ARTIFICIAL INTELLIGENCE
THE DIGITAL TRANSFORMATION
According to a Markets and Markets
report , Artificial Intelligence ( AI ) in the manufacturing market is expected to be valued at US $ 1.1 billion in 2020 and is likely to reach US $ 16.7 billion by 2026 . It is expected to grow at a CAGR of 57.2 % during the forecast period . The major drivers for the market are the increasing number of large and complex datasets ( often known as Big Data ); evolving Industrial IoT and automation ; improving computing power and increasing venture capital investments .
“ The Industrial Internet of Things ( IIoT ) plays a key role in the adoption of AI-based technology in the manufacturing sector . Industrial IoT makes industrial processes efficient , productive and innovative by enabling an architecture that provides real-time information about operational and business systems . The data that is derived from the IoTs need to be converted into instructions that would instruct the
“ Artificial Intelligence ( AI ) in the manufacturing market is likely to reach a value of US $ 16.7 billion by 2026 .”
AI-based solutions could help manufacturers to digitally transform operations and make prompt data-driven decisions . They can also play a crucial role in automating several stages of manufacturing and limit human involvement .
The major drivers for the market are the increasing number of large and complex datasets ( often known as Big Data ); evolving Industrial IoT and automation ; improving computing power and increasing venture capital investments
machines to perform specific activities . These instructions , designed by an AI system , learn human behaviour through deep learning , context awareness and natural language processing ( NLP ). The AI-based system takes less time and can work continuously without error . As a result , manufacturing efficiency improves , which further helps in business growth ,” said the report .
AI technologies offer manufacturers the tools that would help them in better predictive maintenance and machinery inspection processes . Manufacturers are now increasingly accepting the potential benefits of AI-based solutions and the spectrum of applications which they serve .
Curbing the effects of COVID-19
The adoption of automation technologies , such as Artificial Intelligence , robotics and the Industrial Internet of Things , is among the most critical factors for restarting manufacturing business operations during this global pandemic .
“ Large-scale lockdowns , shortages in the labour force and supply chain disruptions are
14 | sheetmetalplus . com | ISMR February 2021