The Latin America, Middle East and Africa Artificial Intelligence in Manufacturing Market would witness market growth of 47.5% CAGR during the forecast period (2022-2028).
Machine learning allows for predictive maintenance by predicting equipment problems ahead of time, scheduling a timely repair, and reducing downtime. Instead of dedicating money to scheduled maintenance, manufacturers spend way too much time addressing faults. Machine learning algorithms have an impressive accuracy rate in predicting equipment failure, helping organizations to better plan their maintenance plans and improve asset reliability and product quality. Applying machine learning and predictive analytics raised overall equipment efficiency significantly.
One of the most common applications of machine learning is product creation. To achieve the greatest results, both new product design and existing product improvement require substantial data analysis. Machine learning solutions can assist in the collection and analysis of massive amounts of product data in order to better understand consumer demand, detect defects, and unearth new business prospects. This can aid in the improvement of current product designs as well as the development of new items that can provide new revenue streams for the company. Companies can lessen the risks involved with developing new goods by making better-informed decisions based on improved data.
To function properly, machine learning solutions depend on networks, data, and technological platforms — both on-premise and in the cloud. The security of these systems and data is vital, and machine learning can help by restricting access to important digital platforms and data. Individual users' access to sensitive data, the applications they use, and how they connect to it can all be streamlined with machine learning. This can help businesses protect their digital assets by immediately recognizing irregularities and taking appropriate action.
The Ministry of Industry and Advanced Technology's (MoIAT) strategy is the largest and most comprehensive plan for growing the UAE's industrial sector and strengthening its role in economic growth.
The UAE government is pursuing an economic agenda that focuses on diversification and attempts to foster the development of the private sector as a counterbalance to the state's historical economic supremacy. Throughout the UAE's seven emirates, there have been several efforts, policies, and regulations aimed at creating a more favorable climate for foreign investment. Manufacturers benefit from a variety of key advantages in the region. It is a natural commerce hub, serving as a maritime crossroads connecting Europe, Asia, and Africa for ages. This spatial advantage is important to remember since the gravity model of commerce reveals that trade is stronger when major markets are close by. Furthermore, oil earnings have created substantial sovereign wealth funds, allowing governments to invest in policy goals. Manufacturing growth is a fundamental pillar of diversification in Saudi Arabia's Vision 2030, Bahrain's Economic Vision 2030, the UAE's Economic Vision 2030, and Dubai's Industrial Strategy 2030.
The Brazil market dominated the LAMEA 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 $447.9 million by 2028. The Argentina market is anticipated to grow at a CAGR of 48.3% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 47.1% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Artificial Intelligence in Manufacturing Market is Predict to reach $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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