Rockwell Automation has released it’s smart manufacturing report, stating Australian manufacturers are investing in GenAi to boost productivity.
The company’s 2024 State of Smart Manufacturing Report (SoSM) surveyed more than 1,500 manufacturers across 17 manufacturing countries including 88 businesses in Australia and New Zealand.
Of the manufacturers in Australia and New Zealand in the SoSM survey, 45 per cent reported the wide adoption of GenAI and Causal AI with another 34 per cent planning to invest in the next 23 months.
“Australian companies are already embracing GenAI and Causal AI with even wider adoption expected,” said Anthony Wong, regional director, south pacific, Rockwell Automation.
The report noted GenAI and Causal AI implementation in Australia and New Zealand is higher than in Canada (37 percent), UK (41 percent), and the US (43 percent).
According to Rockwell, it is imperative for Australia to embrace technologies like GenAI and Causal AI as the country is getting older, faster.
Additionally a recent McKinsey study found that GenAI has the potential to increase Australian labour productivity by 0.1 to 1.1 percentage points a year through 2030.
Tech Council of Australia (TCA) has predicted GenAI could deliver between $45 billion and $115 billion in value to the Australian economy by 2030, depending on the pace of implementation.
Companies are using GenAI to develop and test products in a virtual immersive environment.
According to MIT Sloan School, the Industrial Metaverse is being constructed with existing tools, including digital twins, artificial intelligence, high-fidelity simulations, extended reality, blockchain, 5G connectivity, and cloud and edge computing.
“In the Industrial Metaverse, machines, factories, grids, and systems are mirrored in the virtual world. This enables teams to collaborate in real time regardless of distance,” said Wong.
This will lead to manufacturing being localised and more resilient supply chains.
Wong said, “Taking this to the next level will need cloud technology, AR, and VR systems, blockchain, AI, and other technologies to come together.”
The Rockwell Automation smart manufacturing report the industrial metaverse sector is set for phenomenal growth.
In the next 12 months, 50 per cent of the Australian and New Zealand companies in the SoSM survey, plan to invest in the Industrial Metaverse.
To download the full Rockwell Automation State of Smart Manufacturing Report, please click here.