Artificial Intelligence in Manufacturing Market - Era of Digital Transformation of Machinery

As a result of previous three industrial revolutions, manufacturing industries were benefitted through mechanization, automation, and mass production. After the implementation of Industry 4.0, Artificial Intelligence along with machine learning is gaining heavy traction in the manufacturing sector. Industry 4.0 has resulted in making manufacturing “smarter” with the use of advanced technologies such as IoT thus, enabling companies to modernize their production process and supply chain management.

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The digital transformation of manufacturing as well as supply chain helps in directly analyzing data from factories using advanced technologies including, Artificial Intelligence and machine learning. This results in gaining efficiency. The customers can choose from a wide variety of goods, to the point of mass customization enabling them to design their own product. With the rising competition and advancements in technologies, customers are turning to be more demanding and choosy, looking for unique and personalized products over standardized products. Thus, manufacturing industry worldwide is utilizing machine learning, automation, computer vision, and other AI fields to fulfil the increasing demands by transforming their manufacturing processes.

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Companies are implementing these technologies to lower their manufacturing costs apart from catering choosy customers. Even affordable countries such as China and Mexico are also witnessing increased cost of production owing to downfall in the oil & gas industry, resulting in need for further cost reduction and efficiencies. Generally, in most of the factories, unexpected equipment downtimes and failures, poor demand forecasting, unsafe and inefficient workplace processes as well as bottlenecks in supply chain may lead to longer production cycles, wastage of resources, and low yields thereby, resulting in revenue loss. Thus, adoption of Artificial Intelligence is emerging to eradicate these issues. Also, shortage of skilled labor faced by major industries can be tackled with the help of implementing Artificial Intelligence.

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