The rising need for quality inspection and automation is leading to greater adoption of machine vision systems and IoT technologies, which are predicted to grow at a CAGR of over 45% within manufacturing.
Predictive maintenance, meanwhile, is projected to grow at a CAGR of 44%. With rising pressure on manufacturers to increase productivity, maintenance has become a focal point for cost savings and production. With over 647 billion USD lost annually to machine downtime, this cornerstone of Intelligent IoT eliminates the need to shut down equipment for maintenance.
Growth is also particularly pronounced in pharmaceutical manufacturing, accounting for over 8% of market share. Pharma companies are increasingly turning to AI for biotech manufacturing and process development, using it to identify different patterns in the data to develop different models for testing new processes.
The report goes on to highlight some of the key regions and players for growth in this space. The European market in manufacturing AI is anticipated to grow at a CAGR of 44%. Meanwhile, some of the companies involved in this space include AMD, Amazon Web Services, Canvas Analytics, Falkonry, General Vision, Google, Graphcore, IBM, Intel, Landing AI, Microsoft, NVIDIA, Oracle, Progress Software, Qualcomm, SAP, Sight Machine, Ubtech Robotics, and Vicarious.