Analytics Insight Predicts AI in the Manufacturing Sector to Reach US$11 Billion by 2025

Global manufacturing companies are investing heavily in AI. With the key focus on minimizing production costs, manufacturing companies are rushing to use AI in their processes. Based on the recent graph on the growth rate of AI in manufacturing, Analytics Insight predicts an estimated growth of market revenue speeding up to US$11 billion and a CAGR of 54.6% by 2025 during the forecast period, 2019-2024.

It is undeniable that the manufacturing industry is at the forefront of artificial intelligence implementation. Manufacturers are using AI-powered analytics to increase performance, product quality, and employee protection, from substantial reductions in unplanned downtime to better crafted goods.

Manufacturing would be impacted by AI in ways we haven't expected. Nonetheless, there are some notable cases that we should look at right now:

Robots are widely used in production processes, as we all know. It is undeniable that machines are more powerful than humans. They would, of course, need the assistance of a human workforce.

Manufacturing robots with AI perform routine tasks without the need for programming. It's one of the most useful AI and machine learning applications for manufacturers.

Secondly, AI would have an impact on the Internet of Things (IoT). The Internet of Things will make it possible to provide supplies and services to consumers who may not be aware that they are required. IoT may also submit detailed sensor data back to suppliers and distributors, allowing them to examine quality and factors that can cause failures. In a nutshell, the Internet of Things (IoT) is an internal avalanche of data that AI can use to reason over and develop. This will make augmented generative design processes easier, allowing goods to be reimagined in more evolutionary ways.

For any sector, artificial intelligence is a game-changing technology. AI is becoming more available to businesses as technology advances and costs fall. It can be efficient at making products, as well as making them cheaper and better, in manufacturing. Manufacturing has always been keen to adopt emerging technology and has done so successfully. They can now make rapid, data-driven decisions, optimize manufacturing processes, reduce operating costs, and strengthen the way they service their customers, thanks to AI adoption. This isn't to say that machines can take over manufacturing; AI is now a supplement to human labor, and nothing can replace human intelligence and the capacity to adjust to unforeseen circumstances.