Europe AI in manufacturing sector is anticipated to grow at a CAGR of 44% over the forecast timespan. The extensive proliferation of advanced technologies, such as robotics, big data, and industrial IoT, in the manufacturing sector is the primary factor driving the market. The rising labor costs in the region is also driving the adoption of advanced manufacturing technologies. The high investment by the major automakers to incorporate next-generation production technologies is also adding to the AI in manufacturing sector growth.
Rising pressure on businesses to sustain profitability and improve efficiency has thrusted the AI in manufacturing sector into global recognition, with the need for better quality management, material movement, inspection and predictive maintenance. The growing use of IoT and other means of communication has also created a necessity for ensuring cybersecurity, further bringing AI into play. The advent of industry 4.0 has brought with it the integration of all types of technology-related changes into an organization, which has allowed the growth of AI in manufacturing sector to handle and manage these changes efficiently.
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The pharmaceutical end-use segment is accounted for over 8% of the AI in manufacturing sector share. Manufacturing in the pharmaceutical industry is always known to generate large amounts of data. The companies are using AI technology to improve efficiencies in biotech manufacturing and process development to improve their gross margins. With margins already high in the industry, identifying new additional efficiencies requires analyzing complex sets of data and interrelationships within these data sets. The manufacturers are using AI to identify different patterns and relationships between the data to develop different models for anticipating impacts of minor changes.
The hardware market holds over 57% stake in AI in manufacturing sector. The growth is attributed to the rising demand for AI processors across various industry verticals. The GPUs are dominating the AI processors market with over 45% share in the market. The increasing need for high processing capabilities and enhanced visual content is promoting GPUs use in the manufacturing industry. The AI platforms market is predicted to grow exponentially over the projected time period.
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The machine learning market accounted for over 47% of the revenue in AI in manufacturing sector in 2018. The technology is used to warrant quality management at every stage of the manufacturing process. It anticipates product quality at early stages of the production with a high level of precision. The computer vision market is expected to grow at a CAGR of 45% over the forecast timespan.
The energy & power sector is predicted to grow at a CAGR of over 41.2% during the projected time period. The companies are investing in AI technology due to its ability to adapt to changing environments. This allows the power-generation organizations to create accurate predictions regarding energy demand, reducing their reliance on backup mechanisms. The heavy metal & machinery industry is expected to register a growth rate of over 43% during the forecast timeframe.
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Some of the companies present in the AI in manufacturing sector are Advanced Micro Devices, AWS, Canvas Analytics, Falkonry, General Vision, Google, Graphcore, IBM, Intel, Landing AI, Microsoft, Nvidia, Oracle, Progress Software, Qualcomm, SAP, Sight Machine, Ubtech Robotics, and Vicarious.
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