Artificial Intelligence
$16.7 Billion AI in Manufacturing Market Assessment 2020-2026 – An Explosive Growth of 57.2% CAGR is Anticipated
Dublin, Aug. 06, 2020 (GLOBE NEWSWIRE) — The “Artificial Intelligence in Manufacturing Market by Offering (Hardware, Software, and Services), Technology (Machine Learning, Computer Vision, Context-Aware Computing, and NLP), Application, End-user Industry and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The AI in the manufacturing market is expected to be valued at USD 1.1 billion in 2020 and is likely to reach USD 16.7 billion by 2026; it is expected to grow at a CAGR of 57.2% during the forecast period.
The major drivers for the market are the increasing number of large and complex datasets (often known as big data), evolving Industrial IoT and automation, improving computing power, and increasing venture capital investments. The major restraint for the market is the reluctance among manufacturers to adopt AI-based technologies. The critical challenges facing the AI in the manufacturing market include limited skilled workforce, concerns regarding data privacy, and significant financial and operational impact of the COVID-19 outbreak on manufacturing.
The machine learning technology is expected to account for the largest size of the AI in manufacturing market during the forecast period.
Machine learning’s ability to collect and handle big data and its applications in real-time speech translation, robotics, and facial analysis is fuelling its growth in the manufacturing market. AI constitutes various technologies that play a vital role in developing its ecosystem. As AI enables machines to perform activities similar to those performed by human beings, enormous market opportunities have opened. The predictive maintenance and machinery inspection application of the AI in manufacturing market is projected to hold the largest share during the forecast period.
The predictive maintenance and machinery inspection application held the largest share of the AI in the manufacturing market in 2019. Extensive use of computer vision cameras in machinery inspection, adoption of the Industrial Internet of Things (IIoT), and use of big data in the manufacturing industry are the factors driving the growth of the AI in the manufacturing market for predictive maintenance and machinery inspection application. The increasing demand for reducing the operational costs and machine downtime is also supplementing the growth of predictive maintenance and machinery inspection application in industries.
The automobile industry held the largest size of the AI in manufacturing market in 2019.
The extensive use of computer vision cameras in machinery inspection and adoption industrial IoT are the factors driving the growth of the AI in the manufacturing market for the automobile industry. The application of AI to boost employee productivity, improve quality control, and gain better control over business support functions is supporting the growth of AI in the automobile industry.
Impact of COVID-19 on the AI in the manufacturing market The market is likely to witness a slight plunge in terms of year-on-year growth in 2020. This is largely attributed to the affected supply chains and limited adoption of AI in manufacturing in 2020 due to the lockdowns and shifting priorities of different industries. The ongoing COVID-19 pandemic has caused disruptions in economies. It is likely to cause supply chain mayhem and eventually force companies and entire industries to rethink and adapt to the global supply chain model.
Many manufacturing companies have halted their production, which has collaterally damaged the supply chain and the industry. This disruption has caused a delay in the adoption of AI-based software and hardware products in the manufacturing sector. The industries have started to restructure their business model for 2020, and many SMEs and large manufacturing plants have halted/postponed any new technology upgrade in their factories in order to recover from the losses caused by the lockdown and economic slowdown.
Research Coverage
The AI in the manufacturing market has been segmented based on offering, technology, application, industry and region. It also provides a detailed view of the market across 4 main regions: North America, Europe, APAC, and RoW.
Key Topics Covered 2 Research Methodology
3 Executive Summary 4 Premium Insights 5 Market Overview 6 Artificial Intelligence in Manufacturing Market, by Offering 7 Artificial Intelligence in Manufacturing Market, by Technology 8 Artificial Intelligence in Manufacturing Market, by Application 9 Artificial Intelligence in Manufacturing Market, by Industry 10 Artificial Intelligence in Manufacturing Market, by Region 11 Competitive Landscape 12 Company Profiles For more information about this report visit https://www.researchandmarkets.com/r/xbo5hj
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
1 Introduction
3.1 COVID-19 Impact Analysis: AI in Manufacturing Market
3.1.1 Pre-COVID-19 Scenario
3.1.2 Post-COVID-19 Scenario
4.1 Attractive Opportunities in AI in Manufacturing Market
4.2 AI in Manufacturing Market, by Offering
4.3 AI in Manufacturing Market, by Technology
4.4 APAC: AI in Manufacturing Market, by Industry and Country
4.5 AI in Manufacturing Market, by Country
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasingly Large and Complex Dataset
5.2.1.2 Evolving Industrial IoT and Automation
5.2.1.3 Improving Computing Power
5.2.1.4 Increasing Venture Capital Investments
5.2.2 Restraints
5.2.2.1 Reluctance Among Manufacturers to Adopt AI-Based Technologies
5.2.3 Opportunities
5.2.3.1 Growth in Operational Efficiency of Manufacturing Plants
5.2.3.2 Application of AI for Intelligent Business Process
5.2.3.3 Adoption of Automation Technologies to Curb Effects of COVID-19
5.2.4 Challenges
5.2.4.1 Limited Skilled Workforce
5.2.4.2 Concerns Regarding Data Privacy
5.2.4.3 Significant Financial and Operational Impact of COVID-19 Outbreak on Manufacturing
5.3 Value Chain Analysis
5.4 Case Studies
5.4.1 Siemens Gamesa Uses Fujitsu’s AI Solution to Accelerate Inspection of Turbine Blades
5.4.2 Volvo Uses Machine Learning-Driven Data Analytics for Predicting Breakdown and Failures
5.4.3 Rolls-Royce Using Microsoft Cortana Intelligence for Predictive Maintenance
5.4.4 Paper Packaging Firm Used Sight Machine’s Enterprise Manufacturing Analytics to Improve Production
5.5 Adjacent and Related Markets
6.1 Introduction
6.2 Hardware
6.3 Software
6.4 Services
6.5 Impact of COVID-19 on Various Offering of AI Technology for Manufacturing
7.1 Introduction
7.2 Machine Learning
7.3 Natural Language Processing
7.4 Context-Aware Computing
7.5 Computer Vision
7.6 Impact of COVID-19 on Various Technologies of AI in Manufacturing
8.1 Introduction
8.2 Predictive Maintenance and Machinery Inspection
8.3 Material Movement
8.4 Production Planning
8.5 Field Services
8.6 Quality Control
8.7 Cybersecurity
8.8 Industrial Robots
8.9 Reclamation
9.1 Introduction
9.2 Automobile
9.3 Energy and Power
9.4 Pharmaceuticals
9.5 Heavy Metals and Machine Manufacturing
9.6 Semiconductors and Electronics
9.7 Food & Beverages
9.8 Others
10.1 Introduction
10.2 North America
10.3 Europe
10.4 APAC
10.5 RoW
11.1 Overview
11.2 Ranking of Players, 2019
11.3 Competitive Leadership Mapping
11.3.1 Visionary Leaders
11.3.2 Dynamic Differentiators
11.3.3 Innovators
11.3.4 Emerging Companies
11.4 Competitive Scenario
11.4.1 Product Launches and Developments
11.4.2 Collaborations, Partnerships, and Agreements
11.4.3 Acquisitions & Joint Ventures
12.1 Key Players
12.1.1 Nvidia
12.1.2 Intel
12.1.3 IBM
12.1.4 Siemens
12.1.5 General Electric (GE) Company
12.1.6 Google
12.1.7 Microsoft
12.1.8 Micron Technology
12.1.9 Amazon Web Services (AWS)
12.1.10 Sight Machine
12.2 Other Companies
12.2.1 Progress Software Corporation (DataRPM)
12.2.2 AIbrain
12.2.3 General Vision
12.2.4 Rockwell Automation
12.2.5 Cisco Systems
12.2.6 Mitsubishi Electric
12.2.7 Oracle
12.2.8 SAP
12.2.9 Vicarious
12.2.10 Ubtech Robotics
12.2.11 Aquant
12.2.12 Bright Machines
12.2.13 Rethink Robotics GmbH
12.2.14 Sparkcognition
12.2.15 Flutura
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Artificial Intelligence
Complyport’s new AI tool – ViCA.Chat – set to revolutionise compliance support services
LONDON, June 14, 2024 /PRNewswire/ — ViCA.Chat, the Virtual Compliance Assistant powered by AI technology, is set to transform regulatory compliance consulting. Developed by ComplyMAP Group’s AI engineers and Complyport’s compliance consulting teams, ViCA redefines compliance support services and propels governance, risk and compliance consulting into a new era of innovation.
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The key differentiator of ViCA is its specialised and purposely constructed unique databases that leverage Complyport’s 22 years of regulatory expertise, combined with tailored AI training tools, enabling ViCA to operate as an experienced compliance consultant. A dedicated human support team continuously improves and updates ViCA’s knowledge and responses through a feedback loop process and quality assurance sessions. This powerful symbiosis of AI and human expertise sets ViCA apart and ensures businesses have the latest regulatory information instantaneously and seamlessly.
As a result, ViCA’s specialised regulatory database goes beyond readily available online resources which feature into traditional AI tools. ViCA offers exclusive insights, proprietary regulatory interpretations, historical data, bespoke and purposely structured compliance documentation and templates. With advanced scraping capabilities, ViCA also extracts relevant data from selected websites and publicly available information, ensuring an up-to-date and comprehensive understanding of compliance requirements across industries.
From agile fintech startups to established law firms, financial institutions, regulatory bodies, insurance providers, as well as compliance consultants, ViCA seamlessly adapts to unique compliance needs. Its user-friendly interface ensures navigating and analysing regulatory data is swift and intuitive, streamlining the compliance workflow.
“ViCA is a game-changer in how regulatory compliance advice will be provided in the future”, commented Luis Parra, Managing Director of ViCA. “With ViCA, compliance insights become available to all. No longer are regulated firms and responsible people overly dependent on advisors and compliance consultants. Through ViCA, the financial system will not only meet but exceed regulatory standards. Moreover, the level of information made available to the public will benefit society as a whole, in its interactions with the financial services sector.”
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About ViCA.Chat:
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Artificial Intelligence
LoRa and LoRaWAN IoT Market worth $32.7 billion by 2029- Exclusive Report by MarketsandMarkets™
CHICAGO, June 14, 2024 /PRNewswire/ — The LoRa and LoRaWAN IoT Market is expected to reach USD 32.7 billion by 2029 from USD 8.0 billion in 2024, at a Compound Annual Growth Rate (CAGR) of 32.4 % during 2024–2029, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on “LoRa and LoRaWAN IoT Market”
320 – Tables 58 – Figures294 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2018-2029
Base year considered
2023
Forecast period
2024–2029
Forecast units
Value (USD Billion)
Segments Covered
Offering, Network Deployment, Application, End User, and Region
Region covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
List of Companies in LoRa and LoRaWAN IoT
The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US).
The LoRaWAN ecosystem influences development of tools, software libraries, and cloud-based platforms that streamline the creation, deployment, and management of IoT solutions. Continuously evolving, this ecosystem boasts a burgeoning array of vendors providing LoRa-compliant devices, gateways, and network management solutions. This vibrant competition within the ecosystem propels innovation while driving down costs for end-users. Moreover, the development of interoperable solutions fosters seamless integration and deployment of LoRaWAN networks, simplifying the implementation process for businesses and organizations. As the ecosystem continues to expand and mature, it empowers developers, system integrators, and IoT enthusiasts to unleash their creativity, accelerate time-to-market, and unlock the full potential of LoRaWAN technology in diverse applications and industries.
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Based on network deployment, the public network segment to hold the largest market size during the forecast period.
The robust security features integrated into public LoRaWAN networks play a significant role in driving the growth and adoption of LoRaWAN technology in the market. End-to-end encryption ensures that data transmitted between devices and gateways is protected from unauthorized access or interception, safeguarding sensitive information such as sensor readings, location data, and command messages. Message integrity checks verify the integrity of data packets, detecting any tampering or alteration during transmission and ensuring data authenticity and reliability. Additionally, mutual authentication mechanisms establish trust between devices and gateways, verifying the identity of both parties before allowing communication to occur. These security measures provide organizations and end-users with confidence in the integrity and confidentiality of their data, mitigating concerns related to data privacy, cybersecurity threats, and regulatory compliance. As a result, implementing robust security features in public LoRaWAN networks enhances trust and credibility in the technology, driving increased adoption and market growth as organizations seek reliable and secure connectivity solutions for their IoT deployments.
By offering, the services segment is expected to hold a higher growth rate during the forecast period.
IoT service providers are pivotal in driving adoption by developing vertical-specific solutions finely tuned to the distinct needs of industries like agriculture, healthcare, logistics, and smart cities. In agriculture, for instance, IoT services offer solutions for precision farming, crop monitoring, and livestock management, enabling farmers to optimize irrigation, monitor soil health, and enhance yields. Similarly, IoT services facilitate remote patient monitoring, asset tracking, and inventory management in healthcare, improving patient care, reducing costs, and ensuring compliance with regulatory standards such as HIPAA. In logistics, IoT services provide real-time tracking of shipments, fleet management, and predictive maintenance, enhancing supply chain visibility, efficiency, and reliability. For smart cities, IoT services offer solutions for traffic management, waste management, energy optimization, and public safety, transforming urban infrastructure and enhancing the quality of life for residents. By addressing industry-specific challenges, compliance requirements, and use cases, vertical-specific IoT solutions deliver tangible business value, driving adoption and fueling the growth of the IoT services market across diverse sectors.
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Asia Pacific is expected to hold a higher growth rate during the forecast period.
In the Asia Pacific region, where agriculture serves as a cornerstone of many economies, adopting IoT technologies, particularly LoRa and LoRaWAN, is revolutionizing traditional farming practices. LoRaWAN’s long-range connectivity and low-power consumption make it well-suited for deployment in rural agricultural settings, where access to reliable connectivity may be limited. Through LoRa-based IoT solutions, farmers can implement precision agriculture techniques to address pressing challenges such as water scarcity, soil degradation, and unpredictable weather patterns. LoRa-enabled sensors facilitate real-time monitoring of soil moisture levels, temperature, and humidity, allowing farmers to optimize irrigation schedules and conserve water resources. Remote sensing technologies powered by LoRaWAN enable farmers to gather actionable insights on crop health, pest infestations, and nutrient deficiencies, facilitating timely interventions and improving overall crop management practices. Furthermore, LoRa-based crop analytics platforms provide farmers with data-driven decision support tools, helping them optimize planting strategies, improve yield forecasting, and mitigate the impact of climate change on agricultural productivity. By harnessing the power of LoRa and LoRaWAN IoT solutions, farmers in the Asia Pacific region can increase yields, conserve resources, and enhance resilience to environmental challenges, driving the adoption and growth of the LoRaWAN IoT market in the agricultural sector.
Top Key Companies in LoRa and LoRaWAN IoT Market:
The major vendors covered in the LoRa and LoRaWAN IoT Market are The Bosch Group (Germany), Cisco (US), Orange SA (France), Comcast Corporation (US), Semtech (US), NEC Corporation(Japan), Tata Communications (India), AWS (US), Advantech (Taiwan), SK Telecom (South Korea), Murata (Japan), Kerlink (France), Actility (France), Digi International (US), MultiTech (US), Ezurio (US), Sensoterra (Netherlands), Nwave Technologies (US), RAKwireless (China), TheThings.io (Spain), Datacake (Germany), Milesight (China), LORIOT (Switzerland), Exosite (US), Orbiwise (Switzerland), Netmore Group (Sweden), and Radio Bridge Inc (US). These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches, enhancements, and acquisitions to expand their footprint in the LoRa and LoRaWAN IoT Market.
Browse Adjacent Markets: Digitalization and Internet of Things (IoT) Market Research Reports & Consulting
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Artificial Intelligence
Scoring a Seat at UEFA EURO 2024™ with Top-Performing AI-Powered TOSHIBA TV Lineup
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