Artificial Intelligence in Manufacturing Industry in India, 2024: A Growing Market with Promising Opportunities
The manufacturing industry in India is on the cusp of a major transformation, with artificial intelligence (AI) playing a pivotal role in driving growth and innovation. According to a new report by ResearchAndMarkets.com, the market size of AI in manufacturing in India is expected to reach INR 12.59 billion by 2028, growing at a compound annual rate of 58.96% from 2023 to 2028. This significant growth is attributed to evolving customer preferences, advancements in technology, and favorable government initiatives.
Driving Factors and Opportunities
The manufacturing sector in India is experiencing a wave of change, thanks to the fourth industrial revolution, often referred to as Industry 4.0. This revolution, driven by AI, cyber-physical systems, big data analytics, and cloud computing infrastructure, has unleashed a new era of possibilities for the manufacturing industry. It has enabled the integration of AI into various areas, including factory automation, equipment failure prediction, quality monitoring, order management, delivery management, and demand forecasting.
One of the major driving factors for the adoption of AI in the manufacturing industry is the government’s initiatives, such as Make in India, Start-up India, and Industry 4.0. These initiatives have encouraged technology-driven start-ups, software firms, and manufacturing companies to embrace AI and reap its benefits. The Indian startup ecosystem is witnessing a surge in investments in intelligent automation, AI, machine learning, and big data, further propelling the growth of AI in manufacturing.
Challenges and Roadblocks
Despite the immense potential and opportunities presented by AI in manufacturing, there are certain challenges that need to be addressed. The transformation of conventional factories into AI-driven manufacturing units requires a significant capital investment. This includes expenses for procuring and installing connected sensors, intelligent cameras, data analytics software, and other components. Moreover, there is also a certain level of investor reluctance, both domestically and internationally, towards AI systems due to concerns about failure and a lack of understanding.
Case Studies and Success Stories
Several Indian companies have already leveraged the power of AI in manufacturing and achieved remarkable success. Blue Star Limited, a leading air conditioning and refrigeration solutions provider, has utilized AI to optimize its production processes and enhance efficiency. TVS Motor Company Limited, a renowned two-wheeler manufacturer, has incorporated AI in its supply chain management to improve forecasting accuracy and reduce order lead times. Other success stories include JK Tyre & Industries Limited, Bajaj Auto Limited, and Asian Paints Limited.
Government Initiatives and Support
The Indian government has been proactive in promoting and supporting the adoption of AI in the manufacturing industry. Initiatives such as Make in India, Start-up India, and Industry 4.0 have played a vital role in fostering innovation, collaboration, and technology integration. These initiatives aim to create a favorable environment for businesses to invest in AI, streamline processes, and drive productivity.
Key Players and Recent Developments
The AI market in manufacturing in India is witnessing the emergence of several key players. Tata Consultancy Services Limited, Wipro Limited, and IBM India Private Limited are some of the major players providing AI-based manufacturing products and solutions. Additionally, recent developments in the industry include advancements in research and development, collaborations, and the integration of AI with other disruptive technologies.
In conclusion, AI is set to revolutionize the manufacturing industry in India, opening up new avenues for growth, innovation, and competitiveness. With government support, increasing investments, and the emergence of key players, the future of AI in manufacturing looks promising. It is evident that AI will be a driving force in shaping the future of the manufacturing industry in India.
Analyst comment
Positive news: The article states that the market size of AI in manufacturing in India is expected to reach INR 12.59 billion by 2028, growing at a compound annual rate of 58.96% from 2023 to 2028. This indicates significant growth and promising opportunities in the market.
As an analyst, I predict that the market for AI in manufacturing in India will experience substantial growth in the coming years due to evolving customer preferences, advancements in technology, and favorable government initiatives. The adoption of AI in various areas such as factory automation, equipment failure prediction, quality monitoring, and demand forecasting will drive the market and lead to increased efficiency and competitiveness in the manufacturing industry. Additionally, the support from government initiatives and the presence of key players in the market will further contribute to its growth.
