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.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2021 edition of Manufacturing Today.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Precision Revolution
Exploring the fusion of Machine Learning and CAD/CAM Technologies, Shriyal Sethumadhavan delves into the transformative impact of AI integration in manufacturing.
Empowering MSMEs
In conversation with Amit Mande, Chief Revenue Officer, U GRO Capital
Fornnax unveils SR-200 HD recycling innovation
Fornnax Technology continues to expand its portfolio of high capacity lines and debuted an upgraded variant of primary shredder.
Transforming manufacturing and product development
India's manufacturing sector, currently contributing 17% to the GDP, is expected to be one of the key drivers of growth for the country.
Transforming E-commerce: How LLMs are changing visual content
LLMs reshape e-commerce with captivating visuals, balancing benefits and drawbacks of authentic content in the digital retail arena
An intelligent move
Dive deep into the future of manufacturing as we explore the transformative power of intelligent technologies revolutionising the industry.
Meeting India's data centre cooling demands
Schneider Electric inaugurates state-of-the-art cooling factory in Bengaluru
The gender matters of manufacturing
Does the manufacturing industry suffer from a gender gap?
Navigating India's manufacturing landscape
Jibak Dasgupta, Director General and CEO, Indian Machine Tool Manufacturers' Association's view on the influx of investments and the manufacturing landscape
A decade of 'Make in India': The foundation for building a manufacturing powerhouse
As India experiences profound economic growth, it has emerged as the second most sought-after manufacturing destination in the world, contributing 13.9%1 to the economy.
