According to a report released by Technavio, a technology research and advisory company, the global artificial intelligence market in manufacturing is predicted to grow by 7.2 billion dollars by 2023, with a compound annual growth rate of 31 percent.
The reason for the accelerated growth of AI in manufacturing was attributed to the rise of new industrial technologies as well as the use of robotics.
“The market is driven by the evolving industrial IoT and big data integration. Also, the increasing human-robot collaboration is anticipated to further boost the growth of the artificial intelligence (AI) market in the manufacturing industry,” read the report’s abstract.
The report states that information from IIoT devices can be compiled to industrial big data, which in turn can be analyzed to increase operational efficiency.
A forecast was given for AI applications that will generate the most amount of revenue. The applications were predictive maintenance, machine inspection, and quality control.
The global leaders in AI were said to be Amazon, FANUC Corp, General Electric Co, Google, and H20.ai.