Industry 4.0 is rapidly releasing new technologies, such as AI-based, and enabling shop floor transformations like never before, driving operational efficiency with data-driven decisions, to support better business growth. This is enabled by the creation of a Digital Twin which is a virtual representation of a physical asset that enables an asset operator to derive actionable insights on both the performance and health of the asset.
Across manufacturing industries, there is an increasing adoption of AI-enabled technologies, which are being considered as game-changing. These technologies enhance quality inspections to a very high degree with increase in speed and accuracy too, beyond the capabilities of human workforce and conventional machine vision. There is a growing demand for more sophistication that can help in scaling exponentially, at speed with self-learning capabilities leveraging data history. According to research firm Market and Markets, the AI in manufacturing market, which was expected to be valued at US$1.1 billion in 2020 is likely to reach US$16.7 billion by 2026, growing at a CAGR of 57.2% during the forecast period. The adoption of these AI-based technologies in the manufacturing sector is attributed to Industrial Internet of Things (IIoT) and automation for better productivity, efficiency, innovation and business outcomes. The rules created by AI-based systems study and learn human behavior through machine and deep learning, and NLP.
INSIGHT DRIVEN MANUFACTURING
This story is from the June 2021 edition of Manufacturing Today.
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This story is from the June 2021 edition of Manufacturing Today.
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