According to the latest market research report, the market for Artificial Intelligence in Manufacturing is expected to reach USD 17.2 billion by 2025, up from USD 1.0 billion in 2018 at a progressive CAGR of 49.5 percent. The report issued by MarketsandMarkets™, AI in the manufacturing market for software to hold the extensive market share throughout the forecast period 2018-2025.
The key factor for the growth of the software segment due to an extensive number of companies like Microsoft, IBM, SAP (Germany) and Siemens (Germany) is developing software solutions for diverse manufacturing applications. Furthermore, the burgeoning involvement of start-ups in the market is further complementing the growth of the software segment. The market has enormous potential over numerous industries, including automobile, energy and power, pharmaceuticals, and food and beverages. Increasingly large and compound data set accessible in the form of Big Data and emerging industrial IoT and automation, as well as advancing computing power and dwindling costs of hardware are also the reason for driving this market growth. For the growth of Artificial Intelligence in Manufacturing Market, computer vision technology to testify the highest CAGR during the forecast period, because of growing adoption of computer vision in applications like industrial robots, quality control, and material movement.
Computer vision is mainly utilized for predictive maintenance and machinery inspection purpose. Businesses like Siemens and Mitsubishi Electric are practicing computer vision technology in their manufacturing plants. The market research report also profiled major companies, including NVIDIA Corp, IBM Corp, Alphabet Inc., Microsoft Corp, General Electric Company, Intel Corp, Siemens AG, General Vision Inc., Mitsubishi Electric Corporation, Clearpath Robotics Inc., Sight Machine, SAP SE, Oracle Corp.