With technology’s evolving and ever-increasing role in every sphere of modern life, it is ideal for businesses to adapt to future trends and stay ahead of the game. AI and IoT are indisputably the future of business in almost every industry – studies have already proved these technological innovations’ immense impact on our day-to-day activities. Asia Research Partners explores the ever-expanding reach of AI and IoT in varied industries and lays down a detailed report on the trends and what to look forward to in this space.
Here’s a comprehensive look at all you need to know about the role of Artificial Intelligence and the Internet of Things in current and future business growth:
IoT and AI
Artificial Intelligence is the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. It is based on the principle that human intelligence can be defined in a way machines can easily mimic and use to execute simple to complex tasks. Machine Learning uses algorithms to parse data, learn from it, and make informed decisions based on what it has learned. Deep Learning structures algorithms in layers to create an “artificial neural network” that can learn and make intelligent decisions on its own.
The Internet of Things (IoT) describes the network of physical objects embedded with sensors, software, and other technologies to connect and exchange data with other devices and systems over the Internet. It is the inter-networking of physical devices like vehicles, buildings, electronic devices, sensors, actuators, etc., that are capable of communicating among themselves (sensor1 to sensor2, sensor 2 to sensor3, and so on) or with the external environment (sensor to vehicles, vehicles to humans) that are equipped with devices capable of communicating over a network.
Penetration of Technology
The mass amount of information they are generating has the power to radically transform everything from consumer preferences to business landscapes to the design and functioning of entire cities, allowing them to work more effectively and profitably than ever before.
- The global AI in IoT market was USD 4 billion in 2018 and is expected to reach around USD 19.9 billion by 2025.
- Every second, 127 new IoT devices connect to the internet, and AI can boost business output by up to 40%.
Challenges & Opportunities
AI is capable of getting absorbed in businesses to enhance their productivity and save time. The typical areas include:
- Inventory Tracking & Management
- Data Sharing & Perception
- Enhanced Customer Experience
- Efficient Hiring Process
- Data Mining
- Operational Automation
The challenges, on the other hand, are data related. Data security and privacy are two of the most significant challenges for businesses. Data theft in IoT is the most considerable risk in front of companies.
Major Players & Industries
Retail, Healthcare, and Education are the industries that benefit most from artificial intelligence and robotic process automation. The personal assistance industry, including Apple Siri and Alexa, relies extensively on AI and Voice Recognition Tools.
Robotic Process Automation has a positive snowball effect on business operations and outcomes. RPA delivers measurable business benefits right out of the gate—think cost reduction, greater accuracy, and delivery speed—then continues to add value as it picks up momentum and spreads across the organization and is heavily used in automobiles, FMCGs, etc.
AI in Fintech would include image recognition, voice payments, UPI payments, e-cards, smart investor tools, etc.
AI in Market Research
Artificial Intelligence is emerging as a game changer in this space by combing vast data sets at jet speed. AI can not only deliver quality insights but also, through constant learning, make sound decisions. AI helps in market research in the following ways:
- Improving the Efficiency of Existing Workflows
- Affective Computing
- Recognizing Patterns
- Conversational AI Chatbots
- Real-time Insights Powered by IoT
- Virtual Market Research & Forecasting
- Conducting Secondary Research
IoT would produce vast amounts of data due to the rapid growth of devices and sensors. This data would be beneficial for predicting natural calamities, accidents, and crimes -help doctors get real-time information from medical equipment, optimize productivity across industries, provide predictive maintenance on equipment and machinery, create smart homes with connected appliances, and provide critical communication between self-driving cars. The possibilities are endless.
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