With the introduction of IoT, the corporate world of today is changing. IoT (Internet of Things) is assisting in notably collecting a massive quantity of data from many sources. Wrapping around the plethora of data flowing from numerous IoT devices, on the other hand, complicates data collection, processing, and analysis.
Realizing the full potential and future of IoT devices will need an investment in new technology. The confluence of AI (Artificial Intelligence) with IoT can reshape industries, businesses, and economies. AI-enabled IoT produces intelligent devices that mimic intelligent behaviour and assist in decision-making with little or no human intervention.
Combining IoT & AI streams helps both the general public and experts. While IoT is concerned with devices communicating through the internet, AI enables things to learn from their data and experience.
If you want to build custom IoT apps, you can reach out to a reliable IoT software development company. While doing so, make sure that they are experts in their field and maintain strict security for their client’s data.
Expected Growth Of IoT & AI
Artificial intelligence (AI) and machine learning (ML) services in the Internet of Things (IoT) sector are projected to increase by 40% per year, reaching $3.6 billion (£2.6 billion) in revenue by 2026.
The results of a recent study from global technology consulting company ABI Research show that the value in the technology stack is moving away from hardware and middleware and toward analytics and value-added services.
Indeed, although COVID-19 had a detrimental effect on several sectors, it seems to have spurred development in the IoT data analytics industry.
By establishing centralized repositories for COVID-19 data, companies like AWS, C3, and Google have effectively marketed their products and analytical capabilities.
These data leaks are now public and unmonetized. However, ABI Research anticipates that these firms will try to develop solutions based on this data for sale to the healthcare industry in the future.
In terms of technology, data lakes may be the initial step in developing and testing data visibility and streaming analytics services. COVID-19 demonstrated the public cloud’s healthcare sector aspirations, including pharmaceutical, biomedicine, and telemedicine.
While big data and data analytics did not cure the virus, IoT-data-enabled solutions were critical in reducing public concern, monitoring patients, and planning infrastructure for future outbreaks.
This significance helps to explain the industry’s anticipated development as AI-based IoT solutions continue to evolve.
Benefits of AI
The study of teaching computers to mimic human cognitive processes via learning and automation is known as artificial intelligence (or AI). AI allows computers to learn from their mistakes and improve by using specialized algorithms. For example, machines can accomplish the following with AI-powered technologies: Interpret, translate, analyze, and create human language and speech; process, understand, and analyze photos and images; analyze and comprehend complex patterns in huge quantities of data; and demonstrate deep learning abilities.
Tracking your products operations
AI allows computers to process and evaluate large amounts of data properly. IoT devices include chips and sensors that allow them to collect and analyze data. AI can use collected data to discover patterns and automate activities more effectively. So stated, AI analyses and makes sense of data received by IoT devices. Automation and artificial intelligence (AI) have the potential to transform the way businesses operate. As an IoT device maker, you can monitor the activities of devices that may transmit important data insights. For example, you may receive information when anything in your device isn’t working correctly and send a service notice to the device’s owner. If you have AI evaluating data from all of your devices, you can enhance and avoid future crashes.
Automation has long been utilized to enhance production, safety, and resource use. However, automation, or the replacement of human work by machines, is now a thing of the past. Modern technology automates activities and choices by using AI algorithms intended to analyze huge amounts of data. Automation may take many forms. IoT devices, for example, may perform certain tasks automatically without the need for human intervention. And AI enables this scenario by generating predictions and taking actions based on sensor data.
Better safety standards
AI is being used by an increasing number of companies in risk assessment and management. According to a recent study, AI can aid building by selecting projects based on risk indicators. Similarly, AI can assist IoT devices in assessing danger signs. Having your IoT devices continuously monitored in real-time may offer risk assessment on a scale that humans will never be able to achieve. Furthermore, because AI can detect hazards more accurately, you may enhance your company’s safety standards appropriately. Another advantage of utilizing AI for IoT is the identification of fraud. AI’s amazing collection of algorithms enables us to identify and prevent possible scams.
Improving customer experiences
AI-powered gadgets equipped with smart sensors have the potential to enhance consumer experiences significantly. Artificial intelligence-enabled gadgets may learn from user preferences and modify their apps accordingly. Intelligent prediction and customization may help to improve the consumer experience. For example, AI allows thermostats in smart houses to adjust room temperature individually for each family member.
The IoT industry is also expanding at a breakneck speed, thanks to a confluence of variables shown in the figure below, including lower data storage costs, the introduction of cloud and fog computing, increased data transmission capabilities, and a plethora of IoT sector investment.
IoT in the workplace
Because of the consumer-centric nature of the IoT narrative, it seems that our homes are outsmarting the workplace when it comes to adopting linked technologies. However, we are on the verge of a more IoT-enabled age in the workplace. As a result, workers will be better connected and their surroundings for improved collaboration and efficiency.
Industry observers are already speculating about robotic colleagues and document delivery by smartwatch as the workplace of the future, with Robo receptionists and automated moving tea and coffee stations already being tested. While widespread adoption may be some time away, apps that enable more natural reactions to situational changes are gaining momentum for the time being.
Embedded sensors that optimize workplace lighting and temperature increase comfort while lowering energy costs. In contrast, motion sensors that detect room occupancy may eliminate the waste of double bookings via automated meeting scheduling.
What does the future hold for IoT?
A strong infusion of AI will herald the upcoming wave of IoT by providing the pace and precision of large data analysis needed to deal with approximately 8 billion linked devices predicted to be made use of by Gartner in 2017. If coupled, IoT & AI offer the potential of a more integrated era.
While chatbots are arguably amongst the most obvious manifestations of the new age of machine learning, they scrape the surface. In general, an AI-driven age of IoT will usher in a more seamless experience and heightened interconnectedness as users flit from one device to another across various settings and the real and virtual worlds to produce what has been dubbed the ambient user experience.
Transactions grow more immersive, customized, and personalized, and interfaces become more invisible as ‘things’ happen as the environment reacts intuitively and interpretively to the variety of data without the need for analysts.
Gadgets and sensors that can be worn and are intelligent enough to comprehend the relevance and guard our physiology. They also drive particular health-related objectives, and notify us regarding any issues are a single sphere ripe for advancement.
Our society is at the verge of witnessing a rapid increase in the number of sensors that will be seamlessly integrated into all aspects of everyone’s lives, working cognitively while embedded in the mattresses people sleep on or in their car steering wheel to constantly monitor people’s physical state and report the facts – if individuals want it that way, of course.
Given the rapid growth of the Internet of Things in recent years, it is anticipated that more gadgets will join the network in the future. IoT & AI go hand in hand. We live in an era in which artificial intelligence can tackle previously intractable issues.
IoT& AI, when coupled, alter the technological environment. AI is important in IoT because it automates processes, evaluates data, and enhances safety and consumer experiences. It may also manage resources such as energy, making your goods more environmentally friendly. It is anticipated that AI will be the future of IoT since a growing number of businesses use it in various situations. We hope this post has given you a better understanding of how artificial intelligence impacts the Internet of Things.
About the author: Rachita Nayar
Rachita Nayar is a professional writer. She has a penchant for writing and is involved in many projects throughout the world. Currently, she works with a blockchain, AI and IoT development company that allows her to explore the domain and hone her skills further by learning about blockchain and spreading the knowledge.