Lucintel’s latest market report analyzed that artificial intelligence in manufacturing provides attractive opportunities in the semiconductor & electronic, energy & power, pharmaceutical, medical device, automotive, heavy metal & machine manufacturing, fast-moving consumer good, and aerospace & defense end user industries. The artificial intelligence in manufacturing market is expected to reach $2.2 billion by 2028 with a CAGR of 26.3%. In this market, software is the largest segment by component, whereas medical devices is largest by end use industry.
Based on component, the artificial intelligence in manufacturing market is segmented into hardware, software, and services. The software segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to the growing acceptance of assistants powered by machine learning, cloud based technologies, and learning analytics among different industrial units.
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The Artificial Intelligence in Manufacturing Market is marked by the presence of several big and small players. Some of the prominent players offering artificial intelligence in manufacturing include Alphabet, IBM, Intel, Microsoft, and Nvidia.
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