Rising venture capital investment coupled with surge in the availability of digital data have been propelling AI in manufacturing market outlook
Ocean View, DE -- (SBWIRE) -- 05/21/2020 -- Rising venture capital investment coupled with surge in the availability of digital data have been propelling AI in manufacturing market outlook. The increasing involvement of prominent technology players has been supporting the use of AI-enabled systems in the manufacturing sector.
It is presumed that by 2020 over 1.7 megabytes of new data will be generated every second paving ways for digitalization of the manufacturing sector. Sharp rise in data volumes should encourage the adoption of advanced data analytics solutions and AI technologies among the manufacturers. As per Global Market Insights, Inc., AI in manufacturing market projected to surpass USD 16 billion by 2025.
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Key Companies: - Advanced Micro Devices, Inc., Amazon Web Services, Inc., Canvas Analytics, Fallonry, General Vision, Google LLC, Graphcore, IBM Corporation, Intel Corporation, Landing AI, Micriosoft Corporation, Nvidia Corporation, Oracle Corporation, Progress Software Coroporation, Qualcomm Incorporated, SAP SE, Sight Machine, Ubtech Robotics, Vicarious,
Introduction of industry 4.0 trends has enabled manufacturers to reduce their operational costs and enhance productivity. Thereby, rapid proliferation of industry 4.0 technologies will drive the AI in manufacturing market trends over the study timeframe. The use of advanced technologies and data analytics has not only helped improving the process efficiency but has also eased of estimating the customer requirements in real-time, thus creating a balance in supply and demand of the products.
The hardware segment will continue dominating the AI in manufacturing market on account of the increasing demand for AI processors across several industry verticals. Considering the AI processors, the GPUs account for over 45% of the market share pertaining to increasing demand for processing visual content in the manufacturing sector. Moreover, GPUs possess higher processing power as compared to CPUs and are optimized for processing intense graphical contents. Presently the hardware segment holds over 57% of AI in the manufacturing market share.
Rising pressure to increase productivity of the manufacturing facilities has led toward several instances of machine downtime, which indirectly affects the productivity itself. Thus, maintenance becomes a key parameter to eliminate the chances of machine downtime further enhancing the production value and offering major cost savings benefits. The shocking records from the International Society of Automation (ISA) states that over USD 647 billion is lost annually from the machine downtime.
Growing occurrences of equipment downtime will result in increasing penetration of the technology over the forecast timeline. The technology helps inspecting the equipment status without the need of periodical shutdowns, hence improving the efficiency. AI in manufacturing market from the predictive maintenance and machine inspection application will display immense traction growing at over 44% CAGR through 2025.
The Asia Pacific AI in manufacturing market share is driven by the extensive proliferation of advanced technologies in the manufacturing sector. Increasing adoption of technologies robotics, industrial IoT and big data coupled with cheap availability of labor has led toward the robust development of the manufacturing sector.
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The widespread adoption of industry 4.0 technologies in the countries including China, Japan, and South Korea will promote the use of AI solutions. In 2018, the Asia Pacific region accounted for over 44% of the global AI in manufacturing market share.
Some Points From Table Of Content: -
Chapter 6. AI in Manufacturing Market, By Technology
6.1. Key trends, by technology
6.2. Machine learning
6.2.1. Market estimates and forecast, 2016 -- 2025
6.3. Computer vision
6.3.1. Market estimates and forecast, 2016 -- 2025
6.4. Context awareness
6.4.1. Market estimates and forecast, 2016 -- 2025
6.5. Natural Language Processing (NLP)
6.5.1. Market estimates and forecast, 2016 -- 2025
Chapter 7. AI in Manufacturing Market, By Application
7.1. Key trends, by application
7.2. Quality management
7.2.1. Market estimates and forecast, 2016 -- 2025
7.3. Predictive maintenance and machinery inspection
7.3.1. Market estimates and forecast, 2016 -- 2025
7.4. Material movement
7.4.1. Market estimates and forecast, 2016 -- 2025
7.5. Production planning
7.5.1. Market estimates and forecast, 2016 – 2025
7.6.1. Market estimates and forecast, 2016 – 2025
7.7. Field services
7.7.1. Market estimates and forecast, 2016 – 2025
Browse complete Table of Contents (ToC) of this research report @ https://www.gminsights.com/toc/detail/artificial-intelligence-ai-in-manufacturing-market
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