Industrial AI Surge: Honeywell Uncovers New Use Cases and Benefits

Honeywell (Nasdaq: HON) has released its latest findings from the Industrial AI Insights global research study, providing a comprehensive overview of the current state of Artificial Intelligence (AI) in the industrial sector. The study, which spans 12 global markets, including Saudi Arabia and the UAE, reveals that while only 17% of AI decision-makers have fully implemented their initial AI plans, a significant 90% are discovering unexpected new use cases during various stages of AI deployment.

The research indicates a strong trend toward expanding AI investments, with 94% of surveyed leaders expressing intentions to increase their use of AI. Kevin Dehoff, Honeywell’s Chief Strategy Officer, emphasized the transformative potential of AI, particularly with the advent of Generative AI and advanced data analytics.

AI is proving to be a game-changer in the industrial sector, with notable benefits reported by respondents. Efficiency and productivity gains were highlighted by 64% of AI leaders, while 60% reported improvements in cybersecurity and threat detection. Additionally, 59% of respondents noted enhanced decision-making capabilities due to real-time data.

In the UAE, the study found that a majority of participants identified new AI use cases that were not initially planned, demonstrating the technology’s adaptability and potential for innovation. Khaled Hashem, President of Honeywell Middle East and Africa, commended the UAE’s proactive approach to integrating AI, which supports skills development and socio-economic growth.

The research underscores AI’s role in addressing the skills shortage exacerbated by the retirement of the baby boomer generation. AI facilitates rapid upskilling and reskilling of workers, enabling them to perform at higher levels and increasing job satisfaction. Lucian Boldea, President and CEO of Honeywell Industrial Automation, illustrated this point with an example: AI can elevate less experienced technicians to expert status by providing them with knowledge and best practices, thus reducing human error and enhancing operational safety.

Despite the optimism surrounding AI, the study also highlights some challenges. Over a third of respondents (37%) expressed concerns about their C-Suite’s understanding of AI, and nearly half (48%) mentioned difficulties in securing the necessary resources for AI implementation. Billal Hammoud, President and CEO of Honeywell Building Automation, emphasized that compelling AI use cases are essential for demonstrating improved business performance and driving further adoption.

As businesses continue to recognize the transformative potential of AI, its adoption is expected to grow, leading to significant advancements in industrial operations. Honeywell’s commitment to innovation and sustainability positions the company as a leader in this evolving landscape.