Artificial intelligence (AI) is changing the world in a myriad of ways: from the workplace to the factory to the home. Especially for electronics OEMs and their supply chains, AI is critical to driving efficiency, accuracy, time to market, and more.
The total market size for AI in manufacturing is set to exceed $16 billion by 2025, according to a new research report by Global Market Insights. “The AI in manufacturing market is driven by the rapid adoption of industry 4.0 technologies,” the report said. “The growing need among the manufacturers to reduce the cost of operation and enhance operational efficiency is the primary factor driving the adoption of Industry 4.0.”
At the enterprise level, AI technology give organizations the tools to enhance customer service and to be agile in the face of changing market demands in real time. “These solutions are more reliable, cost-effective, and provides organizations with an opportunity to scale their operations without incurring an intensive capital cost,” the Global Market Insight report said.
The new technology solutions are enhancing operational efficiency and reducing the time to market the products. It allows enterprises to analyze the customer demand, align their operations to meet the customer’s requirement, and analyze the process in real-time. These solutions are more reliable, cost-effective, and provides organizations with an opportunity to scale their operations without incurring an intensive capital cost.
One particularly compelling application for AI in manufacturing is the predictive maintenance and machine inspection application segment. Currently, machine downtime costs manufacturers $647 billion annually, said the International Society of Automation (ISA). Meanwhile, the Global Market Insights projects that the sector will grow at a compound annual growth rate (CAGR) of 44% from now until 2025. “There is a rising pressure on the manufacturing facilities to increase productivity,” the AI report said. “Maintenance has become a key area to drive major cost savings and production value.”
The infographic below from TechJury offers a comprehensive look at the state of AI and the vast promise of the technology. Take a look and let us know how you think AI will change your business over the next five years in the comments section below.
— Hailey Lynne McKeefry, Editor in Chief, EBN