According to a new report published by Allied Market Research, titled, Artificial Intelligence in Manufacturing Market: Global Opportunity Analysis and Industry Forecast, 2018-2025, the global artificial Intelligence in manufacturing market size was $513.6 million in 2017, and is expected to reach at $15,273.7 million by 2025, growing at a CAGR of 55.2% during the forecast period. The On-Premise segment accounted for two-thirds share of the market in 2017, and is expected to witness significant growth during the forecast period.
Artificial intelligence (AI) is one of the most advanced technologies in the field of computer science. It is associated with human intelligence through similar characteristics such as better decision making, language understanding, and others. Industrialists in the market experience huge underlying intellectual challenges in the development and revision of the technology. Increase in demand for artificial Intelligence in manufacturing market has been witnessed owing to rise in adoption of Internet of Things and increase in awareness about customer satisfaction. In addition, development of smarter and efficient robots is expected to propel the market growth. However, high cost of implementing this technology and high threat to human dignity are anticipated to restrain the market growth.
Based on the deployment, the on-premise segment is expected to garner the largest share in the global market during the forecast period. According to the industry segment, the automobile sector is expected to dominate the market in terms of revenue in 2017, owing to the capability of artificial Intelligence in manufacturing to achieve less errors and mass production.
Key Findings of the Artificial Intelligence in Manufacturing Market:
- Based on application segment, the predictive maintenance and machinery inspection segment dominated the market in terms of revenue in 2017, and is projected to grow at a CAGR of 54.9% during the forecast period.
- North America generated the highest revenue in 2017, and is anticipated to grow at a CAGR of 55.5%.
- The computer vision segment based on technology generated the highest revenue in 2017, and is estimated to grow at the rate of 56.0%.
- In Asia-Pacific, China accounted for the largest market share in 2017.
The key players profiled in this report includes Bosch, Cisco Systems, Inc., General Electric Company, IBM Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, NVIDIA Corporation, Oracle Corporation, and Siemens AG.