Artificial Intelligence (AI) in Manufacturing Market Valued at USD ...

Jul 12, 2024, 10:20 ET

WESTFORD, Mass., July 12, 2024 /PRNewswire/ — According to SkyQuest, the global Artificial Intelligence (AI) in Manufacturing Market size was valued at USD 2.58 Billion in 2022 and is expected to grow from USD 3.20 Billion in 2023 to reach USD 64.63 Billion by 2031, at a CAGR of 45.6% during the forecast period (2024-2031).

Artificial intelligence helps boost factory productivity and efficiency in manufacturing industry and is therefore getting adopted at a rapid pace. The objective of optimizing manufacturing processes and the increasing adoption of Industry 4.0 is driving the demand for AI in manufacturing. The global market for AI in manufacturing is categorized by components, technology, applications, end-users, and regions.

Download a detailed overview:
https://www.skyquestt.com/sample-request/artificial-intelligence-in-manufacturing-market

Artificial Intelligence (AI) In Manufacturing Market Overview:

Report Coverage	Details
Market Revenue in 2023	$ 3.20 Billion
Estimated Value by 2031	$ 64.63 Billion
Growth Rate	Poised to grow at a CAGR of 45.6%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Device Type and End User
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Development of new AI in manufacturing hardware and software solutions remains prime focus of companies
Key Market Opportunities	Demand for predictive maintenance slated to create new business scope
Key Market Drivers	Computer vision and machine learning technologies to improve automation capabilities drive market growth

Segments covered in Artificial Intelligence (AI) In Manufacturing Market are as follows:

Component
- Network, Module
Device Type
- Wearables, Tracker, Smart Lighting, Smart Parking, Alarm & Detector, Others
End-User
- Automotive Industry, Infrastructure, Healthcare, Manufacturing Industry, Others

Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/artificial-intelligence-in-manufacturing-market

Hardware Plays a Vital Role in Adoption of Artificial Intelligence (AI) in Manufacturing

Legacy infrastructure and systems of manufacturing facilities are not compatible with advanced artificial intelligence technology thereby driving the demand for novel hardware solutions. This sub-segment covers components such as sensors, devices, processors, integrated circuits, etc. designed especially for AI in manufacturing going forward. The need for better computing power and demand for faster hardware configurations will also help this segment bolster artificial intelligence (AI) in manufacturing market growth in the future.

Software plays a crucial role in incorporating advancements of AI technology in artificial intelligence (AI) in manufacturing applications. High investments in the development of novel AI software solutions and integration of edge and cloud computing are also creating new opportunities for artificial intelligence (AI) in manufacturing providers going forward.

Machine Learning in AI Applications for Manufacturing will help Promote Growth

Machine learning algorithms help to examine extensive datasets for providing immediate insights into manufacturing equipment and processes. Such insights help players improve their market position by optimizing operations and utilizing resources. Predictive maintenance is also largely enabled by the deployment of machine learning algorithms. High investments in machine learning technology development are also expected to alter the global artificial intelligence (AI) in manufacturing market growth trajectory vastly in the future.

Computer vision technology is projected to witness robust demand over the coming years. The growing need for automation across all kinds of manufacturing facilities is slated to create an opportune setting for artificial intelligence (AI) in manufacturing companies going forward. This technology helps machines to interpret and process visual data to make informed decisions in real time that enhance the productivity of manufacturing operations.

View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/artificial-intelligence-in-manufacturing-market

Predictive Maintenance Takes Crown When It Comes to AI Application in Manufacturing Space

Downtime is the worst nightmare of any manufacturing operation, and this is why predictive maintenance is the best companion for any manufacturing company. A growing number of manufacturing facilities deploying predictive maintenance solutions to reduce downtime allow this segment to lead global artificial intelligence (AI) in manufacturing adoption. Meanwhile, the use of AI for quality control and inspection of finished goods is also expected to rise at a robust CAGR over the coming years. Use of AI for production planning also offers lucrative opportunities for artificial intelligence (AI) in manufacturing providers in the long run.

Artificial intelligence (AI) in the manufacturing market is slated to largely benefit from the predictive maintenance sub-segment across the forecast period. Upcoming artificial intelligence (AI) in manufacturing companies should target the services sub-segment and established providers should focus on the hardware sub-segment to get the best returns in the long run. Context awareness and natural language processing technologies have a lot of untapped potential for artificial intelligence (AI) in manufacturing companies to experiment with.

Related Report:

AI Market

Artificial Intelligence (AI) Robots Market

Artificial Intelligence (AI) in Healthcare Market

Mobile Artificial Intelligence (AI) Market

Artificial Intelligence (AI) Hardware Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/

Logo: https://mma.prnewswire.com/media/2446095/SkyQuest_Logo.jpg

SOURCE SkyQuest Technology