Unforeseen safety incidents are costing industrial manufacturers as much as $50 billion per year.
According to a 2022 Forbes study, the impact of unplanned downtime, often from unforeseen safety incidents, can cost industrial manufacturers as much as $50bn annually1. Across the global economy, a Siemens report of the same year concluded that unplanned downtime wiped out 11% of the yearly turnover of all Fortune Global 500 companies (increasing from $864bn in 2020 to a staggering $1.5tn a year by 20222). With this trend continuing apace, the 2025 estimate is expected to easily surpass $2.5tn.
Perhaps even more alarmingly, the International Labour Organization (ILO) benchmarked that safety incidents alone are responsible for a loss of 4% of Gross Domestic Product (GDP) globally3. In this paper we outline that far from these trends further eroding margin, AI Vision – and specifically the viso HSE Suite – have already turned the tide for early-adopters of this technology. Aggregated research from several leading consultancies and global trade organizations indicates real-time monitoring with AI Vision can already reducing workplace accidents by 25–40% and resulting machine downtime by up to 20-30%.4