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Artificial Intelligence in Manufacturing Market Set to Reach USD 20.8 Billion by 2028, at a CAGR of 45.6%

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Artificial Intelligence in Manufacturing Market Set to Reach USD 20.8 Billion by 2028, at a CAGR of 45.6%

April 01
20:08 2024
Artificial Intelligence in Manufacturing Market Set to Reach USD 20.8 Billion by 2028, at a CAGR of 45.6%
Artificial Intelligence in Manufacturing Market
The global Artificial Intelligence in Manufacturing Market in terms of revenue was estimated to be worth $3.2 billion in 2023 and is poised to reach $20.8 billion by 2028, growing at a CAGR of 45.6%.

The global Artificial Intelligence (AI) in Manufacturing Market is poised for remarkable growth, with MarketsandMarkets forecasting its value to increase from USD 3.2 billion in 2023 to USD 20.8 billion by 2028. This represents a staggering Compound Annual Growth Rate (CAGR) of 45.6% during the forecast period. These insights are derived from the latest report by MarketsandMarkets, a leading market research and consulting firm.

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Artificial Intelligence in Manufacturing Market

Key Segments in the Market:

Technology: The AI in manufacturing market is segmented based on technology into machine learning, computer vision, natural language processing, and context-aware computing, among others.

Application: Key applications of AI in manufacturing include predictive maintenance, quality control, demand forecasting, supply chain optimization, and production planning, among others.

End-User Industry: Major end-user industries leveraging AI in manufacturing include automotive, electronics, aerospace & defense, pharmaceuticals, and food & beverages, among others.

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Growth Drivers:

Several factors are driving the rapid growth of the global AI in manufacturing market, including:

Increased Efficiency: AI-powered solutions enable manufacturers to optimize processes, reduce downtime, improve product quality, and enhance operational efficiency, thereby driving adoption across the manufacturing sector.

Rising Demand for Automation: Growing demand for automation and smart manufacturing solutions, coupled with advancements in AI technologies, is fueling the adoption of AI-driven solutions in manufacturing processes.

Demand for Predictive Maintenance: The need for predictive maintenance to minimize unplanned downtime and optimize asset performance is driving the adoption of AI-based predictive maintenance solutions in manufacturing industries.

Challenges:

Despite the promising growth prospects, the AI in manufacturing market faces certain challenges, including:

Data Security and Privacy Concerns: The proliferation of AI technologies in manufacturing raises concerns regarding data security, privacy, and the potential misuse of sensitive information.

Integration Complexity: Integrating AI solutions with existing manufacturing systems and processes can be complex and challenging, requiring significant investments in infrastructure and skilled personnel.

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https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-manufacturing-market-72679105.html

Opportunities:

The market presents several opportunities for growth, including:

Emerging Applications: Emerging applications of AI in manufacturing, such as autonomous robots, digital twins, and AI-driven supply chain optimization, present lucrative opportunities for market players.

Rapid Technological Advancements: Ongoing advancements in AI technologies, such as deep learning, reinforcement learning, and explainable AI, are opening new avenues for innovation and differentiation in the manufacturing sector.

Key Players:

Leading players in the global AI in manufacturing market include:

IBM Corporation

Siemens AG

Microsoft Corporation

General Electric Company

SAP SE

Intel Corporation

NVIDIA Corporation

Alphabet Inc. (Google)

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Country: United States
Website: https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-manufacturing-market-72679105.html

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