Leeds, UK -- (SBWIRE) -- 10/23/2020 -- The AI in manufacturing market is expected to be valued at USD 1.5 billion in 2020 and is likely to reach USD 24.5 billion by 2026; it is expected to grow at a CAGR of 51.26 % during the forecast period.

On account of earlier three industrial revolutions, manufacturing industries have been benefitted by means of mechanization, automation, and mass manufacturing. After the implementation of Industry 4.0, Artificial Intelligence together with machine learning is gaining heavy traction within the manufacturing sector. Industry 4.0 has resulted in making manufacturing "smarter" with the usage of superior applied sciences resembling IoT thus, enabling firms to modernize their manufacturing course of and supply chain management.

The digital transformation of producing in addition to supply chain helps in immediately analyzing data from factories utilizing superior technologies together with, Artificial Intelligence and machine learning. This ends in gaining efficiency. The purchasers can select from all kinds of products, to the purpose of mass customization enabling them to design their very own product. With the rising competitors and developments in technologies, prospects are turning to be extra demanding and picky, searching for distinctive and personalised products over standardized products. Thus, manufacturing business worldwide is using machine learning, automation, computer vision, and different AI fields to fulfil the rising calls for by transforming their manufacturing processes.

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Corporations are implementing these applied sciences to decrease their manufacturing prices aside from catering picky prospects. Even reasonably priced nations resembling China and Mexico are additionally witnessing elevated price of manufacturing owing to downfall within the oil & gasoline business, leading to need for additional price discount and efficiencies. Usually, in a lot of the factories, surprising gear downtimes and failures, poor demand forecasting, unsafe and inefficient office processes in addition to bottlenecks in supply chain could result in longer manufacturing cycles, wastage of assets, and low yields thereby, leading to income loss. Thus, adoption of Artificial Intelligence is rising to eradicate these points. Additionally, scarcity of expert labor confronted by major industries may be tackled with the assistance of implementing Artificial Intelligence.

In this report, the AI in manufacturing market has been segmented into the following categories:

Based on Offering:
- Hardware
o Processor
o Memory
o Network
- Software
o AI Solutions
o AI Platform
- Services
o Deployment & Integration
o Support & Maintenance

Based on Technology:
- Machine Learning
o Deep Learning
o Supervised Learning
o Reinforced Learning
o Unsupervised Learning
o Others
- Natural Language Processing
- Context-aware Computing
- Computer Vision

Based on Application:

- Predictive Maintenance and Machinery Inspection
- Material Movement
- Production Planning
- Field Services
- Quality Control
- Cybersecurity
- Industrial Robots
- Reclaimation

Based on Industry:

- Automobile
- Energy and Power
- Pharmaceuticals
- Heavy Metals and Machine Manufacturing
- Seiconductors and Electronics
- Food & Beverages
- Others

Based on Region:

- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)

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