Artificial Intelligence is Gaining Increasing Traction in the Manufacturing Sector, with Annual Spending on AI Software, Hardware, and Services to Reach $13.2 Billion by 2025, According to Tractica
BOULDER, Colo.--(BUSINESS WIRE)--Mar 11, 2019--The manufacturing industry exhibits some contradictions when it comes to automation and technology. On the one hand, manufacturing was among the first industries to integrate any type of technology more than a century ago, as companies incorporated tools to aid in the production process. On the other hand, manufacturing companies are risk-averse when it comes to implementing new technology quickly, mainly due to the large amount of capital and time at stake.
However, according to a new report from Tractica, manufacturing companies are now incorporating artificial intelligence (AI) technology within their environments at a modest, yet steady, pace. The market intelligence firm forecasts that annual worldwide manufacturing sector investment in AI software, hardware, and services will increase from $2.9 billion in 2018 to $13.2 billion by 2025. The top use cases for AI in smart manufacturing will be those that increase operational efficiencies and therefore reduce the cost of production processes.
“As manufacturing becomes more cost-sensitive and customers demand quality, manufacturers are using AI to enhance the performance of equipment, reduce downtime, and improve the quantity and quality of products,” says principal analyst Keith Kirkpatrick. “The overarching driver of AI technology is the ability to find insights in large data sources that would be too unwieldy for humans to analyze quickly.”
Tractica’s report, “Artificial Intelligence for Smart Manufacturing Applications”, assesses the global market for AI technologies used in smart manufacturing applications. The technologies include machine learning, deep learning, natural language processing, computer vision, machine reasoning, and strong AI. Global market forecasts, segmented by region, product and service category, use case, and segment, extend through 2025. Tractica also addresses the market trends, drivers, and barriers to adoption related to manufacturing AI technologies and provides profiles for key market participants. An Executive Summary of the report is available for free download on the firm’s website.
Tractica, an Informa business, is a market intelligence firm that focuses on emerging technologies. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Advanced Computing, Connected & Autonomous Vehicles, and Wearables & Digital Health. For more information, visit www.tractica.com or call +1.303.248.3000.
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