AI in industrial sector: Honeywell’s findings highlight growth and potential

Global AI research study reveals new insights

Honeywell has released the findings of its Industrial AI Insights global research study, capturing the current state of Artificial Intelligence (AI) in the industrial sector, as reported by Honeywell.

The study shows that only 17% of AI decision-makers worldwide have fully implemented their initial AI plans.

However, over 90% are discovering new use cases during the prototyping, launch, or scaling stages of AI implementation.

The research also indicates strong support for AI in industrial applications.

According to the study, 94% of those surveyed plan to expand their use of AI.

Benefits of AI in the workplace

The study highlights several benefits of AI in the industrial workplace.

Efficiency and productivity gains are cited by 64% of AI leaders as the most promising advantages.

Additionally, 60% report improved cybersecurity and threat detection, while 59% see better decision-making due to real-time data generation.

Respondents also noted other benefits, such as increased work flexibility (49%), greater job satisfaction (45%), more time for skills development and creative thinking (44%), and enhanced workplace safety (39%).

Skills development is especially crucial as the workforce faces a skills shortage with retiring baby boomers and fewer replacements entering the field.

AI helps employers upskill and reskill workers more efficiently, transforming industrial jobs and improving both productivity and job satisfaction.

Lucian Boldea, President and CEO of Honeywell Industrial Automation, said: “With AI training and AI as a ‘co-pilot,’ the skills of less experienced technicians can be upgraded more quickly, turning them into elite experts.”

Challenges and future prospects for AI

Despite the enthusiasm for AI, challenges remain in achieving full adoption.

According to the survey, 37% of respondents believe their C-Suite does not fully understand how AI works.

Furthermore, 48% report having to continually justify or request resources needed to implement AI plans.

Billal Hammoud, President and CEO of Honeywell Building Automation, commented: “Businesses recognize that AI is transforming our world and creating new possibilities.

“For building operations, such as hospitals and offices, it is clearly the future.”

The pace of change is expected to be driven by measurable improvements in business performance.

As new AI solutions demonstrate clear benefits, adoption is likely to increase, potentially transforming industrial operations.

Research methodology

Honeywell commissioned Wakefield Research to conduct the survey from April 22 through May 2, 2024.

The online survey involved 1,600 executives from 12 global markets, including the US, Brazil, Canada, China, France, Germany, India, Japan, Mexico, the United Kingdom, Saudi Arabia, and the UAE.

All respondents are influencers or decision-makers related to AI use within their organizations.