Sponsored By

Manufacturers Take Measured Approach to AI Adoption, Survey ShowsManufacturers Take Measured Approach to AI Adoption, Survey Shows

Only 20% of manufacturers have deployed AI in their business, according to a 2024 benchmark report from AI provider Lucidworks.

Geoff Giordano

July 10, 2024

1 Min Read
woman looking at screen of binary code
Stanislaw Pytel/Stone via Getty Images

Artificial intelligence (AI) initiatives in manufacturing are slow to come to fruition, with accuracy of outputs a chief concern, according to the latest report by AI services provider Lucidworks.

Surveying more than 2,500 business leaders worldwide for “The State of Generative AI in Global Business: 2024 Benchmark Report,” Lucidworks found that only one in four companies across all industries have successfully launched AI initiatives in the past year. Among manufacturers, only 20% deployed planned AI initiatives.

Accuracy a major concern.

Manufacturers expressed the most concerns around response accuracy (44%) and some of the least concerns around job displacement (3%) compared to other industries, the report found. Meanwhile, only 30% of respondents indicated they felt they were falling behind their competition in implementing AI. 

In terms of spending on AI projects, 58% of manufacturers plan to increase their capital outlay this year, compared to 93% in 2023. 

When surveyed for the first Lucidworks generative AI report in 2023, more than 40% of manufacturing leaders were positive about AI.

Almost half of manufacturers using AI report cost benefits.

"While many manufacturers see the potential benefits of generative AI, challenges such as response accuracy and cost are causing them to take a more cautious approach,” said Lucidworks CEO Mike Sinoway. “This is reflected in spending plans, with significantly fewer planning to increase AI investments compared to last year.” 

Related:AI Is My Co-pilot in Advanced Manufacturing

Yet despite concerns and project delays, 48% of manufacturers are reporting cost benefits stemming from AI initiatives.

“Above-average reported cost benefits in 2024 could make them more bullish in the coming year,” Sinoway said. “B2B companies and manufacturers have much to gain if they can balance cost and risk to improve efficiency, enhance the buyer experience, and reduce operational costs using generative AI.”

The report is available for download.

About the Author

Geoff Giordano

Geoff Giordano is a tech journalist with more than 30 years’ experience in all facets of publishing. He has reported extensively on the gamut of plastics manufacturing technologies and issues, including 3D printing materials and methods; injection, blow, micro and rotomolding; additives, colorants and nanomodifiers; blown and cast films; packaging; thermoforming; tooling; ancillary equipment; and the circular economy. Contact him at [email protected].

Sign up for PlasticsToday newsletter

You May Also Like