The manufacturing industry is on the brink of a major revolution thanks to Artificial Intelligence (AI) and machine learning. Automakers are embracing these advancements to improve production quality and streamline processes, in response to the need for increased efficiency and rising labor costs. As a result, the AI in Manufacturing Market is predicted to reach a value of USD 20.8 billion by 2028, growing at a CAGR of 45.6% from 2023-2028.
The integration of big data, industrial robots, and the Internet of Things (IoT) is driving the growth of AI in manufacturing. This combination allows manufacturers to handle large and complex datasets, optimize production processes, and achieve higher levels of automation. The emergence of industrial IoT and automation technology has also contributed significantly to market expansion.
Computer vision technology is crucial for predictive maintenance and machinery inspection, holding the largest market share throughout the forecast period. Manufacturers can use computer vision to detect defects and predict maintenance needs, ensuring optimal equipment functioning and reducing costs. Given its increasing significance, computer vision technology is expected to grow at a higher CAGR.
The automotive industry is at the forefront of AI adoption to improve vehicle production quality. Automakers are using AI, computer vision, and machine learning to streamline processes, enhance quality control, and improve safety. By incorporating AI, automakers can achieve precision and efficiency, leading to increased customer satisfaction.
The Asia Pacific region is expected to witness the highest growth rate in the AI in Manufacturing Market. This is due to rapid industrialization, substantial e-commerce growth, and increasing demand for AI-driven solutions. Rising labor costs and the need for technological advancements further contribute to the region’s booming manufacturing sector.
In this AI-driven revolution, hardware such as MPUs, GPUs, FPGAs, and ASICs are in high demand. GPUs, with their parallel computing capabilities, are particularly sought after. The hardware segment is projected to exhibit a higher CAGR, highlighting the crucial role of advanced processors in enabling AI capabilities in manufacturing.
Leading the AI in Manufacturing Market are industry giants Siemens, IBM, Intel Corporation, NVIDIA Corporation, and General Electric Company. These key players are at the forefront of innovation, developing cutting-edge AI solutions that revolutionize manufacturing processes and drive industry-wide transformation.
In conclusion, the integration of AI, computer vision, and machine learning is revolutionizing the manufacturing sector. These AI-driven solutions empower manufacturers to achieve efficiency and productivity by handling big data, optimizing production, and enhancing quality control. With rising labor costs and advancing technology, the AI in Manufacturing Market is poised for substantial growth. The Asia Pacific region, with its rapid industrialization and e-commerce growth, is emerging as a key player in this transformative journey. With industry leaders leading the way, the future of manufacturing is set to be driven by the power of artificial intelligence.