The Asia Pacific Artificial Intelligence in Manufacturing Market would witness market growth of 43.9% CAGR during the forecast period (2022-2028).
Artificial intelligence is broadly embraced by manufacturers in the industries such as automobiles, pharmaceuticals, food and beverages, and energy and power. Increasing venture capital investments, growing demand for automation, and rapidly evolving industries and industrial IoT are believed to be driving the artificial intelligence in manufacturing market. Along with these, the growing demand for hardware platforms, and the increasing need for high-computing processors to run a wide range of AI software are also expected to propel the artificial intelligence in manufacturing market. AI in the manufacturing industry helps in collecting and handling big data. As a result, it is widely employed in a wide range of manufacturing applications, including machinery inspection, cybersecurity, quality control, and predictive analytics. All of these reasons are projected to drive the artificial intelligence in manufacturing market forward.
Furthermore, the artificial intelligence in manufacturing market is expected to be fueled by rising demand for machine learning technology and computer vision for machinery inspection, increased embracement of AI by factories to decrease machine downtime, and growing preference from factories to improve productivity and reduce operational costs. Testing, regular examination, lubrication, inspection, and modifications of equipment are all covered by AI technology integration in machinery inspection and predictive maintenance. As a result of these advantages, the artificial intelligence in manufacturing market is likely to grow.
China has become an industrial powerhouse in recent decades. Official figures put the number of manufacturing workers in the country at 83 million in 2002, but that figure is likely to be underestimated; the true amount is likely to be closer to 109 million. In 2002, the Group of Seven (G7) main industrialized countries employed 53 million people in the industry. Since then, both urban and rural China have benefited from private-sector manufacturing. The reformed factories are more productive than state-owned and collectively owned factories, and they are competitive in both domestic and global markets.
Rural migrants are powering the country's manufacturing expansion, and agriculture has tens or hundreds of millions of excess employees, some of whom may shift to factories in the future. Migrant labor aid China's manufacturing competitiveness around the world.
The manufacturing industry sectors generated 40% of China's GDP in 2015. In 2004, the manufacturing sector contributed 44.1 percent of GDP and employed 11.3 percent of the workforce. China is the largest producer of chemical fertilizers, cement, and steel in the world.
The China market dominated the Asia Pacific Artificial Intelligence in Manufacturing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2,098.7 million by 2028. The Japan market is poised to grow at a CAGR of 43% during (2022 - 2028). Additionally, The India market would display a CAGR of 44.8% during (2022 - 2028).
Based on Offering, the market is segmented into Software, Hardware, and Services. Based on Application, the market is segmented into Predictive maintenance & Machinery Inspection, Inventory Optimization, Quality Control, Cybersecurity, Industrial robots, Field Services, Production Planning, and Others. Based on Technology, the market is segmented into Machine Learning, Computer Vision, Natural Language Processing, and Context-aware Computing. Based on Industry, the market is segmented into Automotive, Food & Beverage, Pharmaceutical, Heavy Metals & Machine Manufacturing, Semiconductor & Electronics, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Artificial Intelligence in Manufacturing Market is Projected to reach USD 21.3 Billion by 2028, at a CAGR of 43.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NVIDIA Corporation, Cisco Systems, Inc., Microsoft Corporation, IBM Corporation, Intel Corporation, Oracle Corporation, Google LLC, Micron Technology, Inc., Siemens AG, and General Electric (GE) Co.
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