Leveraging the Power of AI Can Drastically Fuel the Manufacturing Industry
In recent years, artificial intelligence (AI) has been one of the fastest-growing technologies, which is increasingly being adopted by industries. From a large group of industries like gaming, banking, retail, commercial, and government, to small and medium-sized businesses, AI is extensively utilized. And now, it is slowly looming in the manufacturing sector, facilitating industrial Automation.
AI-enabled machines are placing an easier way to the future by yielding a pool of advantages, including providing new opportunities, improving production efficiencies, bringing machine interaction closer to human interaction, and others.
According to the market facts and statistics, the global market for artificial intelligence in manufacturing is predicted to reach $15,237.7 million by 2025. The market was valued at $513.6 million in 2017 and is projected to rise at a CAGR of 55.2%.
AI is Essential for the Next-Gen Software Technologies in the Manufacturing Industry
Since AI came into the view for the last few years, it facilitates to surmount an array of internal challenges that have been around in the industry. This ranges from the lack of expertise to complexity in decision making, issues related to integration, and overloaded information. With AI, manufacturers can completely transform their proceedings.
Unlike healthcare, finance, utilities, and e-commerce industry, AI-powered analytics and real-time insights have already rolled out in manufacturing sector to assist businesses to upsurge their revenues and market shares faster than their other industry peers.
In a 2018, Manufacturer’s Annual Manufacturing report reveals, 92% of senior manufacturing executives consider ‘Smart Factory’ digital technologies, including AI, will provide them access to escalate their productivity levels and enable staffs to work smarter. In the same way, Forrester, a global research firm, emphasizes that 58% of business and technology professionals are exploring AI systems, while just 12% are actively using them yet.
AI Growth in Manufacturing
Advancements in manufacturing automation and increase in demand for big data integration can fuel the AI growth in manufacturing market. Additionally, extensive utilization of machine vision cameras in manufacturing applications – for instance, machinery inspection, material movement, field service, and quality control – could also accelerate the AI growth in manufacturing.
Leveraging AI in manufacturing plants can allow businesses to entirely transform their proceedings, and assisting the industry to accomplish directed automation, 24/7 production, reduced operational costs, safer operational environment, new opportunities for humans, among others. Moving ahead, bringing AI in the manufacturing industry would necessitate a huge capital investment that can significantly increase the return of investments. While intelligent machines start taking care of routine activities, manufacturers can enjoy significantly lower operating costs.
AI further enables machines to reap and extract data, recognize patterns, learn and adapt to new things or situations through machine intelligence, learning and speech recognition. Manufacturers, by utilizing AI, will have access to produce data determined decisions swiftly; facilitate improved production outcomes; advance process effectiveness; abate operational costs; facilitate better scalability and product development.
The AI Trends in Manufacturing Industry
In the manufacturing sector, AI could be integrated with the Internet of Things (IoT) to deliver supplies and services to customers. IoT can also convey in-depth telemetry back to manufacturers and distributors to analyze quality and factors that might impel fiascos.
According to a research report, AI technologies have the impending to rise in production by 40% or more through 2035. Also, the technology will fortify the economic growth by an average of 1.7% across 16 industries by 2035.
Let’s have an eye on the AI trends with instances. Two-years back in October 2017, computer software giant Oracle launched new AI-driven apps for supply chain, manufacturing, and other professionals. Last year, IBM released an AI-optimized Watson Assistant for businesses, which is a smart enterprise assistant powered with AI features.
In brief, adoption of AI can assist to stimulate Industry 4.0, empower manufacturers to effectively deploy predictive and preventive maintenance, flexible automation, automated quality control and demand-driven production.
