Artificial intelligence (AI) is an important breakthrough that enables machines to independently perform functions such as study, analysis and decision making that generally require cognitive abilities. The technology has advanced significantly in recent years due to its ability to access large amounts of data and its strong processing capabilities, and innovative programs. AI plays a vital role in a number of sectors, including banking and finance, media and construction, helping them increase productivity, quality and the number of satisfied clients.
One sector that can use AI the most is the steel sector, one of the world’s largest sectors. Steel is used in a number of sectors, including production, logistics, power and infrastructure. AI is revolutionizing the steel sector by opening up diverse opportunities for business optimisation and improved efficiency. Steel firms could boost productivity, cut expenses, reduce power usage, promote consumer satisfaction and increase the quality of goods by using AI. However, to make full use of the technology, they need to overcome obstacles such as excessive power usage, environmental impact, fluctuating markets and product standards, social opposition, funding shortages and lack of human resources. These issues have made the sector more sluggish than other manufacturing sectors in terms of AI adoption. ABI Research expects steel producers’ investments in technology to reach USD1bn in the next decade as they work to transform their manufacturing plants into “innovative facilities”, indicating an increase in demand for AI in the sector.
Artificial intelligence (AI) is an important breakthrough that enables machines to independently perform functions such as studying، analyzing and making decisions that generally require cognitive abilities. The technology has made significant progress in recent years due to the ability to access large amounts of data and strong processing capabilities and innovative applications. AI plays a vital role in a number of sectors including banking and finance, media and construction, helping to increase productivity, quality and the number of satisfied customers.
One of the sectors that could make the most of AI is the steel sector, which is one of the largest sectors in the world. Steel is used in a number of sectors including manufacturing, logistics, power and infrastructure. Artificial intelligence is transforming the steel sector by opening up diverse opportunities to optimize business and improve productivity. Steel companies can use artificial intelligence to increase productivity, reduce costs, reduce electricity consumption, improve consumer satisfaction, and improve the quality of goods. However, to make full use of this technology, they must overcome obstacles such as energy overconsumption, environmental impacts, volatile markets and product standards, social opposition, lack of funding and lack of human resources.
These issues have made the sector slower than other manufacturing sectors in terms of the adoption of artificial intelligence. ABI Research expects steel producers’ investment in technology to reach $1 billion over the next decade as they work to turn their manufacturing plants into “innovative facilities,” reflecting rising demand for artificial intelligence in the sector.
To overcome such obstacles, the steel sector needs to use new technology and techniques using artificial intelligence to increase its efficiency, financial benefits and environmental responsibility.