Fast Facts: AI Will Grow 1700% In This Industry

In the fast-paced IT industry, new statistics and data are released daily. Each week, Enterprise Mobility Exchange publishes Fast Facts, taking a look at interesting or noteworthy information impacting businesses.

There’s one industry ready to fully harness the power of artificial intelligence, and if a new forecast is true, will see an absolutely incredible amount of growth.

According to a new report by Markets and Markets, AI solutions in manufacturing are expected to grow from $272.5 million in 2016 to a whopping $4.883 billion value in 2023, thanks to a 52.42% CAGR.

For the purposes of this study, the AI in manufacturing market is defined by hardware and software, technology (deep learning, etc.), and application. As previously reported by Enterprise Mobility Exchange, all signs point to AI being the next frontier for the enterprise mobility space, as 47% of IT executives said their enterprise is using or pursuing some form of artificial intelligence currently.

See related: AI Is The Next Frontier Of Enterprise Mobility

“The growing use of big data technology, Industrial IoT in manufacturing, extensive usage of robotics in manufacturing, computer vision technology in manufacturing, cross-industry partnerships and collaborations, and significant increase in venture capital investments would propel the growth of the AI in manufacturing market,” the report said.

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