Artificial intelligence technology has the potential to transform manufacturing tasks like visual inspection, predictive maintenance, etc. The technology is extensively used by a large group of industries like gaming, banking, retail, commercial, and government. Now, it’s making its way into manufacturing space. The rapid adoption of Forth Industry Revolution technologies leaves manufacturers either accelerate with the market or be left behind. Artificial Intelligence in the manufacturing market is predicted to grow with a CAGR of 49.5 percent and to reach USD 17.2 billion by 2025.
AI facilitates to triumph over many internal challenges that have been around in the industry, from lack of expertise to intricacy in decision making, issues related to integration, and overloaded information. According to the report, the AI in the manufacturing market largely driven by large and complex data set that is available in the form of Big Data and the evolution of industrial IoT and automation. Improving computing power, declining hardware cost, and growing venture capital investments are also fuelling market growth. Moreover, the adoption of Industry 4.0, the deployment of cyber-physical systems, Internet-of-Things (IoT) solutions and cognitive computing in the manufacturing environment to reduce the cost of operations, enhance operational efficiency, align operations with customer requirements, assessing processes in real-time, measuring operations without intensive capital cost are all the driving factors of this market growth.
Rising demand for hardware platforms with high computing power to run various AI software are also furthering the growth of hardware devices in the manufacturing market. The large availability of major companies in the North America region that contribute to the AI sector has made the region a major market for AI hardware. Aside from this, the automobile industry is predicted to hold the largest share of AI in the manufacturing market. Owing to extensive use of AI solutions, especially Machine Learning and computer vision in machinery inspection, installations of industrial IoT, and usage of Big Data, is intensifying the growth of the AI in manufacturing market.