AI being an ubiquitous technology has a vital role to play in the revolution of emerging technologies. Specifically, when IoT is in its revolutionary phase, its amalgamation with AI can transform the future technological landscape.
According to a report, the global AI market which was valued at US$ 20.67 billion 2018 is projected to hit US$ 202.57 billion by 2026 growing with a CAGR of 33.1 percent during the forecast period. On the other hand, the global IoT market valued at US$ 190 billion in 2018 is projected to reach US$ 1,102.6 billion by 2026 at a CAGR of 24.7 percent during the projected year.
As it is clear from the prediction that both of them are fast-growing digital technologies in current times. To grow and advance in isolation is not practical for any technology. Similarly, in the case of IoT and AI, both the technologies intersect for their individual and collective growth while providing a variety of solutions.
IoT applications and the number of non-computing devices are generating enormous data mostly in the form of unstructured data and No SQL formats. This subsequently means that computer connected with IoT devices find it difficult to make use of raw data. Here comes AI into the picture. The subsets of AI – M2M communication technology, Machine Learning, Deep Learning, Natural Language Processing, and others are capable of running an analysis of abstract data. Interestingly, the AI process on big data is quite fast and it can provide real-time responses to the other connected devices or interface where humans can act rapidly.
The combination of AI and IoT can device adaptive learning and analytical system to get insights into business processes. This amalgamation enhances the sync of processes, communications, and integrations further. They tend to intimate the business to take necessary actions to keep pace with changes.
AI and IoT together make the business system intelligent, self-learning, and cognitive. AI-driven IoT system automates the business processes and facilitates a collaborative environment. The combination also helps boost the productivity and performance of the system and eases the maintenance.
Belonging to a mutually different history of evolution, yet these two technologies have many similarities between them. AI and IoT both favor automation of business processes and take various domains at the next level.
Both technologies have the capability of initiating transformation from product-oriented to service-oriented models. AI and IoT offer new value propositions and Simultaneous Localization & Mapping (SLAM) technologies used by Drones performing in disaster management.
Using IoT where on one hand, businesses are making machines connected and communicate with the entire network to generate big data, employing AI along with Internet of Things they can make such data more useful and meaningful to serve across the industry. The combined application of AI and IoT demonstrates significant trends and futuristic use cases for technologists who are willing to make sense of the myriad of connected devices in the coming years. Also, according to Gartner, by 2022, more than 80 percent of enterprise IoT projects will include an AI component, up from only 10 percent today.