Market for AI in manufacturing forecast to grow at 57 percent a year in Asia
The market for artificial intelligence systems in manufacturing is forecast to grow at 57 percent a year in the Asia-Pacific region, according to a new report.
The study, Artificial Intelligence in Manufacturing Market, published by Allied Market Research, forecasts the global AI in manufacturing market to reach $15,273.7 million by 2025 from $513.6 million in 2017, at a “staggering growth rate” of 55.2 percent from 2018 to 2025.
Increasing use of automation and growing demand for big data integration in industrial processes have played a vital role in driving the adoption of AI in the sector, says Allied.
However, high initial cost and low awareness of the technology could deter the market growth to some extent.
The technologies included in the scope of the study are:
- machine learning;
- computer vision;
- context awareness; and
- natural language processing.
The computer vision and machine learning segments are estimated to collectively constitute around 70 percent of the market share by 2025.
Furthermore, computer vision is projected to be the most lucrative segment for market players down the years, as it has the largest revenue share and is one of the fastest growing AI technologies used in the manufacturing sector.
The report says industries that have benefitted from using AI include manufacturing processes such as:
- semiconductor and electronics;
- energy and power;
- pharmaceuticals;
- automobile; and
- heavy metals and machine manufacturing.
The automobile end use segment is expected to witness “more than 30-fold increase in revenue over the forecast period due to the extensive use of AI at various stages of production”.
The cloud segment is projected to be the most lucrative segment during the forecast period, compared with on-premise.
Application areas include:
- material movement;
- predictive maintenance and machinery inspection;
- production planning; and
- field services.
Among these, the predictive maintenance and machinery inspection and material movement segments are expected to constitute more than 50 percent of the global market share through 2025.
The report covers individual countries in various regions including North America, Europe, and Asia-Pacific.
The AI in manufacturing market in North America is expected to account for more than half of the total market revenue by 2025, maintaining its dominant position in the global market.
The Asia-Pacific region is expected to grow at a rate of 56.6 percent from 2018 to 2025.
The most active companies in this market analyses in this report include:
- Bosch
- General Electric
- Intel
- Mitsubishi
- Oracle
- Cisco
- IBM
- Microsoft
- Nvidia
- Siemens