Growth of Artificial Intelligence in Industrial Sector

Artificial intelligence (AI) is a concept focused on creating smart autonomous systems to perform activities that usually require human judgement. AI is widely used in the industrial sector to computerize manufacturing procedures, boost productivity, and cut expenses. It is changing how industrial sectors function and is affecting a major shift in their production methods. A number of sectors, such as logistics, healthcare, power, automobiles, and aviation, employ AI. Advancements in the field are likely to have a significant impact on many sectors in the coming years.

AI can help businesses reduce their environmental impact through optimizing use of power. For example, it can be used to optimize a building’s power consumption by evaluating and monitoring sensor data and modifying temperature and lighting settings. Businesses could use this to reduce energy costs and greenhouse gas (GHG) emissions. 

Industrial AI aims to solve some of the sector-specific pain points such as automated forecasting, facility optimization, shareholder value generation, improved efficiency, and expert authentication. A variety of industrial sector-focused performance metrics or key performance indicators (KPIs), such as labor productivity, asset utilization and product innovation, can be enhanced by AI. As mentioned in the below figure, the global AI market is expected to grow dramatically by the end of this decade.

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Industry applications of AI include the following: 

  • Maintenance forecasting: Helps businesses boost output and reduce downtime.
  • Quality control: Helps industries uphold strict quality standards, reducing the number of faulty goods produced. 
  • Supply-chain enhancement: Reduces logistics costs and speeds up delivery. 

 

The application of AI in manufacturing industries is expected to increase profitability, reduce expenses and enhance functionality. It can help businesses anticipate servicing needs, identify issues before they arise and reduce the chance of mishaps. The predictive analysis below shows the significant potential for development in the industrial AI market – at a CAGR of more than 50% from 2022 to 2030. 

Screenshot 2024 01 17 090443

AI has the power to change the industrial sector significantly – mostly in terms of process automation, operational efficiency, productivity enhancement and worker efficiency – and reduce its impact on global warming. As AI technology continues to evolve, more industries are likely to adopt AI to improve their operations and remain competitive.

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