The US AI in manufacturing market is estimated to generate $550 million in 2018. The market in the US is estimated to grow at a significant CAGR of more than 30% during the forecast period. The market growth is attributed to the factors such as investments in R&D, high expenditure on IT and ICT industry, and the presence of key players. The favorable government initiatives in product development and innovation along with the collaboration between the private and government sector to develop AI technology in the country further spurs the growth of the market.
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The manufacturing industry has been consistently contributing to the total US GDP, and National Association of Manufacturers calculates that every dollar in output from manufacturing generates an additional $1.89 of value and every direct job creates 2.5 additional jobs. As per the National Association of Manufacturers, manufacturers contributed $2.38 trillion to the US economy in the fourth quarter of 2018. This number has risen since the second quarter of 2009, when manufacturers contributed $1.67 trillion.
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The market is segmented on the basis of application and end-user. Based on application, the market is segmented into quality control & reclamation, predictive maintenance, supply network optimization, and others including production planning. Predictive maintenance held the highest share in 2018 owing to increasing demand for accuracy and reliability during the manufacturing process. Based on end-user, the market is segmented into automobile, pharmaceutical, heavy metal & machine manufacturing and others. Automobile segment dominated the market in 2018.
There are various prominent players that are significantly contributing to the AI in manufacturing market which includes SAS Institute Inc., NVIDIA Corp., Google, LLC, IBM Corp., Microsoft Corp., and others. These players adopt various strategies for gaining their position in a highly competitive market. For instance, in March 2018, Adobe and NVIDIA Corp. declared a strategic collaboration to rapidly accelerate their deep learning and AI technologies. This partnership will advance the strategy of Adobe to widen the availability of Sensei APIs and to expand the Sensei ecosystem to a new audience of data scientists, partners, and developers.
Market Segmentation
By Application
- Quality Control & Reclamation
- Predictive Maintenance
- Supply Network Optimization
- Others (Production Planning)
By End-User
- Automobile
- Pharmaceutical
- Heavy Metal & Machine Manufacturing
- Others (Semiconductor and Electronics)
Company Profiles
- Automation Anywhere, Inc.
- C3 IoT, Inc.
- Google LLC
- IBM Corp
- Intel Corp.
- Microsoft Corp.
- NVIDIA Corp.
- Oqton, Inc.
- Oracle Corp.
- Rockwell Automation, Inc.
- SAS Institute Inc.
- Sight Machine, Inc.
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