Artificial Intelligence in Manufacturing Market: – Artificial intelligence is dependent on the huge datasets, utilizing the statistical modeling and numerous technologies which involve natural language processing and machine learning to create insights from the manufacturing data, records, stock control, IT systems and order processing. Whereas, the manufacturing industry has seen significant changes in the past decade and pursues to undergo radical procedure transformation in the delivery of its products. The wide advancements in the technology and new innovations are diversifying the market scenario and growing the demand for the cost-effectiveness and superior customer facilities. Additionally, the artificial intelligence records (ER), machine-generated data from the apps and sensors, equipment databases and factory, which is then being applied to material technology, factory process control, supplier and customer relationship management, logistics and warehousing management, communication and decision making process information. Furthermore, the focused key players of this market are doing effective developments in the specifications of artificial intelligence technology by which it can efficiently use in the various process of the manufacturing industry. This will also result in leading the fastest market growth during the forecasted period more effectively.
According to the report analysis, ‘Global Artificial Intelligence in the Manufacturing Sector Market’ it states that there are several key players which are presently functioning in this market more efficiently for leading the fastest market growth during the forecasted period by making wide developments in the techniques of doing work more enormously includes Google Inc., Microsoft Corporation, IBM, Apple Inc., Preferred Networks, Inc., Skymind, Inc., and several others. In addition, the key players of this market are doing in-depth analysis on the related aspects of the market for leading the fastest market growth across the globe in the short span of time.
Although, the prominent key players of this market are investing a huge amount in the research and development programs for making effective and attractive developments which further increase the demand for artificial intelligence in the manufacturing industry. However, According to the research, Artificial intelligence in the manufacturing market is anticipated to be USD 330.5 million in 2017 and is predicted to reach USD 4,012.5 million by 2023, increasing at an effective CAGR of 51.6% during the forecast period of 2017-2023. The foremost adoption of the internet of things augmented reality; digitization and 3D printing are the prominent reasons for contributing to the acceptance of technology in manufacturing.
Although, on the basis of region, with the effective applications of artificial intelligence and significant working of the key players the market of this is spread across the globe which majorly includes highly developed regions such as North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. The revenue is generated majorly from North America, Europe, and the Asia Pacific. However, North America is dominating the market followed by Europe with the Asia Pacific developing in AI in the manufacturing market. Furthermore, it is expected that the market of artificial intelligence in the manufacturing industry will increase across the globe more efficiently over the recent few years.
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Ankur Gupta, Head Marketing & Communications