Worldwide AI manufacturing to reach $9.89 billion by 2027

The global AI in manufacturing industry size is expected to rise owing to increasing demand for collaborative robots and growing semiconductor industry. According to Fortune Business Insights, its latest report, titled “Artificial Intelligence in Manufacturing Industry Market Size, Share & COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Context Awareness), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection, Logistics and Inventory Management, Quality Management, and Others), By Industry (Automotive, Medical Devices, Semiconductor & Electronics, Energy & Power, Heavy Metal & Machine Manufacturing, and Others), and Regional Forecast, 2020-2027.”, observes that the market will hit $9.89 Billion by 2027, while exhibiting a promising 24.2% CAGR between 2020 and 2027.

This market is expected to witness substantial growth owing to the COVID-19 impact and hence the 2020-2027 CAGR is high/very high, as a large section of industry would look to adopt AI in order to automate the operation with less human intervention. Artificial intelligence (AI) is believed to be a game-changing modern technology for the manufacturing industry. The adoption of AI in manufacturing provides multi-faceted benefits such as accurate and rapid data-driven decisions, minimizing operational costs, optimizing several processes, and improving the overall experience of customer satisfaction.

In addition to this, AI can be easily embedded to the existing products and services offered by the companies to render them reliable, effective, and safe. For instance, in the automotive industry, AI-based technology such as computer vision is used to accurately detect obstructions to prevent road fatalities, while promoting safe driving. The AI in manufacturing industry report offers an exhaustive study of several factors such as drivers, restraints, challenges, and opportunities that will affect the growth of the market in the forthcoming years.

The report further says, there is sharp increasing Investment for AI-based Platform in Asia-Pacific to Drive the Market. The emergence of automation and robotics has propelled the rise of collaborative robots (Cobots) across several manufacturing industries. Cobots are perceived as an essential addition to implementing several industrial operations such as detecting failure scenarios, analyzing the result, and further taking appropriate action to resolve the issues. All the credit goes to the COVID-19, which is continuing to bring the world to a standstill. We understand that this health crisis has brought unprecedented impact to companies in all walks of life. However, this will pass.

S Mohini Ratna, Editor, VARINDIA