AI in Manufacturing to surpass USD 42.5 billion by 2031 from USD 1.7 billion in 2021 at a CAGR of 37.6% in the coming years, i.e., 2021-31. Artificial Intelligence technology is widely being adopted in manufacturing industries to analyze complex sets of data, changes in consumer behavior, and demand for detecting anomalies and improving supply chains and distribution networks. Further, AI can improve decision making by using advanced software to gain more insights and visibility in the operation process, which is driving the market growth of AI in Manufacturing. Based on Offering, the AI in Manufacturing Market is divided into Hardware, Software, and Services, of which the Software segment is expected to lead. Specific programs can be run by software alone without the need for additional hardware.

For instance, according to the Centers for Medicare & Medicaid Services, in December 2021, it was reported that the total national health expenditure in the U.S. increased to USD 4.1 trillion in 2020, which was a growth of 9.7% as compared to the previous year. Thus, a significant number of insurance providers are relying on the service providers to negotiate the drug price with retail pharmacy units and lower the price of the listed drugs in the insurance coverage. Furthermore, increasing initiatives, such as extending mail order delivery services and strengthening distribution network in remote areas, were responsible for the growing adoption of these services. Hence, these initiatives by the major players coupled with increasing demand for specialty drugs boosted the pharmacy benefit management market growth during the COVID-19 pandemic. Request a Free sample to learn more about this report.

According to a research report "Artificial Intelligence Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Natural Language Processing), Deployment Mode, Organization Size, Business Function (Law, Security), Vertical and Region -- Global forecast to 2027" published by MarketsandMarkets, the global artificial intelligence market size is expected to grow at a Compound Annual Growth Rate (CAGR) of 36.2% during the forecast period, to reach USD 407.0 billion by 2027 from USD 86.9 billion in 2022. Since its introduction in the market, artificial intelligence technology had quickly acquired acceptance. The worldwide artificial intelligence market is expanding significantly as a result of the increasing demand for artificial intelligence technologies across numerous industry verticals. The artificial intelligence market is segmented on verticals into BFSI, IT/ITES, Telecommunication, Healthcare and Life Sciences, Manufacturing, Retail and eCommerce, Government and Defense, Automotive Transportation and Logistics, Energy and Utilities, and other verticals, such as travel and hospitality, and education. As per verticals, the healthcare and life sciences vertical is expected to grow at the highest CAGR during the forecast period.

Artificial intelligence in healthcare is the use of machine-learning algorithms and software to analyze, process and present complex medical and health care data. It has been widely used to support clinical decisions, improve workflows and predict health outcomes. Thus, wide application of AI in the healthcare sector is likely to propel the growth of the market. The growth of the artificial intelligence in healthcare market is attributed to the rising application of artificial intelligence in healthcare, growing investment in AI healthcare start-ups, and increasing cross-industry partnerships and collaborations. However, dearth of skilled AI workforce and imprecise regulatory guidelines for medical software is the major factor hindering the market growth.

Artificial intelligence is changing the game for cybersecurity across several industries by providing cutting-edge security technologies that analyze massive quantities of data. AI technology uses its ability to improve network security over time. Today, several organizations are increasingly implementing AI-powered intelligent security solutions & services to understand and reuse threat patterns to identify new coercions. AI technology provides wider security solutions and simplifies complete recognition and acknowledgment procedures related to cyberattacks. Thus, there is a growing demand for AI-based solutions in the end-use industry for cybersecurity.

NVIDIA Corporation (US), IBM Corporation (US), Alphabet Inc. (Google) (US), Microsoft Corporation (US), Intel Corporation (US), Siemens AG (Germany), General Electric Company (US), General Vision Inc. (US), Progress Software Corporation (US), Micron Technology Inc., (US), Mitsubishi Electric Corporation (Japan), Sight Machine (US), Cisco Systems Inc., (US), and SAP SE (Germany) are the prominent players of AI in manufacturing market. Browse 219 market data Tables and 58 Figures spread through 301 Pages and in-depth TOC on "Artificial Intelligence in Manufacturing Market - Global Forecast to 2026" The hardware segment is projected to grow at the highest CAGR from 2020 to 2026. Most of the AI hardware manufacturers have been in the business of providing the same hardware components for other technologies such as connected cars, machine vision cameras, and IoT for a long time. This will enable the companies to transfer the technology easily and accordingly develop the AI hardware. Moreover, the increasing participation of startups in AI hardware is complementing the growth of the hardware segment.

GNW The global artificial intelligence (AI) in retail market attained $720.0 million in 2018 and is predicted to witness a CAGR of 35.4% during 2019–2024 (forecast period). The factors contributing to the growth of the market include the increasing investments in AI by retail companies and expanding e-retail industry. With AI, retailers have been able to automate their work processes, study consumer behavior, and capture relevant data through the adoption of numerous advanced technologies, such as machine learning, natural language processing (NLP), and computer vision. When technology is considered, the AI in retail market is divided into computer vision, NLP, machine learning, and others (which include gesture recognition and analytics). Machine learning generated the highest revenue during the historical period (2014–2018) and is expected to dominate the market during the forecast period as well.

GNW The global artificial intelligence (AI) in retail market attained $720.0 million in 2018 and is predicted to witness a CAGR of 35.4% during 2019–2024 (forecast period). The factors contributing to the growth of the market include the increasing investments in AI by retail companies and expanding e-retail industry. With AI, retailers have been able to automate their work processes, study consumer behavior, and capture relevant data through the adoption of numerous advanced technologies, such as machine learning, natural language processing (NLP), and computer vision. When technology is considered, the AI in retail market is divided into computer vision, NLP, machine learning, and others (which include gesture recognition and analytics). Machine learning generated the highest revenue during the historical period (2014–2018) and is expected to dominate the market during the forecast period as well.

Service 4.1.1.2.1 Managed 4.1.1.2.2 Professional 4.1.2

The global artificial intelligence in cybersecurity market is expected to grow from USD 4.13 billion 2017 to USD 26.80 billion by the end of 2024 at a Compound Annual Growth Rate (CAGR) of 30.64%. "Need to adapt to changing threats landscape from growing adoption of IoT and an increasing number of connected devices is one of the factors largely attributing to the growth of artificial intelligence in cybersecurity market globally" The factors attributing to the growth of the market are need to adapt to changing threats landscape from growing adoption of iot and an increasing number of connected devices, need to handle huge volumes of security data and accelerate detection and response times, and constantly increasing cyber terrorism. However, some factors such as inability of ai to restrict advance threats and zero-day attacks, and rapidly increasing instances of data poisoning attacks may hinder the market growth. The global artificial intelligence in cybersecurity market is expected to showcase the opportunities such as and ai featured security products to reduce false alerts, make investigations more efficient, and aid speed up the discovery of and response to cyber attacks. In the near future, the market may face the possible challenges in the growth due to evolving nature of cyber-attacks, and budgetary constraints.