Bosch Power Tools parent Bosch Group has revealed that connected products and tools are integral to its growth plans. As part of its 2020 financial report, Bosch said "we want to become a leading AIoT (Artificial Intelligence and Internet of Things) company.
Believing that AIoT will provide "growth opportunities in markets worth billions", Bosch said it has already sold more than 10 million connectivity-enabled power tools, home appliances, and heating systems. More than 90% of all Bosch electronic products already feature connectivity.
“By investing in areas of future importance, such as sustainable mobility, the internet of things, and artificial intelligence, we are further expanding our innovation leadership," said Chairman of the Board Dr Volkmar Denner.
Bosch set up BCAI (Bosch Centre for Artificial Intelligence) in early 2017 and now contributes around €300 million to the financial results.
The statements came as part of Bosch's 2020 results revealed a mild 4.4% drop in total Bosch Group sales (€71.6 billion). Consumer goods sales increased 5.2% to €18.6 billion. “Despite the effects of the pandemic, we were able to achieve a very positive result. Above all, we have the extraordinary commitment of our associates to thank for that.”
Bosch expects the global economy to recover slowly in 2021. After contracting by around 4.5% last year, Bosch anticipates growth of just under 4% this year.
Bosch is also continuing to focus on sustainable business practices. The company marked a significant milestone in spring 2020, achieving climate neutrality at its 400 locations worldwide. Bosch’s next goal is a 15% reduction in CO₂ emissions along the supply chain by 2030.