Global AI (Artificial Intelligence) in manufacturing market is estimated to grow at a CAGR of 33.5% during the forecast period. The growth of the market is attributed to increasing R&D, owing to extensive funding by the governments across the globe and major market players including Google, Nvidia, and Intel. These players have been investing significantly in a wide range of innovative technologies such as robotic automation, autonomous vehicles, assistance technology, and quality control and predictive analysis. For instance, Siemen’s robotic prototype automatically reads and follows CAD (Computer-Aided Design) instructions to build the products without programming and is used in shop floor work.
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A significant rise in partnerships for AI technology has been witnessed over the years. For instance, in May 2019, Presenso Ltd. collaborated with Siemens AG for AI and machine learning for predictive maintenance. Presenso will offer its real-time industrial analytics solution for Siemens remote diagnostic services portfolio. This developed the synergy between data knowledge and OEM (original equipment manufacturer) that provided better outcomes to Siemens’ customers. This collaboration will boost the industry as it provides solutions that are cost-efficient and can be deployed quickly. Such partnerships pave the way for new developments in AI technologies, which in turn, will offer significant opportunity for the expansion of application areas of AI technology in the manufacturing industry.
AI finds significant application in predictive maintenance during the manufacturing process. The application of AI in predictive maintenance comprises the analyzing attributes of components’ along with production parameters at different timeframes, with which the system gains insights into the prediction of a critical failure in the manufacturing process. As per the US Department of Energy, the predictive maintenance is quite cost-effective in the manufacturing process that can yield exceptional results, which includes a tenfold increase in ROI (Return on Investment), 70%-75% decrease of breakdowns, 25%-30% reduction in maintenance costs, and 35%-45% reduction in downtime. AI predictive maintenance enables manufacturers to save many resources by reducing downtime to a minimum, thus encourages the demand in manufacturing that propels the market growth.
Current Market Trends Covered in the Global AI in Manufacturing Market Report
- Based on the application, predictive maintenance application is estimated to hold a dominating market share during the forecast period.
- Based on the end-user, automotive held the largest market share in the global AI in manufacturing market in 2018.
- North America is estimated to dominate the global AI in manufacturing industry during the forecast period.
Global AI in Manufacturing Market Segmentation
By Application
- Quality Control & Reclamation
- Predictive Maintenance
- Supply Network Optimization
- Others
By End-User
- Automobile
- Pharmaceutical
- Heavy Metal & Machine Manufacturing
- Others
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