The global artificial intelligence in manufacturing market is anticipated to reach $47,88-billion by 2030 and is anticipated to expand at a CAGR of 44,2% during the forecast period, according to a new report by Grand View Research.
The substantial driver propelling the growth of the market is the escalating demand to manage progressively larger and intricate datasets, coupled with the emergence of industrial IoT and automation technology.
The market’s expansion is primarily attributed to the widespread utilization of big data, machine learning models, industrial robots, and the progression of the Internet of Things (IoT). Additionally, key macro drivers such as prioritizing value creation and delivering enhanced customer experiences contribute significantly to the notable growth observed in the artificial intelligence in manufacturing market.
Innovations in computer vision technology empowered manufacturers to apply AI-based quality control methods. With machine learning algorithms trained on vast datasets, it became possible to perform real-time inspections and identify flaws during production.
AI-powered systems were proficient in accurately spotting variations or faults in products, ensuring elevated quality standards, and decreasing the chances of faulty goods reaching consumers.
This shift in quality control not only boosted product dependability but also aided in minimizing waste and enhancing customer satisfaction.
The European market anticipates a consistent and rapid surge in revenue growth throughout the projected period, primarily propelled by increased governmental endeavors to implement smart factory initiatives across Europe.
The European Union (EU) has formulated an AI strategy with the objective of positioning the EU as a frontrunner in AI innovation while ensuring the development and utilisation of machine learning aligns with human-centric values and is deemed reliable.
To bolster proficiency in AI, there’s a concerted effort between the commission and member states to collaborate on policies and investments.
The Commission’s ambitious plan involves an annual allocation of 20-billion euros for the next decade towards AI, aiming to draw additional investments from both private sectors and EU member states. These measures are poised to bolster and sustain market revenue growth within the region.
Additional highlights from the AI in manufacturing market report include:
* The hardware segment dominated the component segment with 42,13% share in 2023 owing to the increasing demand for specialised chips.
* The production planning segment held the largest market share in 2023. AI-powered production planning systems were transforming demand prediction by incorporating sophisticated predictive analytics.
* The medical device segment held the largest market in 2023 in end use segment. Owing to its technology, encompassing quality control, yield optimisation, and predictive maintenance, among other functionalities.
* North America’s market’s revenue growth is propelled by the presence of large companies producing high-performance hardware components essential for running advanced machine learning models.
* In January 2023, Intel launched the 4th Generation Xeon Scalable Processors along with the Max Series CPUs and GPUs, representing Intel’s highly sustainable data centre processors. These processors offer a variety of capabilities to enhance power efficiency and performance while maximising CPU resources, aligning with customers’ sustainability objectives.