In keeping with their legacy of being risk averse to quickly implementing new technologies, manufacturing companies are now beginning to incorporate artificial intelligence (AI) technology, but at a slow and steady pace. This conclusion comes from a Tractica report, “Artificial Intelligence for Smart Manufacturing Applications”, that also predicts total worldwide investment into AI software, services, and hardware will increase to $13.2 billion by 2025, up from $2.9 billion in 2018.
“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’s 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.”
Some of the many uses for AI include deep learning, computer vision, machine reasoning, and natural language processing. The strongest use cases for AI in smart manufacturing comes from solutions that increase operational efficiency, driving down the cost of production processes. Even with AI’s potential, the report details the different barriers to adoption along with market trends to contextualize the reasons behind the slow adoption.
The report further breaks down the market around AI technology by global region, product, service category, segment, and use case. These findings offer a market forecast that extends into 2025. Additional profiles on key participants in the market are included as well.