Global Artificial Intelligence (AI) Market in Manufacturing Industry 2019-2023 31% CAGR Projection Through 2023 Technavio

LONDON--(BUSINESS WIRE)--The global artificial intelligence (AI) market in manufacturing industry is expected to post a CAGR of around 31% during the period 2019-2023, according to the latest market research report by Technavio. Manufacturing companies are moving toward the implementation of Industry 4.0 standard to intensify automation to achieve higher operational efficiencies. This is increasing the adoption of a greater number of connected devices and technologies such as big data, ML, and IoT, which is resulting in the generation of high volumes of data. This, in turn, is compelling manufacturing firms to adopt AI-based solutions to extract insights from the data to improve the management of operations. Hence, the integration of industrial IoT and big data is crucial in driving the growth of the market.