A lot of new market opportunities and technological advancements have begun to appear with the convergence of AI and IoT.
Ours is an era of technological advancements. Internet of Things (IoT) and AI are two tools that have contributed significantly to the revolution of technology. Top-notch organizations are leveraging AI-enabled IoT devices to achieve a higher level of functionality and business growth. In layman’s terms, AI is the brain and IoT forms the body. Artificial Intelligence is all about making the system behave like a human by processing information provided by IoT devices whereas the Internet of things is an ecosystem of connected devices made of sensors that breaks down multiple data via the internet. When they are combined, they altogether bring out a new degree of intelligence in the market.
THE AGE OF BIG-DATA
In the past few decades, AI and IoT have seen a rapid leap to mainstream and professional applications in their domains. The Impact of IoT is hugely felt in the B2B sector. To illustrate, IoT is embedded with sensors, electronics, and software enabling them to connect with multiple devices and exchange data sans human intervention. Today, this has helped enterprises to modify their approach towards business operations. Inventory tracking and management, data-sharing, smart workplace, Productivity, and efficiency are some of the benefits of IoT in Business.
Likewise, recent times have witnessed AI flourish in mainstream applications. What makes AI stand out is its ability to bring IoT device to its full potential. For instance, when a huge amount of data is collected by IoT, the processing of this data requires diligent and thorough analysis that is exclusively done through AI-based analysis. It guides in extracting essential and useful insights to make a sensible decision of the big-data. Smart personal assistants, security surveillance, self-driven cars, emotion and face recognition, etc. are some of the known AI applications used widely by consumers and enterprises.
PILOTING TOWARDS THE FUTURE
AI is the pilot to the future of IoT. AI and IoT devices work wonders individually but when they are combined, they create world-transforming technology. Offering a higher level of functionality, reliability and product utilization, AI-powered IoT devices are transcending beyond the traditional product boundaries. The market has seen noteworthy investments in combining these two technologies, leading to the creation of new markets and opportunities. With the help of AI algorithms and IoT platforms, they have tapped into Industries such as Retail, Healthcare, Security services, Hospitality, and the digital space. In particular, Taiwan is a recognized world leader in hardware manufacturing and has been at the forefront of creating world-leading AI on-demand solutions. Innovation, Collaboration, and Inspiration are the core of Taiwan’s AI vision. Its main aim is to be an important partner in the value chain of a global intelligent system by developing AI-enabled IoT devices. One of Taiwan’s unique AI-enabled product is ProtectLife – the analyser is designed to facilitate quick and simultaneous monitoring of biomarkers in a micro-sample. It can be easily posted at clinics, care centers, nursing homes, ambulance, community health centers, schools, corporate health centers, in the remotest areas. Advantech,Moxa, Qnap, Aifa, and Avisionare some of the popular AI consumer products widely used in Taiwan.
CUSTOMER-CONVENIENCE AT CORE
The modern times have propelled organizations to employ emerging technologies to achieve market expansion and customer satisfaction. The combination of AI and IoT helps enterprises to use real-time and post-event processing data to their benefit. For instance, AI-powered IoT can be utilized to make an entire city smart just as the smart home concept but on a larger scale. Within the smart city, it can aid in water management, drainage system, transportation system, road and rail management, safety & security aspects of the entire city. It can also provide virtual shopping experience, analyze factory data to forecast demand and supply, identify fraudulent activities in online transactions, Emotional analysis and many more.
In overview, a lot of new market opportunities and technological advancements have begun to appear with the convergence of AI and IoT.
Authored by: Steven Liu, Director, TAITRA, Kolkata Office