The artificial intelligence in manufacturing market is poised to hike from USD 1 billion in 2018 to over USD 16 billion by 2025, according to a 2019 Global Market Insights, Inc. report. The AI in manufacturing market is driven by the rapid adoption of industry 4.0 technologies. The growing need among the manufacturers to reduce the cost of operation and enhance operational efficiency is the primary factor driving the adoption of Industry 4.0. The new technology solutions are enhancing operational efficiency and reducing the time to market the products. It allows enterprises to analyze the customer demand, align their operations to meet the customer's requirement, and analyze the process in real-time.
The need to provide an enhanced customer experience is the primary factor augmenting the growth of the AI in BFSI market. As the competition among the market players is mounting day-by-day, companies have started to focus on providing a better experience to the customers to gain the customer loyalty. This encourages financial institutes to integrate advanced analytics tools and solutions to analyze customer data to fulfil their requirement, understand the customer experience, and to make smarter predictions about their behavior and requirements. Furthermore, companies are also looking forward to connecting with the customers on their choice of channels to provide a more seamless experience. Furthermore, as digitalization is spreading across the globe, customers are becoming more empowered.
The construction companies are utilizing the capabilities of the AI for designing, estimation, safety, management, and quality measurement. The design applications create complex designs efficiently and feed various design goals & criteria. The design applications employ machine learning algorithms to provide designers with anticipatory design models based on customers preferences and the past user history. The estimation applications are used for developing projections associated with cost, labor, and raw materials. The AI applications combine generative design models with costs associated with similar projects to provide preliminary schedule and cost estimates.
With an immense potential to bring a transformation in quality, access, and cost, healthcare artificial intelligence market is witnessing a significant global popularity. The implementation of artificial intelligence in the medical fraternity is advancing at a rapid pace. The remarkable expansion of the market in a relatively shorter span is perhaps of no surprise today as artificial intelligence (AI) has enabled smoothening of almost every operation that a healthcare organization needs. Operational and financial turbulence due to the increasing labor costs, growing patient base, digitization, and rising demand for interoperability are some of the challenges that have primarily driven healthcare artificial intelligence market so far. As per reliable statistics, almost 35% of the overall healthcare organizations are planning to leverage AI within next two years.
Machine learning chip is widely used across the applications such as robotics, healthcare, automotive, and consumer electronics. At present, rising demand for automated electronic devices and trending Artificial Intelligence (AI) are some factors that majorly drive the market. Moreover, popularity of Internet of Things (IoT) is expected to provide lucrative opportunities to market players.