Will AI and IoT Merge To Create AiiOT by 2020?

Will AI and IoT Merge To Create AiiOT byAI, 2020?

By Sarah Scully

When people hear the technology terms Internet of Things (IoT) and Artificial Intelligence (AI), most consider modern advances of a cutting edge world that have been shown in movies from the decades like the Minority Report. Many of those predictions are presently happening as expected in this fourth industrial revolution that is right now changing the way the world works, particularly the factory automation and manufacturing industries, in all aspects. Although the full capability of AI and IoT are still in their relative earliest stages, these two technology superpowers are currently being combined across every industry in situations where problem-loving and information can improve results for all stakeholders.

The last extraordinary convergence of this magnitude happened in the late 1990s as the internet, and mobile phones were on a collision course that has changed the course of mankind’s history critically. Most people currently hold more computing power in the palm of their hand than was needed to put a man on the moon in 1969. The convergence of AI and IoT is going to do the very same thing on a significantly larger scale with AiioT.

IoT and AI are two discrete technologies that have a significant impact on different industry verticals. While Internet of Things(IoT) is the digital sensory system, AI turns into the brain that makes decisions that control the entire system. The deadly combination of AI and IoT – AiioT delivers intelligent and connected systems that are equipped for self-healing and self-correcting themselves.

Information is Power

The ability to catch a lot of data has exploded in the last 3-5 years. Alongside these advances come new dangers and concerns about security and privacy. Enormous volumes of company proprietary information and user data are enticing targets for government entities and dark web hackers around the globe. There are likewise new responsibilities that come along with this expanded capability.

Sensors would now be able to be applied to everything. This now implies that infinitely more data can be collected from each transaction or process in real-time. IoT devices are at the forefront of this data collection process in customer service departments, manufacturing environments, as well as consumer products in people’s homes. Any device with a chipset can be connected to a network and begin streaming large swaths of information every minute of every day.

Complex algorithms now give us the ability to do predictive analytics from each conceivable angle. Machine Learning (ML), a subset of AI (Artificial Intelligence), proceeds with upgrades workflows and simplify problem-solving for users with each new collaboration.

What is Value?

Companies would now be able to capture all the important data surrounding processes and issues and develop explicit solutions for real-world challenges inside the organization to improve efficiency, sustainability, and reliability.

As mentioned above, AI and IoT each are amazing superpowers in their own right, yet thanks to the idea of convergence, 1+1= 3. IoT improves the value of AI by permitting real-time signaling, connectivity, and data exchange. AI boosts the capabilities of IoT by applying ML to improve decision making.

Storage space, connection, and compute ended up being the establishment of the IoT. IoT and also Big Data supported stakeholders to understand the patterns as well as the relationship between various devices and sensors.

The very first generation of cloud-based IoT gave five fundamental abilities:

Save – The telemetry information is saved in versatile storage space systems called data lakes.
Refine – Big Data systems are utilized to procedure and furthermore examine the telemetry datasets.
Accumulate – Telemetry information from many tools as well as sensing units is assembled at the central place.
Analyze – The understandings from the Big Data systems were utilized to give the evaluation via abundant visualizations
Control – Device drivers and furthermore area designers regulate the gadgets dependent on the referrals from Big Data systems.

By integrating AI with commercial IoT, we incorporate a crucial capability to connected systems to Act on the data and signals.

AI goes past the visualizations by following up on the patterns as well as an association from the telemetry information. It ends up being the mind of the connected systems.

AI is going to turbocharge commercial IoT in two ways. It connects itself directly into the start (tools) and furthermore the end (evaluation) of the IoT worldview.

Industry Disruption

The well-respected minds like Dr. Peter Diamandis and Ray Kurzweil have predicted that we will have full digital integration between computers and humans by the year 2030. Between this and progressing advances in robotics and automation (also affected by AiioT), nearly 40% of the existing workforce could be replaced by technology within the next 5-10 years.

By 2023,

IoT will represent more than 83% of the entire AI chipsets market.
The Global general AI market will be almost $50.8 billion.
Worldwide AI in embedded IoT devices market will approach $26.2B.
The complete AI-driven networking solution market is predicted to reach $5.8 billion.
Over half of the enterprise organizations will use AI technology for networking.