Oct 17 2019
Reportlinker.com announces the release of the report "Artificial Intelligence (AI) Market in Manufacturing Industry by Application and Geography - Forecast and Analysis 2019-2023".
Our analysis also considers the sales of artificial intelligence (AI) market in manufacturing in APAC, Europe, North America, South America, and MEA. In 2018, the predictive maintenance and machine inspection segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the increasing pressure on manufacturing facilities to improve productivity will play a significant role in the predictive maintenance and machine inspection segment to maintain its market position. Also, our global artificial intelligence (AI) market in the manufacturing industry report looks at factors such as the demand for automation to improve productivity, evolving industrial IoT and big data integration, and increasing venture capital investments. However, integration challenges, data privacy and compliance maintenance, and data quality and choosing the right machine learning algorithm may hamper the growth of the artificial intelligence (AI) market in manufacturing industry over the forecast period.
Global Artificial Intelligence (AI) Market in Manufacturing Industry: Overview
Evolving industrial IoT and big data ecosystem
Several manufacturing companies are moving toward Industry 4.0 standards to achieve higher operational efficiency and lower error rates. The increasing adoption of IoT results in a high volume of data being generated that transforms the industrial data to industrial big data. This is driving the manufacturing companies to adopt AI-based solutions to extract insights from the data to manage their operations better. The efficient and effective decision making that takes place with the help of AI in IoT and big data analytics will lead to the expansion of the global artificial intelligence (AI) market in manufacturing industry at a CAGR of almost 31% during the forecast period.
Increasing human-robot collaboration
Human-robot collaboration (HRC) includes the interaction between cognitive sciences, AI, robots, psychology, design, and human-computer interaction. It enables humans and machines to work together in the same workflow without any intervention between individual work areas. Manufacturers are trying to enhance the capabilities of collaborative robots that are involved in this kind of setup through the utilization of advanced AI and ML. The development of more efficient HRC robots with AI and ML algorithms is expected to have a positive impact on the overall market growth.
Competitive Landscape
With the presence of several major players, the global artificial intelligence (AI) market in manufacturing industry is highly fragmented. This robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading artificial intelligence (AI) market in manufacturing vendors, that include Amazon Web Services Inc., FANUC Corp., General Electric Co., Google LLC, H2O.ai Inc., IBM Corp., KUKA Aktiengesellschaft, Microsoft Corp., Rockwell automation Inc., and SAP SE.
Also, the artificial intelligence (AI) market in manufacturing industry analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Source: https://www.reportlinker.com/