Artificial Intelligence in Manufacturing Market To Reach $47.88 Billion By 2030

Artificial Intelligence in Manufacturing Market Growth & Trends

The global artificial intelligence in manufacturing market size is anticipated to reach USD 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, Inc. 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 utilization 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.

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Artificial Intelligence in Manufacturing Market Report Highlights

• The hardware segment dominated the component segment with 42.13% share in 2023 owing to the increasing demand for specialized 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 optimization, 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 Corporation launched the 4th Generation Xeon Scalable Processors along with the Max Series CPUs and GPUs, representing Intel's highly sustainable data center processors. These processors offer a variety of capabilities to enhance power efficiency and performance while maximizing CPU resources, aligning with customers' sustainability objectives.

Artificial Intelligence in Manufacturing Market Segmentation

Grand View Research has segmented the artificial intelligence in manufacturing market on the basis of component, technology, application, and end-use region:

Artificial Intelligence in Manufacturing Component Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware

• Software

• Services

Artificial Intelligence in Manufacturing Technology Outlook (Revenue, USD Million, 2017 - 2030)

• Machine Learning (ML)

• Computer Vision

• Context Awareness

• Natural Language Processing

Artificial Intelligence in Manufacturing Application Outlook (Revenue, USD Million, 2017 - 2030)

• Material Movement

• Predictive Maintenance & Machinery Inspection

• Production Planning

• Field Services

• Quality Control & Reclamation

• Others

Artificial Intelligence in Manufacturing End-Use Outlook (Revenue, USD Million, 2017 - 2030)

• Semiconductor & Electronics

• Energy & Power

• Medical devices

• Automobile

• Heavy Metal & Machine Manufacturing

• Others

Artificial Intelligence in Manufacturing Region Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • South Africa

• Saudi Arabia

  • UAE

List of Key Players in the Artificial Intelligence in Manufacturing Market

• AIBrain Inc.

• Amazon Web Services

• Aquant Inc.

• Cisco Systems Inc

• General Electric Company

• General Vision Inc.

• Google LLC (Alphabet Inc.)

• IBM Corporation

• Intel Corporation

• Micron Technology Inc.

• Microsoft Corporation

• Mitsubishi Electric Corporation

• NVIDIA Corporation

• Oracle Corporation

• Rethink Robotics

• Rockwell Automation Inc

• SAP SE

• Siemens AG

• Sight Machine

• Spark Cognition Inc.