor of AI technology in the manufacturing sector. Moreover, the national strategy such as American Artificial Intelligence Initiative continues to make United States leadership in the AI manufacturing sector a top priority.

Moreover, Asia Pacific performance in AI in manufacturing is expected to be exceptional due to China’s adoption of the technology in its industrial manufacturing operations. Furthermore, the presence of several leading manufacturing industries in India and China such as steel, semiconductor, automobiles, chemicals, food processing, consumer goods, aerospace, and mining will be a key factor driving the adoption of AI technology in this region. The AI in the manufacturing sector in the Asia Pacific region is expected to post a compound annual growth of more than 50% over the forecast period.

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