AI manufacturing industry expected to reach US$11.5B by 2027

AI manufacturing industry expected to reach US$11.5B by 2027
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PLEASANTON – The latest study titled “Global Artificial Intelligence in Manufacturing Market Ecosystem By Components; By Deployment; By Technology; By Application; By Device; By Region; By End Users (Logistics, Healthcare, Automotive, Retail, BFSI, Defence, Aerospace, Oil & Gas, Others) Forecast by 2027” published by AllTheResearch, features an analysis of the current and future scenario of the global Artificial Intelligence (AI) in Manufacturing Market.

According to the study, the Global Artificial Intelligence (AI) in Manufacturing Market was valued at USD 2.1 Bn in 2020 and is expected to reach USD 11.5 Bn by 2027, with a growing CAGR of 27.2% during the forecast period.

The Artificial Intelligence in the manufacturing market is forecasted to grow at a high rate owing to the accelerating innovations in industrial IoT and automation.

The manufacturing industry is expected to be among the market leader in the artificial intelligence market. Further, the manufacturing industry is also expected to display the fastest growth during the forecast period due to rapid digital transformation to promote smart solutions in factories, logistics and management. The manufacturing industry is expected to generate an excess of 2,000 Pb of data every year, which is far more than industries such as BFSI, retail, and aerospace & defense, among others.

The report overview includes studying the market scope, leading players like Google, Amazon, Microsoft Corporation, IBM Corporation, Intel, etc., market segments and sub-segments, market analysis by type, application, geography. The report covers Leading Countries and analyzes the potential of global Artificial Intelligence in the Manufacturing industry, providing statistical information about market dynamics, growth factors, major challenges, PEST analysis, and market entry strategy Analysis, opportunities, and forecasts. The biggest highlight of the report is to provide companies in the industry with a strategic analysis of the impact of COVID-19.

The key players operating in the AI in manufacturing market are: IBM Corporation, Google Inc., Inc., Microsoft Corporation, Intel, General Electric (GE) Company, Nvidia, Siemens, Cisco Systems, Oracle Corporation, Alphabet Inc., SparkCognition Inc., Mitsubishi Electric, Micron Technology, Rockwell Automation, Sight Machine, Aquant Inc., Progress Software Corporation, Aibrain, General Vision Inc., SAP, Vicarious, Ubtech Robotics, Rethink Robotics, Flutura Decision Sciences & Analytics, Bright Machines, and More

Global AI in the manufacturing market is expected to propel at a significant rate during the forecast period owing to the extensive application of artificial intelligence technology in varied industries such as automobile, energy and power, pharmaceuticals, and food & beverages.

In terms of geography, the Asia Pacific region was accounted to hold the largest market share in 2020 and is anticipated to grow at a significant pace throughout the forecast period. The dominance is majorly attributed to the growing manufacturing plants in developed and developing countries such as India, South Korea, China, and Japan. For instance, in May 2018, the South Korean Government announced its plan to invest 2.2 trillion South Korean Won for AI research till 2022. The Ministry of Information and Communication along with the Ministry of Education, Science and Technology established the artificial intelligence R&D strategy called ‘National Strategy for Artificial Intelligence. The investment is expected to create various developments and advantages in the AI in manufacturing market.

Moreover, the outbreak of covid-19 pandemic has disrupted the supply chain for various industries and also the manufacturing process in several countries including in APAC region. However, China says it was successful in preventing destruction to human health in Wuhan by implementing a lockdown. With decreasing risk to human health in Wuhan, the manufacturing activities are normalizing in China, thus boosting the AI in the manufacturing market.

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