Artificial Intelligence combination with IOT: Digitalize the physical world.

4th industrial revolution brings a new era full of change and opportunities as well as important challenges. Industry 4.0 is consisted of several large innovations, among which both IoT (Internet of Things) and AI (Artificial Intelligence) are considered important levers of modernization and process improvement. Moreover, the Internet of things have blurred the line between the Internet and digital world while AI make it to process in less time. Although IOT is not a new term in digital world but when combined with AI may trigger ignition of all-pervasive connectivity transforming economies and societies. Combining these two technologies opens many opportunities and a quick solution to join the physical world and the digital world.  By 2023, the worldwide number of IoT-connected devices is predicted to increase to 43 billion, three times more than 2018.- (McKinsey). So, what caused for the surge in demand for AI and IOT? How can AI help IOT to reach to the next level? And what are the conclusions of combining these two digital twins? Let’s discuss all in this interesting blog.

What caused for the increase in demand for AI and IOT?

AI systems offer fast response, tailored approach, highly accurate information, and fewer prolixity—all these key factors are important to regain high efficiency in an enterprise. AI merge data from various resources and uses it as a knowledge store, which provides accurate predictions in connection with consumer needs. The global AI market size was estimated at USD 62.35 billion in 2020 and is expected to reach USD 93.53 billion in 2021. Demand for conversational AI has been increasing to the forefront of technology enablers. Covid-19 has accelerated the adoption of AI in different sectors profoundly.

Internet of Things (IoT) consist of devices, services and solutions which have connectivity feature with internet. The devices are embedded with sensors, chips, and others which are efficiently operate various tasks with less time-consuming methods. Increasing usage of internet along with smart phone users around the world is one of the key factors which are responsible for the increase in demand for IOT. The global internet of things (IoT) market reached USD 598.2 Billion in 2015 and the market is expected to reach USD 724.2 Billion by 2023.

How can AI help IOT to reach to the next level?

The exact value of IoT is determined at its analysis step. This is where the AI technology represents a crucial role. The artificial intelligence combined with IoT succeeds in getting the following productive solutions:

• Manage, analyze and obtain meaningful insights from data
• Ensure fast and accurate analysis
• Balance requirements for localized and centralized intelligence
• Balance personalization with confidentiality and data privacy
• Maintain security against cyber attack

Source: (https://www.clariontech.com/blog/ai-and-iot-blended-what-it-is-and-why-it-matters)

 

IoT and AI help companies understand and predict different risky scenarios in the companies. Data collected is anlyzed using AI to alert the management before the occurrence. AI and IoT when combined can help employees in selecting tasks that can be automated and fine-tuned to increase efficiency which results in faster decisions.  AI make IOT more scalable by reducing the large volume of data to a manageable level and allows you to add as many devices as important to the IoT network. Using AI, company can understand customer behavior which may help manufacturers to streamline their R&D. IOT has been helping by implementing preventive maintenance that reduces cost due to downtime. AI proposes real-time data analytics which ensures that derived insights are productive for the companies. AI in IoT applications can help you enhance data security and prevent hackers from stealing your precious data with restricted access. AI can increase user experience by its predictive analytics. The aim of investing in modern technology is to make the right decision for the business and AI and IoT  provide the essential support to make this possible.

Conclusion:

Artificial intelligence plays a pivotal role in IoT applications and deployments. If your company has plans for having IoT-based solutions, then include AI as well. The Internet of Things (IoT) creates a real-time, digital image of physical objects as well as a connection to existing digital systems. IoT opens avenues of a whole new world of opportunities particularly in combination with artificial intelligence (AI). These two are the perfect partner for growth. AI and IOT displays no sign of slowing down.

“The future is ours to shape. I feel we are in a race that we need to win. It’s a race between the growing power of the technology and the growing wisdom we need to manage it.” ~Max Tegmark

 

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