AI in manufacturing market size to reach US$4798mn by 2026
Latest market research released by Valuates Reports - provider of extensive market research reports - has projected that the global artificial intelligence (AI) in manufacturing market size will reach US$4798m by 2026, at a CAGR of 28.1% between 2021 and 2026.
The report attributes the drive in growth to the increasing number of large and complex datasets, volving industrial IoT and automation, improving computing power, and increasing venture capital investments. As well as the added value of predictive maintenance which can reduce operational costs and increase productivity.
AI in manufacturing trends
“In smart manufacturing, artificial intelligence is most widely used in factory automation, order management, and automated scheduling. During the forecast period, an increasing number of AI technologies will be used for quality monitoring and fault management, supported by advancements in computer vision technology,” commented Valuates Reports.
IoT and automation
Expected to drive the growth of AI in manufacturing, the evolution of industrial IoT and automation will play a key role in implementing AI-based technology.
“By allowing an architecture that provides real-time information on operational and business systems, industrial IoT makes industrial processes efficient. The AI-based system takes less time and can operate without errors.”
Manufacturing performance and government and private institution investments
In addition to IoT and automation, Valuates Reports highlights that manufacturing performance is also improving which is contributing to business growth. As well as government and private institution investments
Deep learning technology
Finally, the growing use of deep learning technology in the manufacturing industry is also expected from Valuates Reports to drive the growth of AI in manufacturing.
About Valuates Reports
Valuates Reports - founded in 2017 - helps companies make intelligent and strategic decisions based on current and forecasted Market trends.
Fluent.ai x BSH: Voice Automating the Assembly Line
Fluent.ai has deployed its voice recognition solutions in one of BSH’s German factories. BSH leads the market in producing connected appliances—its brands include Bosch, Siemens, Gaggenau, NEFF, and Thermador, and with this new partnership, the company intends to cut transition time in its assembly lines.
According to BSH, voice automation will yield 75-100% efficiency gains—but it’s the collaboration between the two companies that stands out. ‘After considering 11 companies for this partnership, we chose Fluent.ai because of their key competitive differentiators’, explained Ion Hauer, Venture Partner at BSH Startup Kitchen.
What Sets Fluent.ai Apart?
After seven years of research, the company developed a wide range of artificial intelligence (AI) software products to help original equipment manufacturers (OEM) expand their services. Three key aspects stood out to BSH, which operates across the world and in unique factory environments.
- Robust noise controls. The system can operate even in loud conditions.
- Low latency. The AI understands commands quickly and accurately.
- Multilingual support. BSH can expand the automation to any of its 50+ country operations.
How Voice Automation Works
Instead of pressing buttons, BSH factory workers will now be able to speak into a headset fitted with Fluent.ai’s voice recognition technology. After uttering a WakeWord, workers can use a command to start assembly line movement. As the technology is hands-free, workers benefit from less physical strain, which will both reduce employee fatigue and boost line production.
‘Implementing Fluent’s technology has already improved efficiencies within our factory, with initial implementation of the solution cutting down the transition time from four seconds to one and a half”, said Markus Maier, Project Lead at the BSH factory. ‘In the long run, the production time savings will be invaluable’.
Future Global Adoption
In the coming years, BSH and Fluent.ai will continue to push for artificial intelligence on factory lines, pursuing efficiency, ergonomics, and a healthy work environment. ‘We started with Fluent.ai on one factory assembly line, moved to three, and [are now] considering rolling the technology out worldwide’, said Maier.
Said Probal Lala, Fluent.ai’s CEO: ‘We are thrilled to be working with BSH, a company at the forefront of innovation. Seeing your solution out in the real world is incredibly rewarding, and we look forward to continuing and growing our collaboration’.