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Gen AI to add $10.5 billion in manufacturing revenue by 2034

Generative Artificial Intelligence (AI) was a key theme of Hannover Messe 2024, with industrial software providers demonstrating how new copilots and AI assistants will enable faster and more streamlined operations. Global technology intelligence firm ABI Research found that although many companies showcased Gen AI solutions, most were not taking a truly innovative approach. The overall sentiment toward deploying Gen AI solutions in manufacturing is to take a slow and steady approach with known use cases that derive time-saving value. To achieve this goal of steady progression, Gen AI suppliers are listening to the day-to-day problems faced by manufacturers and are working backward on how Gen AI can be a solution.

“Pragmatic Gen AI use cases for manufacturing that do not overstep the lines of near-term tangible returns for end users is the current go-to-market strategy for vendors. The dominant use cases shown at Hannover Messe 2024 leverage core strengths of Large Language Models (LLMs) for Programmable Logic Controller (PLC) programming, code generation, step-by-step work instructions, and data enrichment and consolidation,” states James Iversen, Industrial and Manufacturing Industry Analyst at ABI Research.

According to a recent report from ABI Research, the added revenue from Gen AI use cases in manufacturing will be US$10.5 billion by 2034 and will come in three distinct phases (near, medium, and long-term). Exhibits at Hannover Messe 2024 showcased that the market has not transitioned out of the near-term deployment of Gen AI in manufacturing and is instead opting to build out use cases that have quick time to value for manufacturers. ABI Research

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