AI is changing how the world operates, and LG Electronics plans to be part of this disruption
Backed by its new partnership with Altair Electronics, LG plans to leverage AI, build a digital product testing environment, and reduce time-to-market.
In 2006, one month before the iPhone launched, LG Electronics introduced the world’s first touchscreen phone — LG Prada. This disruptive cell phone, made in partnership with luxury powerhouse Prada, set the stage for the modern devices we all use and rely on today.
Unfortunately, LG’s mobile phone success was short lived. Unable to compete with companies like Samsung and Apple, LG decided to close its mobile device sector in 2021. Now LG is turning its attention to alternative technologies that leverage artificial intelligence (AI) and setting the stage for its next big innovation.
In this article, we’ll explore LG Electronics’ plan for AI-powered technology in detail, and how its new partnership with Altair Engineering aims to accelerate strategic innovation.
Accelerating Product Development with AI-Powered Simulation
Altair is a forward-thinking tech company that provides organizations with open-architecture data for analytics, alongside AI to optimize product and process development.
The company serves a diverse range of market segments, including business and finance, healthcare, automotive, energy and natural resources, engineering, manufacturing, and beyond. Altair offerings include bespoke solutions, data science, product engineering, and industrial design.
In contrast, LG Electronics focuses exclusively on building innovative and disruptive electronic goods. One of the company’s most notable inventions was the world’s first LTE mobile modem chip (which was released in 2008). Despite the company’s contributions to this industry, LG Electronics’ innovation rate is on a decline, as is evident by the downward slope in patent filings.
But the tides may be turning. Powered by its new partnership with Altair, LG Electronics will receive access to Altair’s proprietary research data, and vice versa. The aim is to fuel innovation for both companies.
LG Electronics and Altair Engineering Partnership
Earlier this year, LG formed a strategic partnership with leading computational science company Altair Engineering. Together, the companies will leverage AI to create a digital environment that allows them to test new products digitally, make tweaks in real time, and reduce time to market.
According to Altair, this partnership will make both companies more competitive in the market. “By building a digital development environment using AI-based simulation technology, it’s possible to minimize the need for physical testing in the product development stage and reflect feedback gleaned from data analytics and optimization technology. These forces combine and interact to speed the development process and shorten time-to-market.”
AI: Necessary to Remain Competitive?
Artificial intelligence is becoming essential across tech companies, with AI’s role in business manufacturing processes particularly gaining a lot of traction. As shown below, the market’s estimated value is $5.08 billion, and reports forecast rapid growth with the market expected to almost triple as AI-powered technology becomes vital in order to businesses to remain competitive. For LG, the introduction of AI will create automation in product testing and feedback, which will enable the company to reduce costs and time to market.
Through years of regular patenting, LG gained a substantial foothold in the AI space. Currently, the company has the fifth-largest patent portfolio in the AI tech sector. Now, LG is focused on producing products that use AI functionality — like its next-generation washing machine, AI DD. This AI-powered machine can identify clothing volume, weight, and fabric type to determine the most appropriate washing cycle.
Backed by its partnership with Altair, and access to cutting-edge simulation technology, don’t be surprised if you see LG launching more products like the AI DD washer in the future.
AI is changing how the world operates, and LG Electronics plans to be part of this disruption. Backed by its new partnership with Altair Electronics and the joint AI simulation project, we expect to see a more diversified catalog of product offerings from LG in the coming years.
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William works as a Product Specialist at PatSnap, with a focus on the Discovery Platform. He is pursuing a bachelor’s degree in Business Management at the University of Brighton. In his spare time, William enjoys sports and reading novels.