The worldwide Outlook Of Artificial Intelligence For Smart Manufacturing sector investment in artificial intelligence (AI) services are expected to increase from US$2.9 billion in 2018 to US$13.2 billion by 2025, according to a report by Tractica.
AI technology includes machine learning, deep learning, natural language processing, computer vision and machine reasoning. Although manufacturing companies are wary of risks in implementing new technologies due to large amount of capital and time required, they are at a steady pace, increasing adoption of AI technology. AI technologies in smart manufacturing applications can increase operational efficiencies and reduce cost of production.
“As manufacturing becomes more cost-sensitive and customers demand quality, manufacturers are using AI to enhance the performance of equipment, reduce downtime, and improve the quantity and quality of products,” said Keith Kirkpatrick, principal analyst at Tractica. “The overarching driver of AI technology is the ability to find insights in large data sources that would be too unwieldy for humans to analyse quickly,” he added.
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