Published Date : 24 Jan 2022
The global materials informatics market size is projected to be worth around USD 782.2 million by 2030 from estimated at USD 72.2 million in 2020 and poised to grow at a CAGR of 26.9% between 2021 and 2030.
North America is the largest segment for materials informatics market in terms of region. The huge expenditures on research and development and ongoing research and development activity are some of the elements fueling the development of materials informatics market in the North America region. The presence of important market players in the U.S. is another factor contributing to the growth of the North America materials informatics market.
Asia-Pacific region is the fastest growing region in the materials informatics market. The major market players and organizations in emerging nations such as China, Japan, South Korea, and India, are implementing the materials informatics technology on a large scale. In order to make future advancements in this discipline, research and development activities are taking place to greater extent.
Increasing use of machine learning solutions
The material informatics has emerged as a promising new approach for speeding up the discovery and design of novel materials. It seeks novel materials, principles, and functionality, among other things, by utilizing the intelligent power of machine learning algorithms in large materials data from experiments and simulations. The materials informatics requires the development of specific capabilities for generating, collecting, managing, learning, and mining large scale materials data. As a result, the increasing use of machine learning solutions is driving the growth of the global materials informatics market during the forecast period.
Incomprehensive data infrastructure
The growing capabilities of computational science in general have stimulated materials researchers’ interest in new, computer-based pathways to material discovery and design that are better, faster, and less expensive than even before. But the data required for the material discovery and design is very complicated and difficult to crack the algorithms. The materials informatics is divided into many different phases, which requires data management and handling at every stage of process. The data and information in materials informatics infrastructure is very noncomprehensive and difficult to understand. As a result, the incomprehensive data infrastructure is restricting the growth of the global materials informatics market during the forecast period.
Technological innovations in the field of artificial intelligence
A mixture of data mining, machine learning, and statistical methods can be defined as artificial intelligence. The use of a combination of these in material science approaches is gaining traction in response to industry demands for faster materials development, discovery, and commercialization. After experiment, simulation, and theory, artificial intelligence in advanced materials research and development is the obvious next step in information generation. The innovations in the field of artificial intelligence with regards to materials science will change the face of the materials informatics sector. Thus, the technological innovations in the field of artificial intelligence is creating lucrative opportunities for the growth of the global materials informatics market during the forecast period.
In the materials informatics, the data security is very critical factor. Materials firms have a distinct competitive edge due to their own formulations, formulae, procedures, and data. The digitalization of this information creates additional opportunities for data loss and unauthorized internet protocol (IP) access. When considering artificial intelligence applications, materials firms should think about how they keep, manage, and share their data. If the data is mismanaged, the data from the materials informatics system can be hacked easily. So, this crucial data needs to be secured properly. But some of the market players don’t understand the importance of data security, and losses big amount of data from their systems. Thus, data security is a major hurdle for the growth of the global materials informatics market during the forecast period.