AI in Manufacturing Market: Key Growth Drivers, Revenue Trends, and Market Size by 2024

The AI in Manufacturing Market sector is undergoing significant transformation, with substantial growth and technological advancements expected by 2032. According to a new in-depth market research report, the sector is poised for expansion, driven by various factors such as market size, share, and emerging trends.

This comprehensive report provides key insights into the AI in Manufacturing Market, exploring critical market segmentation and definitions. It highlights the essential components driving growth, offering a clear picture of the industry’s trajectory. Utilizing SWOT and PESTEL analyses, the report evaluates the market’s strengths, weaknesses, opportunities, and threats, while also considering political, economic, social, technological, environmental, and legal factors that impact the market landscape.

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Market Summary:

The global AI in manufacturing market size was valued at USD 8.14 billion in 2019 and is projected to reach USD 695.16 billion by 2032, exhibiting a CAGR of 37.7% during the forecast period. This significant growth indicates a rising adoption of AI technologies within the manufacturing sector. Advancements in AI technologies enhance efficiency, productivity, and decision-making in the industry.

Recent industry developments are;

The company is focus on expanding the AI based product portfolio. Google LLC is acquiring companies from different countries such as China, India, the U.K., and the U.S. to name a few. Along with thirty AI startups of USD 4 billion, Google LLC tops the AI acquiring companies list. The company is also focusing on implementing AI in manufacturing industries. It is offering Cloud AI to boost and maximize the speed of process along with protecting the health and safety of workers. Also, it is investing in creating solutions and tools to ease the deployment and usage of AI in the manufacturing industries.

• Siemens and Microsoft collaborate to elevate industrial AI, revolutionizing product lifecycle management. Integrating Siemens’ Teamcenter software with Microsoft Teams and Azure OpenAI Service’s language models enhances innovation and efficiency. This partnership fosters seamless cross-functional collaboration, driving advancements in design, engineering, manufacturing, and product operations, marking a significant leap in industrial technology integration.
• Google Cloud launches industry-focused Generative AI solutions for healthcare and manufacturing, aiming to enhance productivity and enable digital transformation. This move signifies a significant step in leveraging AI for industry-specific advancements.

Browse Detailed TOC, Tables and Figures with Charts which is spread across 100+ Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.

Major Players:

Microsoft Corporation (United States), Google LLC (United States), IBM Corporation (United States), Amazon.com Inc. (United States), NVIDIA Corporation (United States), Siemens AG (Germany), GENERAL ELECTRIC (United States), SAP SE (Germany), Rockwell Automation, Inc. (United States), Mitsubishi Electric Corporation (Japan)

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AI in Manufacturing Market Segmentation:

By Offering

• Hardware
• Software
• Services

By Technology

• Computer Vision
• Machine Learning
• Natural Language Processing
• Context Awareness

By Application

• Process Control
• Production Planning
• Predictive Maintenance & Machinery Inspection
• Logistics and Inventory Management
• Quality Management
• Others

By Industry

• Automotive
• Medical Devices
• Semiconductor & Electronics
• Energy & Power
• Heavy Metal & Machine Manufacturing
• Others (Aerospace &Defense, Conglomerates, etc.,)

Reasons to purchase this report:

This report offers a detailed analysis of the competitive landscape, emerging growth areas, market conditions, and key trends within the AI in Manufacturing Market. It helps businesses identify expansion opportunities while addressing potential risks and challenges. By assessing product portfolios and business segments, the report provides valuable insights that guide stakeholders in formulating informed investment and market strategies.

The in-depth understanding of industry dynamics presented in the report supports the creation of effective strategies for success in the AI in Manufacturing Market, greatly enhancing decision-making. Overall, this report is an essential resource for those looking to stay updated in this rapidly evolving industry.

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Drivers & Restraints:

• Drivers:
  • Growing need for automation and efficiency in manufacturing processes to reduce costs and enhance productivity.
  • Advancements in AI technologies, such as machine learning and predictive analytics, enabling smarter decision-making and process optimization.
• Restraints:
  • High implementation costs and complexity of integrating AI solutions into existing manufacturing systems may limit adoption.
  • Concerns about data security, privacy, and the potential for job displacement can hinder the acceptance of AI technologies in the workforce.

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

AI in Manufacturing Market Regional Segmentation:

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Spain and Rest of Europe)
• Asia Pacific (Japan, China, India, Southeast Asia and Rest of Asia Pacific)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
• Latin America (Brazil, Mexico and Rest of Latin America)

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