London, June 04, 2020 (GLOBE NEWSWIRE) — The COVID-19 outbreak that began in Wuhan, China, in late December 2019 has continued to spread, shutting down an extensive number of sectors, including manufacturing industries. Owing to the pandemic, several manufacturers across the globe are currently confronting grave challenges and will likely face continued downward pressure on the demand, production, and revenues as the COVID-19 intensifies in later 2020. Further, industries such as automobile, semiconductors & electronics and heavy metals & machine manufacturing are facing concerns regarding the availability of raw materials as manufacturers have temporarily closed their factories or minimized production output.
According to the United Nations Conference on Trade and Development (UNCTAD), the COVID-19 outbreak may cause the global FDI to shrink around 5-15%, due to the temporary shutdown of manufacturing sectors. Similarly, a recent survey conducted by the National Association of Manufacturers (NAM) stated that around 78.0% of manufacturers anticipate a financial impact and 35.5% of them are facing supply chain disruptions due to COVID-19. Owing to this, companies, manufacturing units, and factories have certainly sidetracked their ideas of digital transformation strategies, including equipping manufacturing units with AI. Consequently, AI in manufacturing market is expected to experience a serious jolt in 2020.
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These industries would desperately require considerable productive time and help from local government to get back on track and overcome the present situation. Several governments are planning to launch favorable initiatives, such as tax exemptions, lowering corporate interest rates, and incentive programs promoting investment in the private sector. Based on geography, countries in the EU are most affected by COVID-19 followed by the U.S. However, China is showing recovery from the pandemic and is currently showing some positive signs for the supply chain industry.
The business process functions across manufacturing industries are severely disrupted due to the immense pressure of the pandemic crisis. Owing to this several AI and automation experts suggest manufacturers invest in advanced technologies, such as AI for remote capabilities in operations, process automation, industrial robots, predictive maintenance & machinery inspection, and autonomous materials movement to decrease worker density throughout their operations. Such investment will help companies to recover faster and reduce the dependencies on physical process handling. Although, the overall AI in manufacturing has got affected by the pandemic, the sector still holds considerable potential to bounce back.
Meticulous Research® – Leading global market research company published a research report titled “Artificial Intelligence in Manufacturing Market by Component, Technology (ML, Computer Vision, NLP), Application (Cybersecurity, Robot, Planning), Industry (Electronics, Energy, Automotive, Metals & Machine, Food & Beverages) – Global Forecast to 2027”. According to this latest publication from Meticulous research®, the artificial intelligence (AI) in manufacturing market is expected to grow at a CAGR of 41.2% from 2020 to 2027 to reach $18.8 billion by 2027.
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In order to arrive at the most precise assessment for AI in Manufacturing market, Meticulous Research® considered two different scenarios to estimate the market size. The two scenarios studied for the market assessment are summarized below:
SCENARIO A: SLOW POSTIVE RECOVERY
This scenario considers the slow positive impact of the COVID-19 pandemic on the AI in manufacturing market. In this scenario, the market is estimated to experience a moderate decline of around average (2.5%) in 2020 and comparatively fast recovery from 2021 onwards. Considering the lockdowns and restriction, most of the operations in the manufacturing industry across the globe remain closed, a moderate decline of (8-10%) is considered in the 1st and 2nd quarter of 2020. Post second quarter, the manufacturing sector is expected to recover much faster compared to the first two quarters; however, the AI in manufacturing market will still experience a moderate decline throughout 2020. Post 2020, as soon as operations in the manufacturing industry would back on the track, it is expected to recover at much faster rate and the investments in this market segment are expected to recover at a rapid pace resulting in market recovery for AI in manufacturing solutions from 2021 onwards.
SCENARIO B: FAST POSITIVE RECOVERY
This scenario considers the fast positive impact of the COVID-19 pandemic on the AI in manufacturing market. This scenario considers a moderate market decline in the Q1 & Q2 of 2020. However, the markets are expected to recover strongly in Q3 & Q4 2020, resulting in mild decline of around average (1.0%) for 2020 and fast recovery from 2021 onwards. The scenario considers that although there were stringent lockdowns across the globe, most of the component designing and R&D department for decision making and product enhancements were functions. The leading players are focusing on moderating their manufacturing strategies with the help of advanced technologies are expected to help business to back on track more rapidly than expected. Moreover, positive government initiatives to uplift different sectors affected from COVID- 19 are also expected to help businesses to recover at much faster rate as compared to previous scenario, and support the strong recovery of AI in manufacturing market.
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For this study, we consider the likelihood of Scenario A to drive the growth of the AI in manufacturing market. The same has been used to build a market forecast as well. Although the impact of COVID-19 has affected majority of businesses across the globe, the businesses are eying to make a strong comeback by attracting consumers in the post COVID-19 business environment. With the help of positive government policies, such as reduction & ease in interest rate, exceptions in tax, and several financial packages for industries which will not affect the demand and supply chain function along with growing demand of medical devices due to shortage & excess used during this health emergency are showing some positive sign and expected to make strong investments in technological upgradations and incorporate AI in manufacturing market. Adoption of innovative technologies, including artificial intelligence coupled with increasing investment in modern technologies, and increasing demand for automation particularly in manufacturing industry to overcome shortage of workers and presence of minimum employee as per the guidelines for COVID-19 pandemic is expected to help the demand for AI in manufacturing technology and hence the market is expected to experience an increase of 4% in 2021 compared to the year 2020 and further positive growth of 4.5% in 2022.
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