Honeywell Report Details Industrial AI Update

Industrial manufacturing conglomerate Honeywell published its Industrial AI insights global research study, revealing insights into the state of Artificial Intelligence in the industrial sector.

The study found that while only 17% of AI decision-makers worldwide have fully implemented their initial AI plans, more than 90% are discovering unexpected new use cases during various stages of AI implementation from prototyping to scaling. The research indicates strong enthusiasm for AI in industrial applications, with 94% of those surveyed planning to expand their AI utilization.

“There is no question that AI is currently at a pivotal moment,” Honeywell’s Chief Strategy Officer Kevin Dehoff said in a July 23 news release. “With the advent of Gen AI and more sources of data from advanced analytics, Industrial AI is poised to grow exponentially, and the possibilities are endless for revenue growth and employee satisfaction.”

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To conduct the research, Honeywell commissioned Wakefield Research to survey AI leaders around the world. The online survey ran April 22 to May 2 and involved 1,600 executives in 12 global markets (U.S., Brazil, Canada, China, France, Germany, India, Japan, Mexico, United Kingdom, Kingdom of Saudi Arabia and UAB). Each respondent works at a company with at least 1,000 employees that is currently using AI to automate processes and tasks. Honeywell noted that all respondents were influencers or decision-makers related to the use of AI within their departments or across their organizations.

Among the benefits of AI, nearly two-thirds (64%) of AI leaders cited efficiency and productivity gains. Other significant benefits include improved cybersecurity and threat detection (60%) and better decision-making through real-time data generation (59%). Additional benefits noted by respondents include increased work flexibility (49%), greater job satisfaction (45%), more time for skills development and creative thinking (44%), and enhanced workplace safety (39%).

Skills development through AI is allegedly crucial as baby boomers retire and fewer replacements enter the workforce. Challenges remain for full AI adoption. More than a third of survey respondents (37%) feel their C-Suite doesn’t fully understand how AI works, and almost half (48%) continually justify or request resources for AL implementation.

“Businesses of all types recognize that AI is transforming our world and creating new possibilities. For building operations – such as hospitals, campuses, and offices – it is clearly the future. As AI orchestrates controls that regulate HVAC, lighting and electricity usage, it helps to improve safety, operational and sustainability outcomes,” Honeywell Building Automation President and CEO Billal Hammoud commented.

On July 17 MDM Premium article shared MDM’s research on how distributors’ AI update has changed year-to-year.