The Business Inside: What will happen if Artificial Intelligence meets Internet of Things?

Believe it or not, the Internet of Things is already transforming the way we manage devices at work, home, and all over the cities. It is gathering a huge amount of datasets from the connected devices and keeping track of our online activities. Three major technologies are empowering the IoT concept:

  • 5G Networks: New mobile network technology with extremely fast and real-time data processing with near-zero latency.
  • Big Data: Large volumes of data collected from multiple internet-connected sources that can’t be processed with normal means.
  • Artificial Intelligence: Intelligence programming to enable devices to learn, process information, and reason like humans.

And now, IoT and AI will merge to create the next generation of a smart, connected network of devices that will seamlessly communicate over powerful 5G networks. It will allow us to unleash the power of data faster and better than ever.

Artificial Intelligence & IoT are the Superpowers of Innovation

IoT enabled devices to use the internet speed to collect, communicate, and exchange information related to our online activities. IoT devices all around the world generate over 1 Billion GB of data every day. According to experts, there will be around 4.2 billion IoT devices all around the world. As these device numbers grow, the swaths of data will grow too.

And that’s where Artificial Intelligence would step in to play its role. It will utilize its learning capabilities to empower IoT connectivity. You can also call this combination, AIoT.

AIoT impact

AIoT would make its impact on four major segments that are given below:

Smart Home

The concept of a smart home is way too old. But there’s still a lot of work to do to make it a complete reality. A house that responds to your command, in which everything works by your voice. Right now, there are very few people who have access to smart home technology. You can count their numbers of your fingers. I’m not talking about Alexa or Siri. Having only these gadgets don’t make your house smart.

Smart homes can leverage lighting, appliances, electronic devices, and more. They can learn from the homeowner’s habits to develop automated support. It will bring additional perks to improve energy efficiency. Between 2020-2025, the market of smart home technology is expected to rise at a compound annual growth rate of 25%, making it a $246 billion industry.

Smart Industry

As the COVID-19 pandemic hit hard to business sectors, industries from mining to manufacturing are now relying on digital transformation to reduce human error, improve efficiency, and to be ready for the future. From supply chain sensors to real-time data analytics, AIoT devices can help in preventing costly errors in the industry. According to Gartner reports, over 80% of enterprise IoT projects will utilize AI by 2022.

Wearables

Wearables such as smartwatches continuously track and monitor user health, habits, and preferences. Right now, it is one of the essential applications in the health-tech sector. Even in the sports and fitness domain, it is one of the highly utilized devices worldwide. The tech research firm Gartner says that by 2023, the global wearable device market will witness the rise of more than $87 billion in revenue.

Smart City

People are moving from rural areas to urban cities in search of better opportunities and lifestyles. Cities are becoming much safer, a convenient place to live compared to rural areas. With the smart city innovations gaining pace, and more investment is done by private and governmental sectors in public safety, energy efficiency, and transport, the days are not far when flying cars will become a common thing.

Utilizing AI in traffic control is already under progress. In New Delhi, home to some of the world’s most traffic-congested roads, an Intelligent Transport Management System (ITMS) is in use to make ‘real-time dynamic decisions on traffic flows.’

In the upcoming years, the AIoT fusion will become more mainstream, and it will push the boundaries of intelligent learning and data processing far ahead in years to come.

One thought on “The Business Inside: What will happen if Artificial Intelligence meets Internet of Things?

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s