Artificial Intelligence in Manufacturing Market Worth $17.2 Billion by 2025 - Exclusive Report by MarketsandMarkets

CHICAGO, January 22, 2019 /PRNewswire/ --

According to the latest market research report "Artificial Intelligence in Manufacturing Market by Offering (Hardware, Software, and Services), Technology (Machine Learning, Computer Vision, Context-Aware Computing, and NLP), Application, Industry, and Geography - Global Forecast to 2025", published by MarketsandMarkets, the Artificial Intelligence in Manufacturing Market is estimated to be valued at USD 1.0 billion in 2018 and is expected to reach USD 17.2 billion by 2025, at a CAGR of 49.5% from 2018 to 2025.

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The market has huge potential across various industries such as automobile, energy and power, pharmaceuticals, and food and beverages. Increasingly large and complex data set available in the form of big data and evolving industrial IoT and automation drive the growth of this market. Improving computing power and declining cost of hardware are other key factors driving the AI in manufacturing market.

AI in manufacturing market for software to hold largest market during forecast period 

The AI in manufacturing market for software segment is expected to hold the largest market from 2018 to 2023. A large number of companies such as IBM (US), Microsoft (US), SAP (Germany) and Siemens (Germany) are developing software solutions for various manufacturing applications; this is the key factor complementing the growth of software segment. Moreover, growing involvement of start-ups in the market is further complementing the growth of the software segment.

Browse in-depth TOC on "Artificial Intelligence in Manufacturing Market"

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Computer vision technology to witness highest CAGR from 2018 to 2025 

Computer vision technology is expected to foresee the highest CAGR throughout the forecast period. The growing adoption of computer vision in applications such as industrial robots, quality control, and material movement is propelling the growth of this technology in the AI in manufacturing market. Computer vision is mainly used for predictive maintenance and machinery inspection purpose. Companies such as Siemens (Germany) and Mitsubishi Electric (Japan) are using computer vision technology in their manufacturing plants.