Artificial Intelligence Market in Manufacturing: Trends and Opportunities

Artificial Intelligence in Manufacturing Industry Overview

The global artificial intelligence in manufacturing market size was valued at USD 4.10 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 44.2% from 2024 to 2030. The rapid progress of artificial intelligence (AI) within the manufacturing sector is gaining momentum through the implementation of sophisticated technological innovations including analytics, augmented reality, virtual reality, smart packaging, and additive manufacturing within production facilities. Sectors presently undergoing their digital transformation are anticipated to embrace AI-driven services in the foreseeable future. The resilience of manufacturing firms and their increasing demand for sustainable solutions stand as pivotal catalysts augmenting the expansion of AI adoption within the manufacturing industry.

Gather more insights about the market drivers, restrains and growth of the Artificial Intelligence in Manufacturing Market

The fourth industrial revolution, Industry 4.0, is centered on the application of cyber-physical models and digital integration across the linked value chain. This fundamental change has accelerated the development of advanced technological capabilities and the widespread proliferation of digital ecosystems, particularly in the industrial sector. The growing digital revolution in manufacturing not only creates new opportunities in a variety of fields but also increases efficiency by tapping pre-existing values more efficiently. This transition correlates with the adoption of artificial intelligence in the manufacturing sector, enabling innovation and efficiency benefits throughout production processes.

The advancement of automation within the manufacturing sector and the increasing demand for integrating big data are driving the expansion of AI in the manufacturing market. Additionally, the extensive utilization of machine vision cameras in various manufacturing applications including machinery inspection, material movement, field service, and quality control is a significant driver propelling the growth of AI in manufacturing. Furthermore, major market players are implementing diverse strategies, such as introducing new products and fostering innovation, to broaden their product portfolios and uphold competitiveness in the rapidly evolving market. For instance, in April 2023, Databricks launched the Databricks Lakehouse specifically tailored for manufacturers, featuring pre-developed AI solutions and a diverse array of applications. Major market players across the world, including DuPont, Honeywell, Rolls Royce, and Shell have adopted the Databricks platform.

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Key Companies profiled:

• AIBrain Inc.

• Amazon Web Services

• Aquant Inc.

• Cisco Systems Inc

• General Electric Company

• General Vision Inc.

• Google LLC (Alphabet Inc.)

• IBM Corporation

• Intel Corporation

• Micron Technology Inc.

• Microsoft Corporation

• Mitsubishi Electric Corporation

• NVIDIA Corporation

• Oracle Corporation

• Rethink Robotics

• Rockwell Automation Inc

• SAP SE

• Siemens AG

• Sight Machine

• Spark Cognition Inc.

Key Artificial Intelligence in Manufacturing Company Insights

Some of the key players operating in the market include Microsoft Corporation; IBM Corporation, Amazon.com, Inc.; and Google LLC (Alphabet Inc.)

• Microsoft Corporation offers a wide range of AI capabilities and solutions, such as industrial Internet of Things, cloud computing, AI, and other smart manufacturing technologies. It also offers Azure Time Series Insights and Azure Digital Twins & Simulation, which helps in generating data representations of products, assets, and factories and helps in improving the process.

• The IBM Maximo Application Suite uses AI algorithms to evaluate equipment performance and forecast maintenance requirements in industrial environments. The primary objective of the AI applications in this suite is to study correlations between asset reliability and various maintenance procedures to improve equipment uptime, reduce breakdowns, and increase overall operational productivity.

Recent Developments

• In October 2023, Google Cloud introduced specialized Generative AI solutions tailored for healthcare and manufacturing industries, with the objective of improving efficiency and facilitating digital transformation. This initiative signified a significant stride in harnessing AI for industry-specific progress.

• In April 2023, Siemens collaborated with Microsoft to enhance industrial AI, transforming the management of product lifecycles. The integration of Siemens' Teamcenter software with Microsoft Teams and Azure OpenAI Service's language models aims to boost innovation and effectiveness. This collaboration facilitated smooth cross-departmental cooperation, propelling progress in design, engineering, manufacturing, and product operations, representing a substantial advancement in integrating industrial technologies.