Ottawa, July 14, 2023 (GLOBE NEWSWIRE) -- The global artificial intelligence (AI) in manufacturing market size was valued at USD 3,800 million in 2022. Artificial intelligence (AI) in manufacturing units is adopted to avoid manufacturing stoppages. In the manufacturing sector, artificial intelligence has numerous applications. Such applications can be generalized as smart production, business operations, supply chain, and decision-making. The penetration of artificial intelligence in the manufacturing sector enhances the quality of production planning, supply chain management, and overall operation management at the firm. Manufacturing firms that carry research and development programs can save time and cost consumed by traditional operations processes with the help of artificial intelligence.
Artificial intelligence (AI) in manufacturing market is accelerating with the deployment of advanced technological solutions such as analytics, augmented reality, virtual reality, smart packaging, and additive manufacturing in manufacturing units. Industries that are currently experiencing their digitization journey are expected to adopt AI-based services in the upcoming period. Resilience and demand for sustainable solutions for manufacturing firms are crucial factors that supplement the growth of AI in the manufacturing market.
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Key Insights:
- North America captured the largest market share in 2022.
- Asia Pacific is expected to grow at a remarkable CAGR between 2023 and 2032.
- By Offering, the software segment contributed more than 32% of revenue share in 2022.
- By Technology, the computer vision segment is expected to expand at the fastest CAGR from 2023 to 2032.
- By Application, the predictive maintenance and machinery inspection segment is estimated to hold a significant share of the market between 2023 to 2032.
- By Industry, the medical devices segment is predicted to record the largest share of the market between 2023 to 2032.
Regional Snapshot:
Asia Pacific is expected to witness noticeable growth with the rapidly growing penetration of advanced technologies in manufacturing firms. Countries such as China, Japan, and India are focusing on expanding their manufacturing efficiencies; this highlights the market growth in the region. The technological forefront countries in Asia Pacific are witnessing an automation shift in the manufacturing sector; this will promote the penetration of AI for the same.
For instance, the Indian government has launched a ‘Made in India’ program to support domestic manufacturing for possibly every industry. This program is expected to boost the demand for advanced solutions for managing operations at manufacturing firms in the country in the upcoming period.
Europe is another attractive marketplace for artificial intelligence in the manufacturing sector. The region is one step ahead in the adoption of Industry 4.0, which focuses on the integration of advanced technologies into manufacturing processes. Increasing demand for smart manufacturing from multiple industries in Europe plays a significant role in the growth of the market in the region.
Moreover, the rapid adoption of robotics and automation, especially by the machine manufacturing and automotive industries, is observed to supplement the growth of the European market. Germany is at the forefront of the deployment of AI in numerous industries. The PwC report stated that AI in industries is observed to boost the GDP of Germany by 11.3% by 2030. In addition, the potential end users that show a willingness to invest in AI for the production process are observed as an asset for the market’s growth in Europe.
Report Highlights:
- By offering, the software segment will continue to sustain its position during the forecast period. Software solutions in the manufacturing sector can be customized to meet specific requirements; this enables manufacturers to penetrate AI technologies without a major change in the traditional infrastructure of the unit. This element supports the growth of the segment in the market.
- By technology, the machine learning segment is expected to grow at a noticeable rate during the forecast period due to its data-driven decision-making capabilities. Machine learning leverages vast data for informed decision-making and predictive analytics.
- By application, the production planning segment is expected to be the lucrative segment of the market. Artificial intelligence facilitates more accurate and data-driven production planning, which leads to improved operational efficiency, enhanced customer satisfaction, and increased competitiveness in the market.
- By industry, the electronics segment is expected to witness significant growth during the forecast period. The electronics industry across the globe is witnessing a substantial boost with the rising demand for portable electronic devices. The industry is characterized by complex manufacturing processes which often require defect detection, process optimization, and inventory management. AI in manufacturing units of electronics is capable of producing solutions for all such requirements by combining accurate formulas for growth and innovation; this highlights the development of the segment in the market.
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Scope of this report
| Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 33.5% |
| Market Size in 2023 | USD 5,070 Million |
| Market Size by 2032 | USD 68,360 Million |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Segments Covered | By Offering, By Technology, By Application, and By Industry |
| Key Players | Mitsubishi Electric Corporation, NVIDIA Corporation, Intel Corporation, Siemens AG, International Business Management Corporation, Oracle Corporation, Robert Bosch GMBH, Cisco Systems Inc. and others |
Market Dynamics:
Driver: Increasing demand for customized products from various industries
Algorithms in artificial intelligence are expected to offer accurate and more effective solutions for manufacturers that offer customized products. Customized products cater to specific customer preferences, leading to a more personalized and engaging customer experience. AI technologies, such as natural language processing and recommendation systems, can understand customer preferences, suggest personalized options, and provide interactive interfaces, enhancing the overall customer experience. AI can enable manufacturers to gather real-time feedback from customers regarding their customized products. The combination of services offered by artificial intelligence for the customization of products at manufacturing units is observed to boost the growth of the market.
Restraint: High investment cost
AI systems rely on large volumes of data to train and improve their performance. Collecting and managing data from various sources within the manufacturing environment can be costly. Companies need to invest in data storage infrastructure, data acquisition tools, data cleaning, and data governance practices to ensure the quality and reliability of the data. Implementing AI technologies in manufacturing requires a robust infrastructure, including high-performance computing systems, data storage, and network capabilities. Setting up and maintaining this infrastructure can be expensive, especially for small and medium-sized manufacturers with limited resources. The initial investment cost for infrastructure acts as a barrier for these companies to adopt AI solutions, which acts as a significant restraint for the market’s growth.
Opportunity: Penetration of coordinated robots in manufacturing firms
Coordinated robots, often known as ‘cobots’ are becoming popular with technological advancements across the globe. Such robots are developed to work with humans with proper coordination in manufacturing industries. This capability required from the coordinated robots can be achieved by penetrating AI algorithms that offer computer vision and deep learning. AI algorithms can successfully detect and analyze data by making real-time decisions to train cobots in manufacturing sectors. As industries shift towards automation with the help of cobots, there will be significant opportunities for AI in the manufacturing market.
Challenge: Data complexities
- In manufacturing, data quality can be a significant issue. Data may contain errors, inconsistencies, or missing values. For AI algorithms to provide accurate results, the data used for training and inference must be reliable and high-quality. Inaccurate or incomplete data can lead to biased models and incorrect predictions, which can have adverse effects on manufacturing processes and decision-making. AI algorithms require large and diverse datasets to effectively learn and make accurate predictions. Insufficient or poor-quality data can hinder the development and performance of AI systems.
Related Reports:
- Enterprise Artificial Intelligence (AI) Market: The global enterprise artificial intelligence (AI) market size reached USD 16.81 billion in 2022 and is projected to hit around USD 102.9 billion by 2030, growing at a CAGR of 47.16% during the forecast period from 2022 to 2030.
- Artificial Intelligence (AI) Market: The global artificial intelligence (AI) market size accounted for USD 69.25 billion in 2022 and is estimated to reach around USD 1,871.2 billion by 2032, growing at a CAGR of 39.1% from 2023 to 2032. The North America artificial intelligence market was valued at USD 30 billion in 2022.
- Artificial Intelligence (AI) Chip Market: The global artificial intelligence (AI) chip market size reached USD 16.86 billion in 2022 and is predicted to reach around USD 227.48 billion by 2032, expanding at a CAGR of 29.72% from 2023 to 2032.
Recent Developments:
- In March 2023, a globally prominent provider of 3D printing software and other services, Materialise announced the release of its process control software for metal 3D printing and other developmental purposes. The AI-based solution for 3D printing purposes is expected to reduce the time consumed for 3D printing by avoiding errors.
- In April 2023, Databricks announced the launch of Databricks Lakehouse for manufacturers. The platform is designed for manufacturers with pre-built artificial intelligence-based solutions along with a wide range of applications. Giant players across the globe including DuPont, Honeywell, Rolls Royce and Shell adopted the platform created by Databricks.
- In May 2023, the Ministry of Electronics and IT, India announced the launch of world’s first smart manufacturing competency center in Ahmedabad under a strategic collaboration with the government of Gujrat. The center aims to utilize AI, AR, analytics and VR solutions for multiple purposes.
Market Segmentation:
By Offering
- Hardware
- Software
- Services
By Technology
- Machine Learning
- Context Awareness
- Natural Language Processing
- Computer Vision
By Application
- Process Control
- Quality Control
- Logistics and Inventory Management
- Predictive Maintenance and Machinery Inspection
- Production Planning
- Others
By Industry
- Automotive
- Medical Devices
- Semiconductor and Electronics
- Energy and Power
- Heavy Metal and Machine Manufacturing
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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