(MENAFN- America News Hour)
Kenneth Research, in its repository of market research reports, has recently added a report on Composable Infrastructure Market that emphasizes the latest trends, key opportunities, drivers, and challenges associated with the growth of the market during the forecast period, i.e., 2022 – 2031. The Composable Infrastructure Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Composable Infrastructure Market products.
Download Sample of This Strategic Report:-
Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023
Market Synopsis
The global artificial intelligence (AI) in manufacturing market was valued at USD 1.59 billion in 2018; it is estimated to reach USD 14.77 billion by 2024 at a 47.09% CAGR during the forecast period 2019–2024. Developing market of industry 4.0 and smart factories, increasing adoption of automation by SMEs as well as large enterprises, and development in advanced technologies such as artificial intelligence, machine learning & deep learning are some of the prime factors driving the growth of the market. However, data security & privacy concerns, and high integrating cost of AI-based solutions are some major factors hindering the market growth. The developing market of big data technology and increasing application of AI for business intelligence are some factors bringing fruitful opportunities for the market in the coming years. Whereas, the lack of skilled expertise is a major challenge in the market.
The Final Report will cover the impact analysis of COVID-19 on this industry:
Download Sample of This Strategic Report:-
Industry 4.0 or smart maintenance, predictive maintenance, testing, and quality optimization, supply chain communication, and yield enhancement are some of the use cases of artificial intelligence in manufacturing. Artificial intelligence and machine learning are benefitting industry 4.0 in automated production and monitoring process in smart factories, advanced digitized networks, automation of quality and inspection process, decentralized manufacturing system, and others.
Recent Developments:
In February 2019, Qualcomm Technologies, Inc., introduced“Qualcomm Robotics RB3 platform”. The platform is deployed on“Qualcomm SDA/SDM845 system-on-chip (SoC)” and is capable of incorporating high-performance heterogeneous computing, 4G/LTE support, Qualcomm AI-based engine, mapping and navigation, and advanced security among others.
In October 2018, Audi, one of the pioneers in automobile manufacturing, has announced to integrate its production facilities with machine learning software. With this software, the company is aiming at improvising its quality testing and inspection process.
Segmentation
The global artificial intelligence (AI) in manufacturing market has been segmented into component, technology, application, vertical, and region.By component, the market has been segmented into hardware, software, and services. By hardware the market has been segmented into processor, memory, and network. The processor segment covers microprocessor unit (MPU), graphical processing unit (GPU), field programmable gate array (FPGA), and application-specific integrated circuits (ASICs). Whereas, the services segment has been further breakdown into deployment & integration, and support & maintenance.
Download Sample of This Strategic Report:-
By technology, the market has been segmented into machine learning & deep learning, natural language processing, context-aware computing, and computer vision.
By application, the market has been sub-segmented into predictive maintenance, supply chain management, IT management, field services, quality control, robotics, and othersBy vertical, the market has been classified into automobile, aerospace & defense, energy & power, semiconductor & electronics, food & beverage, pharmaceuticals, and others.By region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Regional analysis
Market Research Future (MRFR) study has covered the following countries in the regional analysis of artificial intelligence (AI) in the manufacturing market—the US, Canada, and Mexico in North America; Germany, the UK, France, Russia, Spain, the Netherlands, and Italy in Europe; China, Japan, India, Singapore, Australia, the Philippines, and South Korea in Asia-Pacific; and the Middle East & Africa and South America in the rest of the world.
Artificial intelligence in manufacturing market is currently dominated by Asia-Pacific region as the primary economic countries such as China, India, South Korea, and the Philippines are the major manufacturing centers of semiconductors, electronics, energy & power, and pharmaceuticals. Further, increasing adoption of robots in manufacturing processes is expected to aid the region in dominating the market throughout the forecast period.North America is the second highest contributor in artificial intelligence market. The US is the early adopter of new technologies for application such as factory automation, process planning, engineering design, and production scheduling among others.
Request For Full Report-
Artificial intelligence (AI) in the manufacturing market in Europe is projected to gain high momentum during the forecast period due to increasing adoption of industry 4.0 and robotics by automotive, and aerospace industry.
Global Artificial Intelligence (AI) in Manufacturing Market, 2018–2024 (USD Billion)
Artificial Intelligence (AI) in manufacturing Market Research Report — Global Forecast till 2024 -Report image 00
Source: Company websites, Annual Reports, Secondary research, Press Releases, Paid Database, Expert interviews, White papers, Journals, Case Studies, MRFR Analysis
Key players
Market Research Future has identified following key players in the market—Nvidia Corporation, Intel, Inc., IBM Corporation, Siemens AG, General Electric company, Google, Inc., Microsoft Corporation, Amazon Web Services, Bosch, Rockwell Automation, Cisco Systems, SAP SE, Foxconn, and others.
Intended Audience
Investors and consultants
System Integrators
Government Organizations
Research/Consultancy firms
Technology solution providers
Software Developers
OEMs
About Us
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
MENAFN11042022004545010068ID1103990104