The report is titled "Global AI in the manufacturing market" which analyses the regional and global markets based on technology, component, application end user, and region. The report offers comprehensive historical and forecast market size, along with trend analysis. The report focuses on the importance of the market share, an overview of competition the strategic imperatives, future growth strategies, global adoption of AI in manufacturing, growth opportunities, and an assessment of competition for the key players identified by this report by RationalStat.
market overview and dynamics: The penetration of AI in manufacturing will increase in the forecast period
The global market for AI of manufacturing was valued at close to US$ 22 billion as of 2020 and is projected to grow at a rapid rate in the next few years. The dramatic increase in value of the global AI in the manufacturing market is a result of the growing need for human-AI collaboration in the manufacturing industry to achieve general cost savings is propelling the industry growth. Robots play an essential part in the manufacturing industry.
In the coming years, the demand to use AI within manufacturing industries is anticipated to see a significant increase due to the development of manufacturing IoT and automation technology. The system collects data from the IoT devices that are installed in the painting zone of the factory. Furthermore, the introduction of industry 4.0 for the manufacturing industry is expected to further drive the market as industry 4.0 is extremely automated, and a large amount of data is exchanged through the manufacturing technology of the machine.
A majority of the prestigious global companies in Europe have implemented at least one AI-use instance
North America is leading the global AI in the manufacturing industry. In addition, the US president has signed an executive order to launch an American AI initiative. The robust automotive industry along with industrial equipment and the pharmaceutical industry are a few of the reasons that are affecting Europe's AI market for manufacturing positively. The rapid development in consumer electronics and the rapid growth of economies such as China, India, Japan as well as South Korea led the Asia Pacific market to witness significant expansion over the coming years.