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Worldwide AI manufacturing to reach $9.89 billion by 2027
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AI to be a game-changing technology for the manufacturing industry
The global AI in manufacturing industry size is expected to rise owing to increasing demand for collaborative robots and growing semiconductor industry. According to Fortune Business Insights, its latest report, titled “Artificial Intelligence in Manufacturing Industry Market Size, Share & COVID-19 Impact Analysis, By Offering (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Context Awareness), By Application (Process Control, Production Planning, Predictive Maintenance & Machinery Inspection, Logistics and Inventory Management, Quality Management, and Others), By Industry (Automotive, Medical Devices, Semiconductor & Electronics, Energy & Power, Heavy Metal & Machine Manufacturing, and Others), and Regional Forecast, 2020-2027.”, observes that the market will hit $9.89 Billion by 2027, while exhibiting a promising 24.2% CAGR between 2020 and 2027. This market is expected to witness substantial growth owing to the COVID-19 impact and hence the 2020-2027 CAGR is high/very high, as a large section of industry would look to adopt AI in order to automate the operation with less human intervention. Artificial intelligence (AI) is believed to be a game-changing modern technology for the manufacturing industry. The adoption of AI in manufacturing provides multi-faceted benefits such as accurate and rapid data-driven decisions, minimizing operational costs, optimizing several processes, and improving the overall experience of customer satisfaction.
In addition to this, AI can be easily embedded to the existing products and services offered by the companies to render them reliable, effective, and safe. For instance, in the automotive industry, AI-based technology such as computer vision is used to accurately detect obstructions to prevent road fatalities,ਦੁਆਰਾ VARINDIA| 94 ਵਿਚਾਰ
The increasing threat to the supply chain from nation-state actors
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Supply Chain attacks – a concern
The pandemic has heightened the importance of the supply chain and the need to protect it from cybercrime. Supply chain attacks have long been a concern in cyber security circles as it can be difficult to enforce or prescribe cyber security measures for suppliers and partners. Secondly, there is high growth of ransomware in the education sector, which looks at the extent and impact of ransomware attacks on educational institutions worldwide during 2020 and continuing in 2021. Education, together with retail, faced the highest level of ransomware attacks during 2020, with 44% of organizations hit (compared to 37% across all industry sectors). For educational institutions, the financial impact of a ransomware attack in 2020 was crippling. The total bill for rectifying a ransomware attack in the education sector, considering downtime, people time, device cost, network cost, lost opportunity, ransom paid, and more, was, on average, $2.73 million – the highest across all sectors surveyed, and 48% above the global average.
The Sophos report states, over half (58%) of the education organizations hit by ransomware said the attackers had succeeded in encrypting their data and over a third (35%) of those with encrypted data gave in to the attackers’ demands and paid the ransom. Only the energy, oil/gas and utilities (43%), and local government (42%) sectors were more likely to pay and the average ransom payment was $1,12,435 (lower than the global average of $1,70,404) . However, those who paid recovered on average only around two-thirds (68%) of their data, leaving almost a third inaccessible; and just 11% got all their encrypted data back. Of those institutions that were not hit with ransomware last year (55% of respondents), the majority (61%) expect to be targeted in the future. The main reasons given for this are that cyberattacks are now so sophisticated (46%) andਦੁਆਰਾ VARINDIA| 113 ਵਿਚਾਰ
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