Artificial Intelligence in Manufacturing Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Offering (Hardware, Software, and Services), By Deployment Mode (On-premise, and Cloud), By Technology (Machine Learning, Computer Vision, Natural Language Processing, and Context Awareness), By Application (Quality Control, Process Control, Predictive Maintenance & Machinery Inspection, Production Planning, Demand Forecasting, and Others), By Industry (Automotive, Aerospace, Electronics, Medical Devices, Energy & Power, Pharmaceuticals, and Others), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Artificial Intelligence in Manufacturing Market is expected to expand at a CAGR of 38.4% between 2023 and 2030. Artificial intelligence in manufacturing refers to the application of artificial intelligence technologies and techniques in the manufacturing industry to enhance and optimize manufacturing process. It involves the use of machine learning algorithms and automation to improve efficiency, productivity, and quality control in manufacturing operations. AI in manufacturing works in information technology as well as operational technology environments using AI-driven tools to optimize industrial workflows and production. Artificial intelligence solutions assist manufacturers in predicting maintenance to predict potential failures before they occur. AI is transforming various aspects of manufacturing industries including increase productivity, reduce errors, quality control, process optimization, supply chain management, and facilitate mass production. The global artificial intelligence in manufacturing market applicable in various industries including automotive, aerospace, electronics, medical devices, energy and power, pharmaceuticals, and other industries. The artificial intelligence in manufacturing market is growing rapidly due to factors such as rising demand for supply chain optimization, increasing adoption of production and process optimization, rise of industry 4.0, and increasing demand for customized products.

Artificial Intelligence in Manufacturing Market Major Driving Forces

Rising Demand for Supply Chain Optimization: The market growth is driven by increasing need for supply chain optimization. Industries have started focusing on offering advanced optimized supply chain services for consumer satisfaction, contributing to the market growth.  

Increasing Adoption of Production and Process Optimization: The increasing need for production optimization in various industries such as chemical, automotive, electronics, among others is driving market growth. Manufacturing companies are increasingly adopting these technologies to optimize power consumption and resources.  

Rise of Industry 4.0: The industry 4.0 has a tremendous influence on the manufacturing industry. The industries are integrating digital technologies into manufacturing processes to manage their entire production processes. The technologies such as AI, IoT, machine learning, smart sensors, big data, and cloud computing will help the automated industries to grow in coming years.

Increasing Demand for Customized Products: AI-driven algorithms can provide accurate and more effective solutions for manufacturers that offer customized products. Customized products tailored to specific consumer preferences, leading to a more personalized experience.

Artificial Intelligence in Manufacturing Market Key Opportunities

Growing Demand for Smart Manufacturing: There is a rising requirement for smart manufacturing owing to increasing importance of technological and machinery solutions for production process in various industries. Smart manufacturing aims to achieve real-time data and automation with enhanced connectivity. Artificial intelligence in manufacturing is able to support the requirements for smart manufacturing, which is expected to open lucrative opportunities for market growth.

Product Design and Innovation: AI-powered design tools and generative design algorithms is anticipated to offer opportunities for manufacturers to innovate product design processes. AI can assist manufacturers to explore design alternatives, optimize product performance, and accelerate the product development while reducing cost and improving production.

Rising Investments: The manufacturing industry have witnessed an increasing investment in AI- driven collaborative robots. The recent innovation in AI have enhanced the cobots to run operations very smoothly in dynamically changing workplaces such as manufcatuing. Ongoing innovations in robotics have made cobots more compatible, safer, and cost-effective.

Artificial Intelligence in Manufacturing Market Key Trends

·         The growing adoption of AI-powered robotics and cobots in manufacturing industry to run operations more smoothly

·         Rising focus on AI-driven supply chain optimization to improve inventory management is a notable trend in the market

·         Growing emphasis on AI-powered product design and innovation in manufacturing is a major factor shaping the market growth

·         Rapid adoption of industry 4.0 technologies across various end-use industries is fueling the market growth

·         Rapid advancements in specialized AI chips with higher processing power is propelling the demand for market

·         Increasing adoption of automation by small, medium enterprises as well as large enterprises

·         Increasing demand for customized products from various industries that cater to specific customer preferences

Market Competition Landscape

The global artificial intelligence in manufacturing market is characterized by intense competition among a large number of manufacturers. Key players in the artificial intelligence in manufacturing market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the integration of smart technologies to meet evolving consumer preferences. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global artificial intelligence in manufacturing market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         IBM Corporation

·         Cisco Systems, Inc.

·         Nvidia Corporation

·         Intel Corporation

·         Siemens AG

·         General Electric Company

·         SAP SE

·         Microsoft Corporation

·         Google LLC

·         Oracle Corporation

·         Mitsubishi Electric Corporation

·         Robert Bosch GmbH

·         Rockwell Automation, Inc.

·         ABB Ltd.

·         Amazon Web Services, Inc.