World News: 07:30 GMT Tuesday 14th January 2020. [Technavio Research via Businesswire via SPi World News]
The global artificial intelligence (AI) market in manufacturing industry is expected to post a CAGR of around 31% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global artificial intelligence (AI) market in manufacturing industry 2019-2023. (Graphic: Business Wire)
Manufacturing companies are moving toward the implementation of Industry 4.0 standard to intensify automation to achieve higher operational efficiencies. This is increasing the adoption of a greater number of connected devices and technologies such as big data, ML, and IoT, which is resulting in the generation of high volumes of data. This, in turn, is compelling manufacturing firms to adopt AI-based solutions to extract insights from the data to improve the management of operations. Hence, the integration of industrial IoT and big data is crucial in driving the growth of the market.
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As per Technavio, the increasing human-robot collaboration will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Artificial Intelligence (AI) Market in Manufacturing Industry: Increasing Human-Robot Collaboration
Collaborative robots are designed to work in direct cooperation with humans in a well-defined workspace. They offer better productivity, reduced downtimes, and higher load capacity. Collaborative robots also improve safety in the manufacturing facility and prevent accidents and injury to humans. Moreover, they are affordable, highly adaptable, and are easy to install. Owing to such benefits, many organizations, including SMEs are increasingly adopting collaborative robot technologies. Over the next few years, the demand for collaborative robot technologies is expected to further increase with the development of better sensors and the integration of AI and ML algorithms.
“Advances in AI related to intelligent business process and the increasing demand for generative designs will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Artificial Intelligence (AI) Market in Manufacturing Industry: Segmentation Analysis
This market report segments theby application (predictive maintenance and machine inspection, production planning, quality control, and others) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing adoption of smart technologies by manufacturing facilities in the region.
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Some of the key topics covered in the report include:
Five Forces Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Business Wire: 07:30 GMT Tuesday 14th January 2020
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