How important is artificial intelligence in industrial applications?

Many manufacturers are applying sophisticated analytics and artificial intelligence to their IoT data to monitor operations, improve efficiency, and make informed decisions in real time. Why does the Internet of Things deserve so much attention? That's because IoT applications are booming in consumer, commercial, and industrial markets.

Many studies estimate the number of IoT devices currently deployed. In 2024, the number of connected IoT devices will be approximately 17 billion. This number is expected to at least triple by 2030. These numbers include all connected IoT devices, such as those found in industrial and consumer products.

Currently, there are nearly a dozen vertical industries with more than 100 million connected IoT devices. These industries include electric power, natural gas, water supply, retail, government, and more. A past market study found that among these industrial sectors, manufacturing accounts for the largest share of IoT devices, accounting for approximately 30% of the entire industrial IoT market.

In addition, the global Industrial Internet of Things (IIoT) market size will be worth US$394 billion in 2023, and the compound annual growth rate (CAGR) from 2024 to 2030 is expected to be 23.2%.

Driving the growth of this market is the need for real-time information to control manufacturing processes and operations. Specifically, there is a growing need to improve operational efficiency, improve productivity and quality. Several factors will drive digital growth to double over the next six years. Perhaps most important are technological advances in wireless networking technology and the strong penetration of Wi-Fi connections to equipment sensors in factories.

Analytics and Artificial Intelligence Play a Key Role in IoT Applications

Artificial Intelligence, along with machine learning and deep learning, are now enabling organizations to “beneath data sets” establish unprecedented connections." These technologies allow decisions to be made based on accurate and insightful data.

In terms of industrial applications, many manufacturers are applying sophisticated analytics and artificial intelligence to the growing volume of IoT data across their operations. These efforts are designed to bring prescriptive and predictive analytics insights into operations to monitor operations in real time, improve efficiency, and allow manufacturers to make informed decisions in their daily operations.

The above is the detailed content of How important is artificial intelligence in industrial applications?. For more information, please follow other related articles on the PHP Chinese website!