Artificial Intelligence (AI) in Manufacturing Market to Grow at a CAGR of 41.2% from 2020 to 2027 to reach $18.8 Billion by 2027- Pre and Post COVID-19 Estimates by Meticulous Research®
London, June 04, 2020 (GLOBE NEWSWIRE) — The COVID-19 outbreak that began in Wuhan, China, in late December 2019 has continued to spread, shutting down an extensive number of sectors, including manufacturing industries. Owing to the pandemic, several manufacturers across the globe are currently confronting grave challenges and will likely face continued downward pressure on the demand, production, and revenues as the COVID-19 intensifies in later 2020. Further, industries such as automobile, semiconductors & electronics and heavy metals & machine manufacturing are facing concerns regarding the availability of raw materials as manufacturers have temporarily closed their factories or minimized production output.According to the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak may cause the global FDI to shrink around 5-15%, due to the temporary shutdown of manufacturing sectors. Similarly, a recent survey conducted by the National Association of Manufacturers (NAM) stated that around 78.0% of manufacturers anticipate a financial impact and 35.5% of them are facing supply chain disruptions due to COVID-19. Owing to this, companies, manufacturing units, and factories have certainly sidetracked their ideas of digital transformation strategies, including equipping manufacturing units with AI. Consequently, AI in manufacturing market is expected to experience a serious jolt in 2020.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=4983These industries would desperately require considerable productive time and help from local government to get back on track and overcome the present situation. Several governments are planning to launch favorable initiatives, such as tax exemptions, lowering corporate interest rates, and incentive programs promoting investment in the private sector. Based on geography, countries in the EU are most affected by COVID-19 followed by the U.S. However, China is showing recovery from the pandemic and is currently showing some positive signs for the supply chain industry.The business process functions across manufacturing industries are severely disrupted due to the immense pressure of the pandemic crisis. Owing to this several AI and automation experts suggest manufacturers invest in advanced technologies, such as AI for remote capabilities in operations, process automation, industrial robots, predictive maintenance & machinery inspection, and autonomous materials movement to decrease worker density throughout their operations. Such investment will help companies to recover faster and reduce the dependencies on physical process handling. Although, the overall AI in manufacturing has got affected by the pandemic, the sector still holds considerable potential to bounce back.Meticulous Research® – Leading global market research company published a research report titled “Artificial Intelligence in Manufacturing Market by Component, Technology (ML, Computer Vision, NLP), Application (Cybersecurity, Robot, Planning), Industry (Electronics, Energy, Automotive, Metals & Machine, Food & Beverages) – Global Forecast to 2027”. According to this latest publication from Meticulous research®, the artificial intelligence (AI) in manufacturing market is expected to grow at a CAGR of 41.2% from 2020 to 2027 to reach $18.8 billion by 2027.Click here to get the short-term and long-term impact of COVID-19 on this Market.Please visit: https://www.meticulousresearch.com/product/artificial-intelligence-in-manufacturing-market-4983/ In order to arrive at the most precise assessment for AI in Manufacturing market, Meticulous Research® considered two different scenarios to estimate the market size. The two scenarios studied for the market assessment are summarized below:SCENARIO A: SLOW POSTIVE RECOVERYThis scenario considers the slow positive impact of the COVID-19 pandemic on the AI in manufacturing market. In this scenario, the market is estimated to experience a moderate decline of around average (2.5%) in 2020 and comparatively fast recovery from 2021 onwards. Considering the lockdowns and restriction, most of the operations in the manufacturing industry across the globe remain closed, a moderate decline of (8-10%) is considered in the 1st and 2nd quarter of 2020. Post second quarter, the manufacturing sector is expected to recover much faster compared to the first two quarters; however, the AI in manufacturing market will still experience a moderate decline throughout 2020. Post 2020, as soon as operations in the manufacturing industry would back on the track, it is expected to recover at much faster rate and the investments in this market segment are expected to recover at a rapid pace resulting in market recovery for AI in manufacturing solutions from 2021 onwards.SCENARIO B: FAST POSITIVE RECOVERYThis scenario considers the fast positive impact of the COVID-19 pandemic on the AI in manufacturing market. This scenario considers a moderate market decline in the Q1 & Q2 of 2020. However, the markets are expected to recover strongly in Q3 & Q4 2020, resulting in mild decline of around average (1.0%) for 2020 and fast recovery from 2021 onwards. The scenario considers that although there were stringent lockdowns across the globe, most of the component designing and R&D department for decision making and product enhancements were functions. The leading players are focusing on moderating their manufacturing strategies with the help of advanced technologies are expected to help business to back on track more rapidly than expected. Moreover, positive government initiatives to uplift different sectors affected from COVID- 19 are also expected to help businesses to recover at much faster rate as compared to previous scenario, and support the strong recovery of AI in manufacturing market.Speak to our Analysts to Understand the Impact of COVID-19 on Your Business: https://www.meticulousresearch.com/speak-to-analyst/cp_id=4983For this study, we consider the likelihood of Scenario A to drive the growth of the AI in manufacturing market. The same has been used to build a market forecast as well. Although the impact of COVID-19 has affected majority of businesses across the globe, the businesses are eying to make a strong comeback by attracting consumers in the post COVID-19 business environment. With the help of positive government policies, such as reduction & ease in interest rate, exceptions in tax, and several financial packages for industries which will not affect the demand and supply chain function along with growing demand of medical devices due to shortage & excess used during this health emergency are showing some positive sign and expected to make strong investments in technological upgradations and incorporate AI in manufacturing market. Adoption of innovative technologies, including artificial intelligence coupled with increasing investment in modern technologies, and increasing demand for automation particularly in manufacturing industry to overcome shortage of workers and presence of minimum employee as per the guidelines for COVID-19 pandemic is expected to help the demand for AI in manufacturing technology and hence the market is expected to experience an increase of 4% in 2021 compared to the year 2020 and further positive growth of 4.5% in 2022.Download Free Sample Report Now @ https://www.meticulousresearch.com/download-sample-report/cp_id=4983Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to. assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php
Release Is Transforming The World’s Agriculture & Fisheries Logistics Through Its Blockchain-Powered Social Commerce Platform
New Taipei City, Taiwan, July 12, 2020 (GLOBE NEWSWIRE) — While the concept of social commerce is gaining traction, there are several inherent challenges that are hindering its growth. Among these, a few of the most prominent ones include – logistics & supply chain inefficiency, the lack of effective communication between buyers and sellers, etc. To address these issues and more, Release Co. Ltd. has harnessed the power of blockchain technology and tokenization.
The Global Autonomous Vessels Market is expected to grow from USD 13,769.50 Million in 2019 to USD 21,784.01 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 7.94%
New York, July 10, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Autonomous Vessels Market Research Report by Fit, by Type, by Automataion, by Solution, by Users – Global Forecast to 2025 – Cumulative Impact of COVID-19” – https://www.reportlinker.com/p05913503/?utm_source=GNW
On the basis of Fit, the Autonomous Vessels Market is studied across Line Fit and Retrofit.Clare: email@example.com
Intl: +1 339-368-6001
CORRECTION – OMNIQ’s Artificial Intelligence-Based Quest Shield™ Solution Selected by the Talmudical Academy of Baltimore
SALT LAKE CITY, July 10, 2020 (GLOBE NEWSWIRE) — In a release issued under the same headline on June 1, 2020 by OMNIQ, Inc. (OTCQB:OMQS), please be advised that the second paragraph as originally issued contained certain inaccuracies, not related to financial results or projections, which have been corrected below.Quest Shield™ security package provides a proactive ground-breaking cloud-based solution for crime prevention on campuses and in schools using automatic Machine Vision detection and identification of vehicles by license plate, make and color via an AI-based identification algorithm
Real-time alert and notification to law enforcement authorities to actively prevent potential tragediesTechnology developed in Israel, previously deployed with success in sensitive security zones in the U.S., Middle East and elsewhereAddressing Covid-19 concerns, students will be equipped with a contactless, readable ID tag verifying pre-screened temperature test clearanceTalmudical Academy in Baltimore has over 1,000 students and is part of the Chofetz Haim educational chain with more than 35 locations in the U.S., Canada and IsraelOMNIQ, Inc. (OTCQB:OMQS) (“OMNIQ” or “the Company”), announces that it has been selected to deploy its Quest Shield™ campus safety solution at the Talmudical Academy of Baltimore in Maryland.The Quest Shield™ security package uses the Company’s AI-based SeeCube™ technology platform, a ground-breaking cloud-based/on-premise security solution for Safe Campus/School applications. The platform provides unique AI-based computer vision technology and software to gather real-time vehicle data, enabling the Quest Shield™ to identify and record images of approaching vehicles including color, make and license plate information. The license plate is then compared against the school’s internal watch list to provide immediate notifications of unauthorized vehicles to security and administrative personnel. In addition to providing a vehicle identification and recognition solution to the Talmudical Academy, the Quest Shield™ comprehensive security platform addresses other security concerns including controlling access to the buildings and visitor management as well as the ability to pre-register guests for school activities. Additionally, as part of COVID-19 mitigation, parents in Maryland will be asked to take and record their child’s temperature each day before they leave for school. Quest Shield™ will automate this process, by providing parents an online form where they may record the temperature. All Talmud Academy students will be equipped with an ID tag that will have a QR code that can be read with a barcode scanner. As students enter campus, faculty equipped with Quest handheld scanners will read the barcode to confirm that the student’s temperature has been taken that day; if the form has not been filled in, faculty will check temperatures before allowing students inside. Shai Lustgarten, CEO of OMNIQ, commented: “It is our privilege to work with the Talmudical Academy to provide our solution to enhance safety at their Baltimore campus. Quest Shield™ is an extension of the homeland security solution we designed for the Israeli authorities to fight terrorism and save lives.”Rabbi Yaacov Cohen, Executive Director, Talmudical Academy of Baltimore, commented: “Concern about campus safety and the safety of our students and faculty drove the Talmudical Academy to seek ways to implement new strategies aimed at preventing crimes and violence that may be committed on the school grounds. The unfortunate reality today is that situations we could never imagine just a few years ago are happening now with increasing regularity. Most security systems that are currently being deployed on other campuses are good at recording events subsequent to crimes being committed. With Quest Shield™, we have an opportunity to alert personnel and Law Enforcement ahead of any sign of violence.”Mr. Lustgarten added: “The Quest Shield™ has been tailored to provide a proactive solution to improve security and safety in schools and on campuses as well as community centers and places of worship in the U.S. that have unfortunately become a target for ruthless attacks. We’re pleased to work with a forward-thinking organization like the Talmudical Academy, it is gratifying that the Academy selected the Quest Shield™ platform to strengthen its security precautions.”“Additionally, many schools and communities are expressing concern around children returning to school in the fall due to COVID-19. With that in mind, Talmudical Academy will also employ the Quest Shield™ to provide an automated screening process to confirm that students have had their temperatures checked, per Maryland regulation, upon their arrival on campus and prior to them entering the school facilities.”Mr. Lustgarten concluded, “We are proud to be able to improve student safety in the U.S., as well as in other vulnerable communities. Quest Shield™ has previously been implemented by a pre-K through Grade 12 school in Florida and at a Jewish Community Center in Salt Lake City. We look forward to working closely with the Academy and other institutions to promote the health and safety of students, faculty and support personnel.”About OMNIQ, Corp.
OMNIQ Corp. (OMQS) provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management and access control applications. The technology and services provided by the Company help clients move people, assets and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.
OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, and oil, gas, and chemicals. Since 2014, annual revenues have grown to more than $50 million from clients in the USA and abroad.
The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023. Information about Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at http://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.Investor Contact:
John Nesbett/Jen Belodeau
IMS Investor Relations
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