Transforming Industries: The Rise of Artificial Intelligence in Manufacturing
April 16, 2024
October 26th,2023/Industry News Global/ -- The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Artificial Intelligence in Manufacturing Market.
The Artificial Intelligence in Manufacturing Market report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The global artificial intelligence in manufacturing market is expected to grow from USD 2.14 billion in 2022 to USD 24.90 billion by 2029 at a CAGR of 42.0% during the forecast period. The Industrial Internet of Things (IIoT) improves efficiency, productivity, and innovation in industrial processes by transforming device data into instructions using AI systems that learn human behavior through deep learning, context awareness, and natural language processing.
Segments Analysis
"Semiconductor and Electronics industry to witness the highest CAGR over the forecast period".
The semiconductor and electronics industry leverages AI for several functions, including production planning, quality control, and material movement. The integration of AI-based solutions is expected to optimize production costs, facilitate technology implementation, and enhance component integration for manufacturers.
Due to the complexity of the electronics equipment manufacturing process, real-time manufacturing-related data is crucial for efficient planning and maintenance of the production process. AI solutions help companies in the semiconductor and electronics equipment industry analyze data collected from all points, leading to improved decision-making and significant growth potential for the manufacturing process.
"Growing adoption of AI-powered quality control systems to drive market growth".
AI-based quality control applications enable plant operators to swiftly detect variations in product properties during production. These applications rely on 3D and 2D data collected by a laser-based scanning system that converts the data into digital images. These images are used as input to an artificial neural network, which assigns a predefined class to the sample.
This quality control system helps plant operators verify product quality, and if a problem arises, the AI-based system removes the object from the conveyor belt. The pharmaceutical, food and beverage, and semiconductor industries widely use this AI-based quality control system. Machine learning, computer vision, and context-aware computing technologies are predominantly utilized in quality control applications within manufacturing plants.
"Japan is to witness high growth in adopting AI technologies in manufacturing".
Japan has initiated the Industrial Value Chain Initiative to investigate cutting-edge technologies. Major electric, IT, machinery, and automobile companies such as Mitsubishi Electric, Fujitsu, Nissan Motor, and Panasonic are participating in this initiative. Connected machines and transport robots have been utilized on shop floors for a considerable period, with Toyota being one such example.
Additionally, the ministries in Japan have been promoting IT projects within the country. Japan has a strong presence in information and communication technology, manufacturing processes, automotive and machinery industries, automation and robotics, and electronic components.
In addition, Japanese companies Fujitsu and Hitachi are recognized providers of big data and cybersecurity solutions to a wide range of sectors, including agriculture, manufacturing, and services. Consequently, the implementation of AI in Japanese manufacturing industries has been significant. Japan has formulated a phased development plan for AI aimed at developing and deploying data-driven AI in various fields and establishing an AI ecosystem by connecting different areas.
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Features of the Report
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Artificial Intelligence in Manufacturing Market analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
About Stratview Research
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Author : Emily
Frequently Asked Questions (FAQs)
Semiconductor and Electronics industry to witness the highest CAGR over the forecast period.