Machine Learning in Manufacturing Market Size And Forecast
Machine Learning in Manufacturing Market size was valued at USD 669.1 Million in 2021 and is projected to reach USD 8,750.45 Million by 2030, growing at a CAGR of 33.35% from 2023 to 2030.
With the rapid adoption of IoT devices set to additionally grow in the manufacturing industry, machine learning is one of the most crucial technologies that analyze the enormous volumes of data produced. Machine learning for the manufacturing sector fills in as the incredible building block of Industry 4.0 alongside data connectivity and automation. These factors driving the growth of the market. The Global Machine Learning in Manufacturing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
What is Machine Learning in Manufacturing
Machine learning (ML) is a subfield of artificial intelligence (AI) and computer science which focuses on the use of algorithms and data to imitate the way that humans learn, gradually improving its accuracy. Machine learning algorithms generally use historical data as input to predict new output values. It is a growing technology that enables computers to learn automatically from past data. Machine learning essentially entails feeding algorithms with data, which allows them to progressively improve and learn processes on their own, similar to human beings.
The machine learning (ML) field has deeply impacted the global manufacturing industry with the evolution of the Industry 4.0 paradigm. The industry 4.0 paradigm encourages the usage of devices, smart sensors, and machines, to enable smart factories that continuously collect data pertaining to production.
Get | Download Sample Report @ https://www.verifiedmarketresearch.com/download-sample?rid=278273&utm_source=Free&utm_medium=004
Global Machine Learning in Manufacturing Market Overview
With the rapid adoption of IoT devices set to additionally grow in the manufacturing industry, machine learning is one of the most crucial technologies that analyze the enormous volumes of data produced. Machine learning for the manufacturing sector fills in as the incredible building block of Industry 4.0 alongside data connectivity and automation. While predictive maintenance is the most common use case, manufacturers are estimated to see more developed use cases of machine learning such as supply chain visibility, real-time error detection, cost reduction, warehousing efficiency, and asset tracking among others.
The manufacturing sector is being impacted by labor and skills shortages across the globe. For instance, employees over 55 years old makeup increasingly larger portions of the technical workforce in the US, signifying that young employees are not replacing older ones in high-enough totals. Whereas, the technical demands in the manufacturing sector have grown immensely in recent years, making it more difficult to hire the right workers.
Machine learning is helping manufacturing organizations automate business processes, increase productivity, and gradually profit too. While manufacturing companies are keen on adopting machine learning, there are some major barriers to the adoption of Machine Learning. One of the most common machine learning concerns in the manufacturing sector that businesses face is the availability of data.
Smart manufacturing refers to the digitization of manufacturing at all levels: product design, production, supply chain, distribution, and sales. It allows factory managers to automatically collect and analyze data to make better-informed decisions and optimize the production process. By analyzing data from all steps in the manufacturing process through machine learning, connected robotics, and artificial intelligence, manufacturers can stay agile and make fast adjustments to their business models.
Global Machine Learning in Manufacturing Market: Segmentation Analysis
The Machine Learning in Manufacturing Market is segmented on the basis of Production Phase, Job Function, Application, and Geography.
Machine Learning in Manufacturing Market by Production Phase
- Pre-Production
- Post-Production
Based on Production Phase, the market is bifurcated into Pre-Production, and Post-Production. Pre-Production accounted for the largest market share in 2020. The pre-production phase usually includes a number of activities that actually are vital for shaping the final product. These activities differ from industry to industry. But majorly they are related to product development and R&D, raw material procurement, production planning, costing of products, supplier management, prototyping, etc.
Machine Learning in Manufacturing Market by Job Function
- R&D
- Manufacturing
- Finance
- Sales
- Marketing
- Others
On the basis of Job Function, the Global Machine Learning in Manufacturing Market has been segmented into R&D, Manufacturing, Finance, Sales, Marketing, Others. R&D accounted for the largest market share in 2020. The term “research and development” (R&D) refers to a process businesses use to create and launch new goods and services.
Machine Learning in Manufacturing Market by Application
- Semiconductors and Electronics
- Heavy Metals & Machine Manufacturing
- Pharmaceuticals
- Automobile
- Energy & Power
- Food & Beverages
- Others
Ask For Report Details @ https://www.verifiedmarketresearch.com/product/machine-learning-in-manufacturing-market/?utm_source=Free&utm_medium=004
On the basis of application, the Global Machine Learning in Manufacturing Market has been segmented into Semiconductors and Electronics, Heavy Metals & Machine Manufacturing, Pharmaceuticals, Automobile, Energy & Power, Food & Beverages, and Others. Semiconductors and Electronics accounted for the largest market share in 2020. Numerous global supply chains depend heavily on semiconductors. They are present in many things, including gaming consoles, white goods, smartphones, and automobiles.
Machine Learning in Manufacturing Market by Geography
- North America
- Europe
- Asia Pacific
- Middle east and Africa
- Latin America
On the basis of regional analysis, the Global Machine Learning in Manufacturing Market is classified into North America, Europe, Asia Pacific, Middle east and Africa, and Latin America. North America is expected to hold the largest market share of the Machine Learning in Manufacturing the forecast period followed by Europe. One of the main sources of income for the American manufacturing industry is the manufacturing of automotive. Additionally, the country is home to a number of companies that are progressively implementing automation to improve operations.
Key Players
The major players in the market are Rockwell Automation, SAP, IBM, Intel, Siemens, GE, Micron Technology, Nvidia, Sight Machines, and Others.
For More Information @ https://www.verifiedmarketresearch.com/download-sample?rid=278273&utm_source=Free&utm_medium=004
About us –
Verified Market Research is a leading Global Research and Consulting firm that has been providing advanced analytical research solutions, custom consulting and in-depth data analysis for 10+ years to individuals and companies alike that are looking for accurate, reliable and up to date research data and technical consulting. VMR offers insights into strategic and growth analyses, Data necessary to achieve corporate goals and help make critical revenue decisions.
Our research studies help our clients make superior data-driven decisions, understand market forecasts, capitalize on future opportunities and optimize efficiency by working as their partner to deliver accurate and valuable information. The industries we cover span over a large spectrum including Technology, Chemicals, Manufacturing, Energy, Food and Beverages, Automotive, Robotics, Packaging, Construction, Mining & Gas. Etc.
We, at Verified Market Research assist in understanding holistic market indicating factors and most current and future market trends. Our analysts, with their high expertise in data gathering and governance, utilize industry techniques to collate and examine data at all stages. They are trained to combine modern data collection techniques, superior research methodology, subject expertise and years of collective experience to produce informative and accurate research.
Having serviced over 5000+ clients, we have provided reliable market research services to more than 100 Global Fortune 500 companies such as Amazon, Dell, IBM, Shell, Exxon Mobil, General Electric, Siemens, Microsoft, Sony and Hitachi. We have co-consulted with some of the world’s leading consulting firms like McKinsey & Company, Boston Consulting Group, Bain and Company for custom research and consulting projects for businesses worldwide.
Contact us:
Mr. Edwyne Fernandes
Verified Market Research
US: +1 (650)-781-4080
UK: +44 (753)-715-0008
APAC: +61 (488)-85-9400
US Toll-Free: +1 (800)-782-1768
Website:-https://www.verifiedmarketresearch.com/
Email: sales@verifiedmarketresearch.com
Try Our New Dashboard :-https://www.verifiedmarketresearch.com/dashboard/?utm_source=Free&utm_medium=004
