Currently, the business world has changed drastically with the adoption of IoT. It is helping the businesses to gather a lot of data from various sources but wrapping around the massive head of data coming from multiple devices makes it challenging to collect and process the data.
Considering the future of IoT devices, it needs a lot of investment in the latest technologies, and the convergence of AI and IOT can revamp business functions and industries. The AI-enabled IoT mainly creates intelligent machines that can implement innovative behavior and supports decision-making with little or no human interference.
The IoT primarily deals with devices that interact utilizing the internet, and AI ensures that the machines learn from the data’s experience.
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Increasing Popularity of IoT in AI
There have been multiple businesses, which have already got their hands on both AI and IoT, which has become a part of their daily processes. There are many surveys where the amalgamation of AI in IoT is said to grow rapidly and increase benefits:
According to Markets and Markets, the global AI in IoT market size is expected to grow to USD 16.2 billion by 2024, at a CAGR of 26.0%.
Another report by Research and Markets states that embedded AI in support of IoT Things/Objects will reach $5.7B globally by 2025.
The report by Research and Markets also suggests that machine learning will become a key AI technology to realize the full potential of big data and IoT, particularly in edge computing platforms.
As per IBM’s Global C-Suite program, the executives have started reinventing their businesses by digitizing all their communications and interactions. Post the interview of a handful of C-Suite executives, it was found that almost 195 of the respondents were inclined towards exploring the benefits of AI in IoT.
Where does AI unlock IoT?
At the core of IoT, it is all about sensors that are implemented by machines that offer the data streams through the connectivity of the internet. All the IoT-related services follow some basic steps: create, aggregate, communicate, analyze, and act. The value of the act mainly depends on penultimate analysis.
Both MNC’s and start-ups have preferred to use AI technology to unleash the full potential of IoT, as they know it will be highly effective in the coming days. Many of the top-notch vendors of the IoT platforms, such as Salesforce, Microsoft, Amazon, Oracle, have begun to consolidate AI capabilities into AI applications.
The analysis step primarily determines the precise value of IoT and where AI technology plays a vital role.
Critical Role of AI and IoT In Business
Improved customer experience
The customer experience mainly improves the AIoT devices that are available. It is primarily because these devices can learn the user preference and adjust as per it.
Thanks to the AI-integrated IoT, one can surely experience related intelligence because of predictive analysis and adaptive analytics.
Minimized unplanned downtime
One of the most common issues in the industrial setup includes machine failures and breakdowns. The unexpected rest can cause a lot of monetary loss. But the problem can be solved in no time with the help of AIOT that helps monitor the equipment besides identifying the patterns that help predict machine failures.
New products and services
Integrating AI and IoT in business can help create unique and robust products and services that can collect and analyze the data to make human-like decisions depending on the situation.
AI embedded IoT services can help in strict monitoring of the tasks. For example, google maps can come in handy when one needs to choose routes. They can monitor real-time traffic and provide people information, including the time to reach a place.
Better risk management
By blending AI and IOT in business, it help us understand and predict several risks and automate processes for streamlining responses and making time for more valuable tasks. It allows people to handle financial losses besides cyber threats.
The real-world examples of IoT and AI
- Smart homes – Smart homes mainly have devices connected with a blend of IoT and AI. They make lives relatively easy. For instance, smart homes can allow people to turn off and switch on the appliances as and when they wish.
- Traffic management – Traffic is mainly a real issue in urban areas, and there is a constant need for efficient management of traffic to avoid congestion. It can be quite challenging to monitor all by humans as it might lead to chaos and confusion. The real-time traffic is managed in no time by using drones, and large areas can be covered.
- Self-driving cars – Self-driving cars are another example of IoT and AI. They have sensors and powered AI that allows cars to make human-like decisions by understanding conditions prevailing around them.
- Agriculture and Farming – According to Business Insider’s report by the UN, the global agriculture production will rise from 2010 to 2050, and to meet the demand of such a big population, AI and IoT are being utilized by farmers for analytics and huge production capabilities. Precision Farming and Smart Agriculture are becoming the next big thing in the IoT market.
- Healthcare System – Remote patient monitoring, heart-rate monitoring, ingestible sensors, and so on, these digital trends in healthcare are not the future technology because they are the technology of the present day. Internet of Medical things (IoMT) is the new technology that is helping the patients and doctors both to monitor and support important data for making decisions and access the medical service to a wide population at ease.
Hence, a blend of IoT and AI can lead to the formation of powerful technology and make lives more manageable and innovative by offering devices the ability to collect information. It can also make several tasks easy, so IoT and AI are here to stay.
With various advances in AI, communications, and analytics, IoT devices are taking over pretty much every space of technology. Besides, the declining equipment costs make it feasible to implant sensors and networks in pretty much any device possible.
The sooner businesses adopt AI in IoT, the more benefits they would be able to reap in the longer duration.