Wednesday March 13, 2019 0 comments
BOULDER -- The annual worldwide manufacturing sector investment in artificial intelligence (AI) software, hardware, and services will increase from $2.9 billion in 2018 to $13.2 billion by 2025, according to a new report from Tractica.
The top use cases for AI in smart manufacturing will be those that increase operational efficiencies and thereby reduce the cost of production processes, the report notes.
Manufacturing companies are now incorporating AI technology within their environments at a modest, yet steady, pace, according to Tractica.
Manufacturing was one of the first industries to integrate any type of technology more than a century ago, as companies incorporated tools to aid in the production process. But manufacturing companies are also risk-averse when it comes to implementing new technology quickly, mainly due to the large amount of capital and time at stake.
“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, Tractica principal analyst.
“The overarching driver of AI technology is the ability to find insights in large data sources that would be too unwieldy for humans to analyze quickly.”
Tractica’s report, “Artificial Intelligence for Smart Manufacturing Applications”, assesses the global market for AI technologies used in smart manufacturing applications. The technologies include machine learning, deep learning, natural language processing, computer vision, machine reasoning, and strong AI.
Global market forecasts, segmented by region, product and service category, use case, and segment, extend through 2025. Tractica also addresses the market trends, drivers, and barriers to adoption related to manufacturing AI technologies and provides profiles for key market participants.
An Executive Summary of the report is available for free download on the firm’s website.