$16.3 Billion Worldwide Artificial Intelligence in Manufacturing Industry to 2027 – Featuring Bright Machines, Cisco Systems, Flutura and General Vision Among Others – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Artificial Intelligence in Manufacturing Market by Offering (Hardware, Software, and Services), Industry, Application, Technology (Machine Learning, Natural Language Processing, Context-aware Computing, Computer Vision), & Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global artificial intelligence in Manufacturing market size is valued at USD 2.3 billion in 2022 and is anticipated to be USD 16.3 billion by 2027; growing at a CAGR of 47.9% from 2022 to 2027. The growing demand of factors such as improving computing power of AI chipsets is expected to grow the market at an estimated rate.
Application of AI for intelligent business processes
Rigid and rule-based software currently governs a majority of business processes in an organization, offering limited abilities to handle critical problems. These processes are time-consuming and require employees to work on repetitive tasks, hampering the productivity of the employees and the overall performance of the organization. Machine Learning and Natural Language Processing tools generated on AI platforms can help enterprises overcome such challenges with self-learning algorithms, which can reveal new patterns and solutions.
Most organizations use enterprise software, which makes the use of rule-based processing to automate business processes. This task-based automation has helped organizations in improving their productivity in a few specific processes but such rule-based software cannot self-learn and improve with experience.
The integration of AI tools, such as NLP and ML, generated on AI platform for enterprise software systems, enables the software to gain mastery while solving individual processes. This software would be able to provide improved performance and productivity to enterprises over time, instead of providing a one-time boost. All these factors are said to have fueled the demand for intelligent business processes and act as opportunities for the growth of the AI in manufacturing market.
Increasing global demand for energy and power is influencing energy and power companies to adopt AI-based solutions
The increasing global demand for energy and power is influencing energy and power companies to adopt AI-based solutions that can help boost production output with minimum maintenance and reduced downtime. Maintenance and inspection are the major issues, along with material movement, in a thermal plant as the material needs to travel a long distance inside the plant. Besides, equipment used in this industry, such as turbines, conveyer belts, grids, and voltage transformers, are costly.
Moreover, there are issues related to fuel mix, ambient temperature, air quality, moisture, load, weather forecast models, and market pricing in the power industry. By using AI-based technologies, these issues can be resolved and predicted in the early stages.
AI-based technologies used in energy plants comprise physics insights, engineering design knowledge, and new inspection technologies, which are ideal for predictive maintenance and machinery inspections. The AI technologies work in 2 layers. First, by recognizing the pattern, and second, by learning the models. Early-stage pattern recognition notifies about impending failures.
Market Dynamics
Drivers
- Intensifying Need to Handle Increasingly Large and Complex Dataset
- Evolving Industrial IoT and Automation Technologies
- Improving Computing Power of AI Chipsets
- Increasing Venture Capital Investments in Manufacturing AI Space
Restraints
- Reluctance Among Manufacturers to Adopt AI-Based Technologies
Opportunities
- Growing Focus on Boosting Operational Efficiency of Manufacturing Plants
- Application of AI for Intelligent Business Processes
- Adoption of Automation Technologies to Mitigate Effects of COVID-19
Challenges
- Limited Availability of Skilled Workforce, Especially in Developing Countries
- Concerns Regarding Data Privacy
Companies Mentioned
- AIbrain
- Amazon Web Services
- Aquant
- Bright Machines
- Cisco Systems
- Flutura
- General Electric (GE) Company
- General Vision
- IBM
- Intel
- Micron Technology
- Microsoft Corporation
- Mitsubishi Electric
- Nvidia
- Oracle
- Rethink Robotics GmBh
- Rockwell Automation
- SAP
- Siemens
- Sight Machine
- Sparkcognition
- UBTECH Robotics GmBh
- Vicarious
For more information about this report visit https://www.researchandmarkets.com/r/v1vtzh
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