Artificial Intelligence and Blockchain Technology
The AI or artificial intelligence market is expected to grow from the $8 billion in 2016 to $72 billion by 2021. This is a CAGR or Compound Annual Growth Rate of 55.1 percent. The expected growth for the Blockchain market is a CAGR of 61.5 percent. The growth is predicted to rise from $.2 billion to $2.3 billion between 2016 and 2021. The top investment areas for technology include Internet of Things or IoT platforms, modeling, simulation, advanced analytics, predictive analytics, cloud computing and optimization.
A recent study is focused on discovering the latest barriers and opportunities faced by manufacturers in adopting and evaluating new technology. The study additionally explored the best ways global manufacturing companies can use the new technologies. Exponential technologies are defined as any technology capable of rapidly changing the nonlinear pace by reducing costs and increasing progress in the sectors of data storage, bandwidth and computing power.
Blockchain technology has enabled banks to decrease expenses between $8 billion and $12 billion every year. This is due to the improvement in operational efficiencies. These protocols include Ripple, Ethereum and Bitcoin in the segments of financial, business, media, technology and telecom services.
The Current Uses of Artificial Intelligence
AI is currently used for improving the retention and recruitment of experts in manufacturing, the improvement of predictive analytic based automated workflows, optimizing plant effectiveness and equipment and enabling collaborative robotics. Numerous technologies have resulted due to AI including optimization, machine learning, planning & scheduling, speech recognition, rules-based systems, natural language processing, computer vision and robotics. Machine learning enables computer systems to improve performance without explicitly programmed instructions.
The Growth of Various Markets
The 3D printing market is expected to show a 22.3 percent CAGR by 2021. Worldwide manufacturing operations will be using 3D printed tools, fixtures and jigs by 2020. The biggest manufacturing segments are predicted to be defense, rapid prototype and aerospace parts printing and automotive design.
The expected CAGR for advanced robotics by 2021 is 19.7 percent. The markets with the fastest growth may include health care, consumer and retail. Aerospace manufacturing has adopted robotics to increase yield rates, product quality, improve production performance and decrease operating costs.
IoT is predicted to show a 15.6 percent CAGR by 2021. Manufacturing operations are being revolutionized including key metrics accuracy, production monitoring, production efficiency and production yield rates. This includes the segments of healthcare, insurance, consumer and retail.
Cybersecurity is expecting a CAGR of 7.7 percent by 2021. This is essential for smart, connected manufacturing, manufacturing ecosystems and digital supply networks. By 2021 there may be 3.5 million jobs in cybersecurity available across the globe.
The spending for advanced analytics is expected to reach $232 billion by 2021. Advanced analytics enables manufacturing intelligence and provides contextual insight. This intelligence is based on the data from processes and machinery throughout the plant. Advanced analytics are being used to reduce delays in production, improve product quality and decrease the time required for new products to be available on the market.