AI in manufacturing market size to reach US$4798mn by 2026
Latest market research released by Valuates Reports - provider of extensive market research reports - has projected that the global artificial intelligence (AI) in manufacturing market size will reach US$4798m by 2026, at a CAGR of 28.1% between 2021 and 2026.
The report attributes the drive in growth to the increasing number of large and complex datasets, volving industrial IoT and automation, improving computing power, and increasing venture capital investments. As well as the added value of predictive maintenance which can reduce operational costs and increase productivity.
AI in manufacturing trends
“In smart manufacturing, artificial intelligence is most widely used in factory automation, order management, and automated scheduling. During the forecast period, an increasing number of AI technologies will be used for quality monitoring and fault management, supported by advancements in computer vision technology,” commented Valuates Reports.
IoT and automation
Expected to drive the growth of AI in manufacturing, the evolution of industrial IoT and automation will play a key role in implementing AI-based technology.
“By allowing an architecture that provides real-time information on operational and business systems, industrial IoT makes industrial processes efficient. The AI-based system takes less time and can operate without errors.”
Manufacturing performance and government and private institution investments
In addition to IoT and automation, Valuates Reports highlights that manufacturing performance is also improving which is contributing to business growth. As well as government and private institution investments
Deep learning technology
Finally, the growing use of deep learning technology in the manufacturing industry is also expected from Valuates Reports to drive the growth of AI in manufacturing.
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For more information on manufacturing topics - please take a look at the latest edition of Manufacturing Global.