The automation can improve business productivity by reducing errors and does offer quality & fast-paced manufacturing efforts to an enterprise, outmatching human capacity. Thus, the manufacturing sector is highly inclined towards the adoption of industrial automation, machine learning, big data, IoT and other services that promise better outcomes and increase the overall productivity. The market for artificial intelligence in manufacturing provides Artificial Intelligence technologies specifically for the manufacturing processes. The development of the Industry 4.0 revolution and the increased adoption of big data technologies in the manufacturing processes are expectantly propelling the said market at the growth rate of 51.31% CAGR during the forecasting years of 2019-2027.
The current trend of automation and data exchange in manufacturing technologies is heralded due to the many factors like the challenging geopolitical scenario, aging workforce and rising wages in automation technology especially in the emerging economies of certain countries. This is termed as the fourth industrial revolution or Industry 4.0. The limited existence of skilled workforce in data science coupled with concerns related to data privacy & security is expected to restrict the growth of the market in the global arena. Data scientists integrate their skills in designing, developing & training artificial intelligence & technology, whose absence can cause major losses to the marketers.
The global Artificial Intelligence in the manufacturing market is bifurcated with respect to geography into several regions, namely, North America, Asia Pacific, Europe, and the remaining countries constituting the Rest of World segment. The Asia Pacific is the fastest growing region for Artificial Intelligence in the manufacturing market during the forecast period. The rising rate of investments in AI technologies, well-established end user industries coupled with a focus towards the adoption of novel technologies in the manufacturing sector & others are driving the rapid growth of the Asia Pacific regional market.
Market strategies like mergers & acquisitions, partnerships, contracts, agreements, & new product launches, etc. are deployed by the eminent market players in the global arena, so as to reap major revenues for their company and attain substantial growth and expansion. Microsoft Corporation, airBrain Inc., DataRPM (acquired by Progress), Oracle Corporation, NVIDIA, International Business Machines Corporation, General Vision, Inc., Alphabet Inc., Intel Corporation, Mitsubishi Electric Corporation, Cisco Systems, Inc., Siemens AG, General Electric Company, Sight Machine and Rockwell Automation, Inc. are some of the companies established in the global AI in manufacturing market.