HOME Research Insight NVIDIA Corporation (US) and IBM Corporation (US) are the Key Players in the Artificial Intelligence in Manufacturing Market



NVIDIA Corporation (US) and IBM Corporation (US) are the Key Players in the Artificial Intelligence in Manufacturing Market


The growth of the AI in manufacturing market is expected to be driven by the growing usage of big data technology and industrial IoT in the manufacturing industry, extensive usage of robotics, increased usage of computer vision technology by manufacturing companies, cross-industry partnerships, and significant increase in venture capital investments in the AI in manufacturing domain. The AI in manufacturing market was valued at USD 272.5 Million in 2016 and is expected to reach USD 4,882.9 Million by 2023, growing at a CAGR of 52.42% between 2017 and 2023. North America would hold the largest market share for AI in manufacturing and APAC is expected to witness the highest CAGR during the forecast period.

The companies involved in the AI in manufacturing market adopted various strategies for growth between 2014 and 2016 such as product launches, partnerships, agreements, and collaborations. Of all the strategies, 52% of the developments were partnerships, agreements, collaborations, and joint ventures; while 24% were product developments. Mergers and acquisitions, and expansions accounted for 16% and other developments accounted for 8% of the overall strategies.

NVIDIA Corporation (US) ranks first among the major players, especially in terms of hardware development capabilities, in the AI in manufacturing market. The company recently developed DGX-1 Deep Learning System and deep learning and intelligent devices, NVIDIA Jetson, which is expected to play a key role in the development of future AI technologies in manufacturing. Moreover, significant research and development (R&D) investment and robust in-house product developments are the key factors. Furthermore, the AI-based start-up incubation program has been accelerating the company’s growth in the AI in manufacturing market.

IBM Corporation (US) ranked second in the AI in manufacturing market as of 2016. IBM Corporation has been continually involved in the development and launch of AI systems in manufacturing in the recent past. The factors such as geographic reach, inorganic growth, and breadth of offering under strength of product portfolio and business strategy excellence between 2014 and 2016 have empowered IBM Corporation to hold the second position in the AI in manufacturing market. The company has 12 research labs dedicated to its AI and deep learning initiatives. Additionally, the successful launch of the machine learning tool “IBM Watson,” has further fortified its position in the AI in manufacturing market. The company has made significant capital investments, leading to an increase in spending on research and development (R&D). Furthermore, the company is aiming to achieve its AI goals through organic and inorganic developments. For instance, in April 2017, IBM Corporation partnered with ABB Group (Switzerland) to combine the power of IBM Watson with ABB Ability, which would be used in utilities, transportation, and infrastructure.

Related Reports:

Artificial Intelligence in Manufacturing Market by Offering (Hardware, and Software), Technology (Deep Learning, Computer Vision, Context Awareness, and Natural Language Processing), Application, Industry, and Geography - Global Forecast to 2023

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