The American manufacturing sector is undergoing a revolution driven by artificial intelligence (AI). With the market for AI in US manufacturing expected to reach a staggering $20.8 billion by 2028, manufacturers are rapidly adopting AI solutions to optimize processes, improve efficiency, and gain a competitive edge.
This AI-powered transformation is impacting all aspects of manufacturing, from product design and development to production and supply chain management. AI-powered tools are being used for predictive maintenance, quality control, and real-time process optimization. These advancements are leading to significant benefits for US manufacturers, including increased productivity, reduced costs, and improved product quality.
However, the adoption of AI in US manufacturing isn’t without its challenges. These include the need for robust data infrastructure, skilled workers to manage and utilize AI systems, and potential cybersecurity risks. Nevertheless, with the potential for significant growth and innovation, US manufacturers who embrace AI are well-positioned to thrive in the competitive global marketplace.
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Hardware segment to grow with higher CAGR during the forecast period.
The artificial intelligence in manufacturing market based on offering has been segmented into hardware, software, and services. The market for the hardware segment has been sub-segmented into processors, memory, and network. Different types of processors considered in the scope of this report are microprocessor units (MPUs), graphics processing units (GPUs), field-programmable gate arrays (FPGAs), and application-specific integrated circuits (ASICs). The demand for high-computing processors to run AI algorithms is rising significantly. In the processor market, the GPU sub-segment is expected to witness substantial growth in the coming years owing to its high parallel computing capabilities.
Computer vision technology segment to grow with higher CAGR during the forecast period.
Computer vision technology is concerned with the physical structure of 3D objects attached to an intelligent computing system. Computer vision analyzes the information of different geometric shapes, volumes, and patterns and provides visual feedback to the user, which is used to draw the inference. Computer vision is mainly used for predictive maintenance and machinery inspection purposes. The technology is mainly used in the automotive, energy & power, and heavy metals & machine manufacturing industries. In the automotive industry, this technology is used for 3 stages — gauges, inspections, and identification.
Predictive maintenance & Machinery Inspection to hold largest market share through the forecast period.
Predictive maintenance and machinery inspection is a regular and systematic application of AI, which ensures the proper functioning of different equipment and reduces their rate of deterioration. AI technology in predictive maintenance and machinery inspection is used in regular examination, inspection, lubrication, testing, and equipment adjustments. The growing need to reduce operational costs due to untimely machine failures and machine downtime is crucial in adopting AI-based solutions in predictive maintenance and machinery inspection applications. Factors such as the generation of a large volume of machine data, advantages offered by AI systems to manufacturers in predictive maintenance and machinery inspections, and the entry of many startups in this segment are driving the growth of the the artificial intelligence in manufacturing market.
Automotive industry to hold largest market share in 2023.
Artificial intelligence in the manufacturing market for the automotive industry held the largest share of the overall market in 2023. To reduce costs and improve vehicle production quality, automakers have started using computer vision and machine learning technologies. Use of AI in Automotive industry reduces downtime, vehicle recalls, and financial losses. Moreover, Predictive analytics can be used to evaluate whether a flawed part can be reworked or needs to be scrapped.
Asia Pacific is anticipated to grow at the highest CAGR during the forecast period.
Asia Pacific consists of some of the fastest-growing economies — such as China, Japan, and India. The market in Asia Pacific is propelled by factors such as rapid industrialization, the substantial growth of e-commerce, rising labor costs, technological advancements in warehouses, progressing logistics and warehousing sectors, and the extensive focus on Industry 4.0. Moreover, the strong economic growth in this region is attracting further investments from AI in manufacturing suppliers for establishing sales and support facilities.
The report profiles key players such Siemens (Germany), IBM (US), Intel Corporation (US), NVIDIA Corporation (US), and General Electric Company (US) and others.
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