Artificial Intelligence in Manufacturing Market is forecasted to have a total value of USD 1.1 billion in 2020 and expected to reach USD 16.7 billion by 2026, says a new study by MarketsandMarkets™. The report was titled Artificial Intelligence in Manufacturing Market by Offering, Technology, Application, End-user Industry, and Region — Global Forecast to 2026".
The market research report highlighted that AI in Manufacturing Market is likely to grow at a CAGR of 57.2% in six years. The major growth drivers for the market were seen as the increasing venture capital investments, growing usage of large and complex datasets, improving computing power, and evolving Industrial IoT and automation.
Bester Capital Media Technology Director Kashif Javed after reviewing the report said, “The UAE enjoys the best geographical position for trade and manufacturers from around the world use the country’s ports for trading activities. The encouraging numbers forecasted by the report spell prosperity for Dubai and the retail businesses operating here. We expect a commendable influx of global merchandise in H2 2020 and local retailers should gear up for the imminent boom in the eCommerce industry of the UAE. The only edge they can achieve in this landscape is getting the help of AI in their marketing efforts and Bester Capital Media provides just that.”
The hardware industry in the AI in the manufacturing market is expected to increase at the highest CAGR during the forecast period of 2020–2026. It was noted that most of the AI hardware manufacturers were offering almost the same hardware components for technologies using AI. These included machine vision cameras, connected cars, and IoT. The existing experience will enable the companies to make software for the AI hardware easily which is one of the reasons that translates into increased usage of the technology.
AI application in quality control sector is also expected to grow at a good rate until 2026. It will help governments in monitoring the imposed regulations on maintaining the quality according to the set benchmarks. The primary reason for this was reported to be the growing use of deep learning technology and robotics in the manufacturing industry.
In the UAE, where most of the emirates are gearing up to offer futuristic technology to the residents and tourists alike, businesses should start using AI for their usual processes. The increasing familiarity and the availability of supporting hardware is a clear testament that AI is ready to be adopted in advanced cities such as Dubai. For businesses, it is recommended that they start using AI in their marketing efforts as the huge influx of data available today will make it easy for them to market their products and services to the right target audience.
The growing acceptance of AI in almost every industry in the world today is changing the way people behave with numerous sectors. The healthcare industry recently reported using AI in helping people in testing for COVID-19. The chatbot was empowered AI technology to understand people better and guide them accordingly.
