The global artificial intelligence in manufacturing market is expected to expand at a healthy rate from 2021 to 2031 (forecast period). With constantly rising industrial automation and IoT, the worldwide artificial intelligence in manufacturing market has accelerated its expansion. Artificial intelligence (AI) is one of the most rapidly emerging technologies in recent years. Artificial intelligence and human intelligence share features such as understanding, problem-solving, reasoning, learning, and language. The use of AI in the manufacturing industry creates a more secure operational environment, which helps to improve the quantity and quality of output.
Leading players in the artificial intelligence in manufacturing market are Intel, IBM, AWS, Microsoft, Google, and Siemens.
Google is acquiring businesses in a variety of nations, including India, China, the United States, and the United Kingdom, to mention a few. Google, together with thirty AI startups worth USD 4 billion, leads the list of AI acquiring businesses. The company is also working on using AI in the manufacturing industry. It provides Cloud AI to increase and maximize process speed while also safeguarding workers' health. It is also investing in the development of solutions and technologies to facilitate the adoption and use of AI in the manufacturing industries.
Manufacturers in industries such as automobiles, energy and power, pharmaceuticals, and food and beverages are embracing artificial intelligence. Rising venture capital investments, increasing automation demand, and fast expanding sectors and industrial IoT are anticipated to increase the sales of artificial intelligence in manufacturing market. In addition, rising demand for hardware platforms and high-computing processors to operate a diverse variety of AI software are likely to boost the global artificial intelligence in manufacturing market. AI in the manufacturing industry aids in the collection and management of large amounts of data. As a result, it is widely employed in a variety of manufacturing applications, including cybersecurity, predictive analytics, machinery inspection, and quality control. All of these reasons are projected to drive the worldwide artificial intelligence in manufacturing market forward.
Furthermore, soaring demand for machine learning technology and computer vision for machinery inspection, increased AI adoption by factories to decrease downtimes, and increasing demand from factories to enhance productivity and reduce operational costs are expected to fuel the global artificial intelligence in manufacturing market. AI technology integration in predictive maintenance and machinery inspection includes frequent examination, lubrication, testing, equipment changes, and inspection. These advantages are projected to propel the worldwide artificial intelligence in manufacturing market.
Furthermore, during the COVID-19 outbreak, manufacturing businesses had an almost 10% drop in the third quarter of 2020 compared to the previous year. However, the deployment of key data analytics combined with AI is likely to allow the manufacturing industry to rebound from the repercussions considerably faster. These reasons are projected to increase the use of AI-powered technologies in the manufacturing industry, especially for managing large and complicated datasets.
The artificial intelligence in manufacturing market in Asia Pacific is expected to expand during the forecast period. The existence of significant manufacturing businesses in Japan, South Korea, and China, as well as an increasing emphasis on digitalization with technical developments like industrial automation, artificial intelligence, IoT, and robotics, are projected to bolster the regional market growth. Furthermore, increasing government initiatives and funding for new entrants and the growing need to increase infrastructure flexibility contribute to the regional market growth.
Europe is expected to contribute to the artificial intelligence in manufacturing market during the forecast period. As per a Capgemini survey, 51% of European manufacturers employ artificial intelligence. The two most prevalent use cases for AI in manufacturing, as per Capgemini, are quality assurance and maintenance.