The Europe Artificial Intelligence in Manufacturing Market would witness market growth of 42.9% CAGR during the forecast period (2022-2028).
Every manufacturer strives to find new and innovative ways to save and earn money, decrease risks, and increase overall production efficiency. This is critical for their survival and a prosperous, long-term future. The secret lies in 4IR technologies, particularly AI- and machine-learning-powered advances. AI solutions may monitor and forecast customer behavior, discover anomalies in production processes in real-time, and more by processing and interpreting large amounts of data from the production floor. These solutions assist manufacturers in gaining complete visibility of all manufacturing operations across all locations and geographies. AI-powered systems may also learn, adapt, and improve over time owing to machine learning algorithms. Manufacturers will need these competencies to survive in the aftermath of pandemic-induced fast digitization.
Quality control is the most essential application case for artificial intelligence in the manufacturing business. Even industrial robots are capable of making errors. Allowing defective items to roll off the assembly line and ship to consumers can be costly, even though they are far less common than humans. Humans can manually monitor assembly lines and catch bad items, but no matter how vigilant they are, some defective products will always sneak through. Artificial intelligence, on the other hand, can help the manufacturing process by examining things for us.
German companies account for more than a quarter of manufacturing turnover in the European Union and more than a tenth of worldwide manufacturing exports. The German government recognizes that manufacturing digitalization, also known as advanced manufacturing or Industry 4.0, is critical to maintaining its manufacturing leadership. The goal of the government's "Industrie 4.0" effort is to boost manufacturing productivity by up to 50% while halving resource consumption. In 2015, German automakers produced over 15 million automobiles, accounting for about 19 percent of total global output. Twenty-one of the top 100 automotive suppliers in the world are German firms. Germany leads Europe in automobile production, with 5.7 million passenger cars — plus 325,200 trucks and buses – produced in German factories in 2015.
The prosperity of the country's industrial industry is based on small and medium-sized businesses known as Mittelstand. Miele, a well-known white goods company, and Elkamet, a well-known car manufacturer, are two examples. Around 70% of all manufacturing exports and nearly 80% of jobs are generated by the Mittelstand.
The Germany market dominated the Europe 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 $1,392.1 million by 2028. The UK market is estimated to grow at a CAGR of 41.7% during (2022 - 2028). Additionally, The France market would witness a CAGR of 43.9% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Artificial Intelligence in Manufacturing Market will Hit $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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