Gartner expects that more than 80%of enterprise IoT will have some degree of AI.
In the AI in the IoT market by technology, the ML and deep learning technology segment to hold a larger market size during the forecast period. ML can become a robust analytical tool for vast volumes of data. The combination of ML and edge computing can filter most of the noise collected by IoT devices and leave the relevant data to be analyzed by the edge and cloud analytic engines.
Internet of Things (IoT) is a growing network of objects that has its own IP address to connect to the internet along with the communication between these physical objects. The AI in IoT market is gaining acceptance globally, owing to its rising demand by industrial sectors, enterprises, companies, and business that have already implemented or are in the process of implementing AI in IoT to efficiently manage work. AI is playing a vital role in IoT as the former has secured its place in numerous sectors, such as vision sensors, to identify accuracy, product orientation, and enhanced process flow by decreasing waste and removing defective products.
By component, the AI in IoT market is fragmented into platforms, services (professional and managed), and software solutions. Focusing on analytics to improve productivity and efficiency is a must for enterprises to survive in today’s competitive business. Combining AI in IoT involves transformation, the study of data, and a clear interpretation of various sourced information. Transformation should take place throughout the entire organization, including technology, personnel, and operations.
“MarketsandMarkets forecasts the global AI in IoT market size to grow from USD 5.1 billion in 2019 to USD 16.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period.”
AI and IoT are combining to provide greater visibility and control of the wide array of devices and sensors connected to the internet. IoT is transforming business models by helping companies move from simply making products and services to companies that give their customers desired outcomes. The combination of IoT and AI is changing many industries and the relationships that businesses have with its customers. Businesses can now collect and transform data into usable and valuable information with IoT.
Individually, artificial intelligence (AI) and the Internet of Things (IoT) are powerful, but when combined, these emerging technologies allow enterprises to achieve true digital transformation. The combination of these two solutions, which is collectively known as a IoT, can disrupt entire industries. Whether an organization is using IoT and AI to engage customers, implement conversational agents for customers, customize user experiences, obtain analytics, or optimize productivity with insights and predictions, the use of IoT and AI creates a dynamic where companies are able to gain high-quality insight into every piece of data, from what customers are actually looking at and touching to how employees, suppliers, and partners are interacting with different aspects of the ecosystem.
The combination of AI and IoT is expected to become a multi-billion dollar market by 2023, says ResearchAndMarkets.com.
The advantage of combining AI with IoT – IoT devices collect all the data and transfer it to cloud or any other space where data can be accumulated through the internet. AI acts as the brain of AIoT and helps in decision making and simulating the machines to act or respond.
