Artificial Intelligence in Manufacturing to Grow at CAGR of 52%



According to The “Global Artificial Intelligence in Manufacturing Market – Technologies, Market Share and Industry Forecast to 2024” report from ResearchAndMarkets, global artificial intelligence in the manufacturing market is expected to rise with the CAGR of about 52% during the forecast period 2017-2024.

The major drivers for this market are growing industrial IoT and usage of big data technology in the manufacturing industry, rise in usage of computer-based technology extensive usage of robotics by manufacturing companies, significant increase in venture capital investments and cross-industry partnerships.

The major restraint for the market is lack of technically skilled personnel. Also, increasing operational efficiency in manufacturing firm and scope for AI based technology across emerging regions are major opportunities for the market. However, data privacy and security concern is the major market challenge.

North America is expected to dominate the market during the forecast period. Presence of majority of the market players of artificial intelligence across the region and venture capital investment across the region will contribute towards the dominance of North America during the forecast period.

However, Asia Pacific is expected to be the fastest growing region in artificial intelligence in manufacturing market during the forecast period due to growth in manufacturing sector across the region, increasing investments in artificial intelligence technologies.

The growth in global artificial intelligence in manufacturing market is also influenced by the presence of major players such as NVIDIA, Oracle, Microsoft, Intel and IBM.

To gain competitive advantage, the major players of global artificial intelligence in manufacturing market are adopting various strategies such as mergers and acquisitions, product launch, strategic partnership, collaboration, joint ventures, investment, strategic expansion and funding during the forecast period.


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