The artificial intelligence in manufacturing market is estimated to be worth USD 3.2 billion in 2023 and is projected to reach USD 20.8 billion by 2028, at a CAGR of 45.6% during the forecast period. The market growth for artificial intelligence in manufacturing is attributed to the emerging industrial IoT and automation technologies, the surge in AI adoption fuiling semiconductor chipset manufacturers, intensifying need to handle increasingly large and complex dataset.
The major players in the artificial intelligence in manufacturing market with a significant global presence are Siemens (Germany), IBM (US), Intel Corporation (US), NVIDIA Corporation (US), and General Electric Company (US).The market players have adopted various strategies, such as developing advanced products, partnerships, contracts, expansions, and acquisitions, to strengthen their position in the market. The organic and inorganic strategies have helped the market players expand globally by providing advanced solution of AI in manufacturing.
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Intel Corporation holds a robust presence in the market and has successfully maintained its position for an extended period. It has long been the dominant force in the microprocessor market, affording it access to a substantial target audience. Intel Corporation's leading market status also grants it greater scale and associated advantages. This established market position bestows competitive benefits and enables the company to effectively enter adjacent markets. One of Intel Corporation's competitive strengths lies in its fusion of manufacturing, assembly, and testing facilities with global architectural design teams. This interconnected network empowers the company with enhanced control over processes, quality assurance, production costs, timing, product performance, power efficiency, and manufacturing efficiency.
IBM remains actively engaged in the advancement and introduction of AI systems within the manufacturing sector. With a remarkable commitment, the company operates 12 research laboratories exclusively focused on AI and deep learning projects, boasting an extensive portfolio of over 1,400 AI-related patents. Furthermore, the triumphant introduction of "IBM Watson," a machine learning tool, has significantly bolstered its standing in the artificial intelligence landscape within manufacturing.
Moving forward, IBM is anticipated to continue relying on collaborations and partnerships as its primary strategies in the coming years.
NVIDIA NVIDIA Corporation is at the forefront of the artificial intelligence in manufacturing market, thanks to its extensive lineup of GPUs designed for training and executing ML and AI algorithms. Globally renowned for its leadership in visual computing, NVIDIA has firmly established its presence across various regions and primarily collaborates with major OEMs and ODMs on a global scale. The company's significant investments in research and development have fueled substantial organic growth, solidifying its position as a leading player in hardware product development within the AI market.
NVIDIA's strategic approach leverages its existing business channels to seamlessly connect with customers. With a global presence spanning over 40 offices, it generates substantial revenue from key regions, including Taiwan, China, the United States, and Europe. NVIDIA's worldwide reach, combined with its adoption of inorganic growth strategies, has earned the company a distinguished reputation and a high rating.
Siemens ranks fourth in AI in the manufacturing market. The company offers AI-based customized solutions for predictive maintenance and machinery inspection, material movement, field service, and quality control in the field of energy and power, transportation, and machine manufacturing. Moreover, Siemens AG has developed a Simulation Environment for Neural Networks (SENN), which helps in predictive analysis. Furthermore, the company improved its portfolio by integrating AI with its their products and solutions. For Instance, the latest version of NX software, launched in February 2019, uses ML and AI to increase the efficiency of usage.
General Electric’s Industrial machine learning is critical to GE’s development of scalable Digital Twin solutions and data-intensive industrial computing challenges. GE Digital acquired Wise.io (US), which has helped GE to design a complete digital twin solution to advance the machine learning and data science technology on the Predix cloud platform. The digital twins combine the power of AI, IoT, and augmented reality (AR), which helps in reducing asset downtime, maintenance costs, and cycle times; improving plant and factory efficiency; and increasing market agility. Moreover, General Electric acquired Bit Stew (Canada) at USD 153 million, which would further strengthen the data integration platform for GE. Furthermore, creating a long-term partnership and agreement with key industry players is expected to remain the key growth strategy for the company. Lately, the company has extended or formed a new long-term partnership with companies such as CGI (Canada), Aluminium of Greece (AOG) (Greece), and Microsoft Corporation (US).
Artificial Intelligence in Manufacturing Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Application (Predictive Maintenance & Machinery Inspection, Cybersecurity) - Global Forecast to 2028
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