Day: January 24, 2024

Worker (or workplace) safety in industrial manufacturing is no longer simply a “collection of best practices” or requirements. As we move into 2024, this term is set to undergo a paradigm shift in the world of modern manufacturing. We are seeing more solutions and technologies being adopted to help manufacturing plants keep up with the latest requirements of worker safety and occupational health.

Today machine intelligence is at levels that were once only thought possible in sci-fi movies. While artificial intelligence and machine learning are exploding in mainstream applications, other technologies too are now evolving into their next generation. One of the most promising entities in this space is computer vision.

Powered by AI, computer vision (CV) is proving its worth across sectors including retail, manufacturing, and industrial engineering. It's no surprise that in the recent holiday season, CV played a crucial role in timely dispatches and deliveries, allowing retailers to exceed customer expectations.

We humans have an inbuilt capability of detecting and classifying our surroundings and images. We develop contexts, identify objects, and understand their movements naturally but a computer/machine needs to be trained to identify and analyze images. Once this training is available to computer vision solutions, it could significantly augment the analytical support these machines can provide to human supervisors.

In the operationally crucial landscape of warehouse and logistics management, the adoption of sophisticated automation technology remains modest, with only 10% of warehouses leveraging advanced solutions. However, the future trajectory is poised for significant transformation, as McKinsey research forecasts a steady annual growth rate of 3 to 5 percent in warehouse automation investments until 2025.

As we stand on the cusp of 2024, the manufacturing landscape seems poised for a transformation, driven by emerging technologies, and industry dynamics.

The year 2024 unfolds as a pivotal juncture for Computer Vision, propelled by an accelerating wave of transformative technologies. The Computer Vision market is set to surge at a CAGR of 11.69% from 2024 to 2030 to hit a staggering market volume of US$50.97 billion.