The rapid proliferation of industry 4.0 technologies is promoting the growth of AI in Manufacturing Market. The increasing need among manufacturers to reduce their operational costs and enhance productivity is the key factor leading to the adoption of industry 4.0. The advanced technologies enhance productivity and reduce the time to market the products. This has enabled the manufacturers to anticipate customer demand and align their operations with customer requirements in real-time. These solutions enable cost-effective and reliable operations without incurring any intensive capital investments.
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The global AI in manufacturing market is anticipated to traverse alongside a highly remunerative growth graph in the ensuing years, owing to the rapid adoption of automation across various production processes. The manufacturing industry has always welcomed new technologies in the process landscape, with the integration of technologies such as drones and industrial robots dating back to 1960s. The manufacturing sector is now gearing up to witness the next automation revolution through the adoption of AI technologies.
The machine learning market accounted for over 47% of the revenue in AI in Manufacturing Market in 2018. The technology is used to warrant quality management at every stage of the manufacturing process. It anticipates product quality at early stages of the production with a high level of precision. The computer vision market is expected to grow at a CAGR of 45% over the forecast timespan. The rise in automation and extensive adoption of IoT systems are encouraging its use in the manufacturing industry.
The energy & power sector is predicted to grow at a CAGR of over 41.2% during the projected time period. The companies are investing in AI technology due to its ability to adapt to changing environments. This allows the power-generation organizations to create accurate predictions regarding energy demand, reducing their reliance on backup mechanisms. The heavy metal & machinery industry is expected to register a growth rate of over 43% during the forecast timeframe. The companies present in the heavy metal machinery sector are using the technology to optimize the raw material consumption and improve melt costs to ensure significant cost savings.
Speaking further, U.K. itself holds more than 120 AI companies while Germany has just over 50, demonstrating their capability to become dominant forces in the Europe AI in manufacturing market. AI software and platforms are increasingly being designed to counter cyberthreats in this age of IIoT and connectivity, which will be major driving factor for AI in manufacturing market. In 2018, it was reported that nearly 48% of manufacturers in the U.K. had experienced cyber security incidents till date and half of them had even suffered business disruption or financial losses as a result. With most of an organization’s production and individual data stored on their business platforms, AI will certainly be indispensable for cybersecurity applications in the near future.
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All in all, owing to the existence of numerous technology firms and surging investments in automation solutions, the AI in manufacturing market in Europe is anticipated to witness a 44% CAGR from 2019 to 2025. Key software and hardware providers based in Europe, such as Graphcore and SAP, as well as formation of technology partnerships with start-ups by American firms like Google, IBM and Microsoft in the region will define the competitive dynamics of the AI in manufacturing market.
Major Key Points from Table of Content:
Chapter 8. AI in Manufacturing Market, By End-Use
8.1. Key trends, by end-use
8.2. Semiconductor & electronics
8.2.1. Market estimates and forecast, 2016 — 2025
8.3. Energy & power
8.3.1. Market estimates and forecast, 2016 — 2025
8.4. Pharmaceuticals & chemical
8.4.1. Market estimates and forecast, 2016 — 2025
8.5.1. Market estimates and forecast, 2016 – 2025
8.6. Heavy metals & machine manufacturing
8.6.1. Market estimates and forecast, 2016 – 2025
8.7. Food & beverages
8.7.1. Market estimates and forecast, 2016 – 2025
8.8.1. Market estimates and forecast, 2016 – 2025
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