The AI (artificial intelligence) in the manufacturing market is expected to grow at a CAGR of 39.7% from 2019 to 2027 to reach $27 billion by 2027 - Artificial Intelligence in Manufacturing Market and AI-powered technologies could increase labour productivity by up to 40% across 16 industries, including manufacturing by 2035 - Accenture and Frontier Economics.
AI is helping and transforming the manufacturing industry, and there are several ways AI Is Improving manufacturing:
- Maintaining machinery and production assets.
- Optimising product design using generative design algorithm that relies on ML (machine learning) techniques.
- Improving demand forecast accuracy.
- Prediction of failure modes and preventive maintenance.
- Improving worker safety, reduce costs, and achieve sustainability goals.
- Introduce new levels of quality control to manufacturing centres.
- Data determined decisions - sending an alert to an assembly operator in case of inconsistencies in the production process.
- Design new models in real-time, hoping to reduce time-to-market for the next-generation model series.
- Minimising operational costs.
- Facilitating enhanced production outcomes and advance process effectiveness.
- Facilitating product development and quality checks.
- Promoting superior scalability, customer service and much more.
Real-time monitoring provides many benefits, including troubleshooting production bottlenecks, tracking scrap rates, meeting customer delivery dates, and more. It's an excellent source of contextually relevant data that can be used for training machine learning models. Supervised and unsupervised machine learning algorithms can interpret multiple production shifts' real-time data in seconds and discover previously unknown processes, products, and workflow patterns.