AI is playing a vital role in Manufacturing Industry and this report provide in-depth overview, describing about the Product, Industry Scope and elaborates market outlook by Top Players
Fremont, United States – January 30, 2020 /MarketersMedia/ —
In the current scenario, very few companies have already deployed AI in their manufacturing shop floor. IBM is one of the leading manufacturers of AI solutions. Shenzhen China Star Optoelectronics Technology Co., Ltd. joined hands with IBM Watson to automate product inspection in its LCD manufacturing industry. It helps the company in detecting defects in products more accurately. The company has automated 95% of LCD manufacturing processes.
In 2015, General Electric deployed AI in manufacturing unit. The company has invested around US$ 200 Mn for developing brilliant manufacturing suite in the same year. This helps the company to combine all the processes, right from design to distribution, into one brilliant system. The main objective of the most manufacturing outlets is to improve productivity and reduce cost. This objective can be attained by deploying AI in manufacturing industry. According to our estimates, the AI in Manufacturing Market Ecosystem is expected to witness growth at an approx. 25% CAGR from 2018 to 2023.
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AI in Manufacturing Market Ecosystem: Segmentation
by Components CPU, GPU, ASIC/Microprocessors, FPGA, Memory, Storage, Modules
by Deployment Cloud, On- Premise
by Applications Predictive Maintenance, Material Movement, Quality Control, Production Planning, Drug Discovery, Others
by End User Logistics and Transportation, Healthcare, Automotive, Retail, BFSI, Telecom & Consumer Electronics, Oil & Gas, Others
by Devices Autonomous Robots, Workstations, HMD/HUD, Smartphones & Tablets, Others
It is not only the leading technology-based solution providers, but the start-ups are also contributing to the growth of AI in Manufacturing Market Ecosystem. Veo Robotics, an US-based start-up, has developed robots with computer vision-based cameras. The company raised around US$ 12Mn in series A funding in the year 2017. Sight Machine, an US-based startup, is disrupting the manufacturing industry with its advanced AI analytics platform. This analytics platform gathers data from the manufacturing shop floor and provides actionable insights.
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The deployment of AI in Manufacturing will help companies achieve higher productivity and cost effectiveness over a period. One of the major applications where AI is deployed in the manufacturing plants is Asset maintenance. LG uses AI to detect and predict defects in machineries. Further, Siemens has deployed AI systems to monitor gas turbines that detect emissions using sensors and process the data using AI technology to keep emissions under control. KONE, an escalator manufacturer, uses AI to monitor product usage. This helps the company in predicting defects in the parts of an escalator beforehand. Such deployments by manufacturing companies will boost the growth of the AI in Manufacturing Market Ecosystem.
KUKA is said to be one of the world’s largest manufacturers of industrial robots. In 2018, KUKA, along with other two insurance giants MHP and Munich Re, launched “Smart factory as a service”. This partnership has aimed to create a manufacturing technology partnership that provides digitization solution, along with risk management and financial strength.
The deployment of AI plays a major role in the Industry 4.0 revolution. Currently, the annual unplanned downtime cost is estimated to be approximately US$ 50Bn. Though the Industry 4.0 is at an early stage of development, AI deployment is seen in all manufacturing processes, from designing to supply chain communication. The development of other technologies such as IIoT will establish smooth communication and further speed up the deployment of AI in manufacturing industry and dominate the AI in Manufacturing Market Ecosystem.
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