Source: artificial intelligence
Even though the full optimization of AI and the IoT is relatively far away, the two technologies are now being combined across industries in scenarios where problem-solving and information can improve outcomes for all stakeholders.
Last such great convergence occurred in the late 1990s as mobile phones and the internet collided to change the course of human history. The convergence of AI and the IoT will bring in a similar revolution on an even grander scale.
The ability to capture data through IoT is a large scale evolution that has exploded on the scene over the past five years. These new advancements have been accompanied by new concerns and threats associated with privacy and security. Large volumes of confidential company information and user data are tempting targets for dark web hackers as well as the global government entities. The high level of risk has also brought in newer and more responsibilities that accompany the increased capability.
Sensors are now applied to almost everything. This indicates that infinitely more data can be collected from every transaction or process in real-time. IoT devices are the front line of the data collection process in manufacturing environments and also in the customer service departments. Any device with a chipset can potentially be connected to a network and begin streaming data 24/7.
Complex algorithms allow performing predictive analytics from all conceivable angles. Machine learning (ML), a subset of AI, continues to upgrade workflows and simplify problem-solving. Companies now capture all the meaningful data surrounding their processes and problems to develop specific solutions for real challenges within the organization, improving efficiency, reliability, and sustainability.
While IoT and AI are impressive superpowers in their own capacity, thanks to the concept of convergence, their power doubles as IoT enhances the value of AI allowing real-time connectivity, data exchange, and signaling. AI enriches the capabilities of the IoT by applying ML to improve decision making.
Industries are now referring to this convergence as “AIoT.” Presently, many AIoT applications are relatively massive, as companies build the expertise and required systems to deploy for supporting these powerful technologies across their organizations. The future will witness this convergence allowing more optimization and networking, creating even more value.
Experts have predicted a full digital integration between computers and humans by the year 2030. Between this and ongoing advances in robotics and automation, up to 40% of the current workforce could be replaced by technology in the next 10-15 years, by 2023. The predictions continue as:
- The total AI-driven networking solution market will grow up to $5.8 billion.
- The IoT will represent 83% of the entire AI chipsets market.
- The global general Artificial Intelligence market will reach $50.8 billion.
- The global Artificial Intelligence in embedded IoT devices market will reach $26.2 billion.
- More than 50% of firms will leverage AI technology for networking.
Hardware manufacturers and solutions providers are already in full swing to leverage this tech convergence and position themselves in a position of favor in the evolving industrial landscape. Innovative companies like Amazon are offering training and re-education opportunities for employees in soon-to-be-obsolete job functions with such technology convergence hitting the market.
Convergence is a concept everyone should become familiar with, as every technology, discoveries, and advances will witness convergence in the future to innovate and disrupt the way the industries function.