| Source: Vantage Market Research
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WASHINGTON, Oct. 10, 2022 (GLOBE NEWSWIRE) — Global Artificial Intelligence (AI) in Manufacturing Market was valued at USD 1,482.50 Million in 2021 and is projected to surpass the valuation of USD 17,925.50 Million by 2028 at a CAGR of 51.5% during the forecast period 2022–2028. The research on AI in the manufacturing market includes a comprehensive analysis of the global market scope, as well as regional and country-level market size, market segmentation, growth, share, competition Landscape, sales analysis, the effect of domestic and global market players, value chain optimization, trade regulations, current developments, opportunities analysis, strategic market growth analysis, product launches, and technical advancements.
The material that is shot, scattered, dropped, or detonated from any weapon, such as bombs or rockets, and more specifically, the shot, shrapnel, bullets, or shells that are fired by firearms is referred to as AI in Manufacturing. AI in Manufacturing can be thought of as both a throwaway weapon and the components of other weapons responsible for producing the effect on a target. AI in manufacturing can take on a wide variety of shapes and sizes, and it is frequently developed with the sole purpose of functioning within particular sorts of weaponry.
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Synopsis:
Artificial Intelligence is the branch of computer science that deals with making smart machines that requires human intelligence. Artificial Intelligence is believe to be the gamechanger in the industry of manufacturing. The rising adoption of Industrial 4.0 is likely to drive the growth of the market in the upcoming years. In manufacturing plants, the information obtained from various sensors, software’s, IOT driven system may become complex for human to analyse, in such situation use of Artificial Intelligence is the most efficient solution. In addition to Artificial Intelligence, with the help of Machine learning and pattern recognition, the manufacturing sector can transform completely. The use of AI in Manufacturing Market plant allows the user to analyse and predict consumer behaviour, predict preventive maintenance to prevent unwanted shutdown, detect abnormalities in production process and much more. AI also facilitates the use of real time information which could improves the decision-making time boosting the growth of organization. Moreover, increasing volume of data gathered through various devices, coupled with the widespread availability of high-speed broadband networks and the upcoming implementation of 5G technologies will further contribute to the global AI in Manufacturing Market in the coming years. Whereas, the lack of skilled expertise and infrastructure and high operation along with lack of awareness are some of the factor that are about to hamper the growth of AI in Manufacturing Market.
Key Insights & Findings from the Report:
List of Prominent Players in the Global AI in Manufacturing Market:
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What are the advantages of buying AI in manufacturing?
The AI in Manufacturing Market is segmented as below:
Market Dynamics:
Driver- Increase in adoption in AI technology for production optimization
Industries like automobiles, chemical, electronics, food among others are witnessing the need for production optimization due to competitive environment. Artificial intelligence and Machine Learning the two powerful tools to minimize the consumption of resources in every industrial process and maximize the output by optimizing the power consumption. AI and ML are build a statistical model using available data from various sensors, material used in manufacturing and various software’s. Based on this data it predicts the accurate parameter for final product resulting in saving extra material and additional resources in the production process. This enables the business to make the production cost effective.
Driver-Implementation of Industrial 4.0
The influence of industrial 4.0 on the manufacturing sector is tremendous. With 4.0 the industries are getting smarter by adoption of smart sensors, interconnected systems, and others. But due to this a large amount of data is exchanged among the machines. To handle such large amount of data, Artificial intelligence is the best choice as it facilitates intelligent manufacturing. Intelligent manufacturing uses AI based data driven model that that takes manufacturing decision, prediction and real time optimization in manufacturing process. Hence, driving the growth of the AI in Manufacturing Market.
Challenges:
The implementation of AI requires skilled labour who can handle the entire process right from start to end. The concerned person should have in depth knowledge about AI, its behaviour, implementation and limitation. Thus, lack of skill and knowledge whether AI can handle the entire process or not is what hampering the growth of AI.
A potential barrier to adoption of AI technology is the manufacturer lack of trust in its capabilities. People without relevant education background often struggle to understand the working model of technology and do not have full confidence in its working.
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Regional Trends:
Asia Pacific is estimated to be the largest shareholder for the Global AI in Manufacturing Market due to the presence of large number of manufacturing companies in China, India, Japan and South Korea and their rising focus on digitalization and technological advancement. Also, the government of India, China, Japan and Singapore are investing in technologies like AI and boosting its use in manufacturing sector and for industries 4.0. China’s implementation of AI is very high. The initiative of Indian government like Make in India is motivating the manufacturing sector and startup’s to use advanced technology like AI. The government of Singapore is inviting private firm’s investment to test AI functionality for the country.
Europe is estimated to be the next biggest shareholder after India, because of countries like UK which are making a huge investment in R&D of advanced technologies like AI. Also, the latest guidelines of government of Italy for the public about the National Strategy in Artificial Intelligence is likely to boost the use of AI in the region. North America, on the other hand, will witness significant growth owing to increasing investment in R&D activities and a growing number of startup’s for AI technology.
Recent Development:
The report on the Global AI in Manufacturing Market highlights:
Key Questions Answered in The Report:
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