Flutura, a provider of industrial AI, will be acquired by Accenture Group for an undisclosed sum. The NYSE-listed business has agreed to purchase Flutura, an industrial AI startup with headquarters in Bangalore.
Accenture has announced this move as it expands its Artificial Intelligence capabilities, notably in the area of industrial AI.
The market size for industrial AI was projected to reach $3.1 billion by 2022. According to a recent analysis by BlueWeave Consulting, the market size is anticipated to increase at a CAGR of 52.46% between 2023 and 2029, reaching $58.3 billion by that time.
Accenture wants to improve the performance of factories, refineries, and supply chains with Flutura’s purchase while also assisting customers in achieving their net-zero targets more quickly by bolstering their industrial AI services in this way.
Accenture intends to make Flutura’s capabilities available to its clients in the energy, chemical, metals, mining, and pharmaceutical sectors.
The 110 or so people who work with Flutura are experts in providing industrial data science services to businesses that produce goods and other asset-intensive businesses. Self-service options for sophisticated analytics are offered through its AI platform.
Its products support process, asset management, and reliability engineering teams as they evaluate, forecast, and enhance the results of asset performance, reliability, throughput, and energy efficiency in manufacturing and production facilities.
With Flutura’s AI platform, which analyzes information from various IT and operations technology systems, industrial engineers and data scientists may swiftly create digital models of industrial assets.
Senthil Ramani, Senior MD and Accenture Applied Intelligence Lead for Growth Markets, stated that Flutura “democratizes AI for engineers, enabling manufacturing and other asset-intensive companies with the carbon intelligence to reduce emissions, energy consumption, and lost output due to unplanned downtime of industrial assets”.
Specifically for our clients in Australia, South-East Asia, Japan, Africa, India, Latin America, and the Middle East, this purchase will enable industrial AI-led change, according to Ramani.
“With the help of our AI platform, engineers can adapt quickly to the dynamic nature of the market and their operational environments.” The CEO of Flutura, Krishnan Raman, expressed excitement about growing this as part of Accenture and assisting additional industrial clients in achieving high-value results in their manufacturing processes.
According to research Accenture presented at the Davos World Economic Forum in 2023, businesses require strong AI skills to have a digital core and increase success.
Accenture’s data and AI capabilities are being expanded for clients with Flutura. The data science firm ALBERT in Japan was purchased by it last year.
Moreover, Sentelis in France, Bridgei2i and Byte Prophecy in India, Pragsis Bidoop in Spain, Mudano in the UK, and Clarity Insights, End-to-End Analytics, and Core Compete in the US have all recently acquired AI companies.