The IoT global market revenue will reach approximately USD 1.1 trillion by 2025, predicts IDC.
IDC also says that the global IoT connections will rise with a 17 percent Compound Annual Growth Rate (CAGR) from 7 billion to 25 billion between the years 2017 to 2025.
Back in 2018, Sophia a humanoid robot performed a duet with Jimmy Fallon at his show. This performance left the audience awestruck. The entire world was spellbound of how Sophia (humanoid robot) could showcase human emotion while performing the song.
David Hanson, an American roboticist, who is the founder and Chief Executive Officer of Hanson Robotics, not only invented AI that could mirror human intelligence but also enabled it to show human emotion.
A major breakthrough in the technology world.
Well, this is just a teaser of what’s coming for us.
While we’re here sitting in an era where science fiction is a popular genre of books has already engulfed how AI will be seen at the forefront – we’re already living in the future that’s beyond AI.
With leaps and bounds in the tech industry, AI holds a lot more in the technology world. Combining it with IoT has only further enhanced the usage of both the technologies. While IoT enables connecting two or more sensors, platforms, objects or networks to enable data transmission for several applications, AI offers the capability of analyzing the most critical information easily – providing valuable insights and making highly informed decisions.
This simply means that smart AI experts will get the opportunity to bring in new IoT-enabled solutions to life.
The Internet of Things (IoT), What Is It?
IoT is described as the network of physical objects. For instance, these can be “things” that can be embedded with technologies, software or sensors that further helps in connecting or the exchange of data with other devices or systems via the internet or vice versa.
Now, these devices could be a simple ordinary household object or even sophisticated industrial tools.
There are over 8.3 billion IoT devices connected today. The growth further projects to grow to 10 billion by next year (2020) and 22 billion in 2025.
Do You Have the Slightest Idea How AI and IoT Are Ruling the Technology World? Here Are Some Burning Statistics:
- 80 percent of all enterprise IoT projects to include AI as a major component by 2022, says Gartner.
- 41 percent of consumers believe AI will ease their lives.
- Every second, there are 127 IoT devices that are getting connected to the internet.
- By 2025, it’s expected that there will be around 44 billion IoT devices worldwide, a report by Statista.
Artificial Intelligence and IoT – AI to Boost the Internet of Things (IoT)
If you’re wondering how AI is being used with IoT, here are a few perfect examples for you to understand.
1) ET City Brain
Created by Alibaba Cloud, ET City Brain is an AI platform solution which helps in optimizing the usage of public urban resources. This has been successfully implemented in Hangzhou, China that led to a decrease in traffic by 15 percent.
The ET City Brain not only helped detect road accidents and illegal parking but also helps ambulances reach their destinations by changing the traffic signals.
2) Classroom Monitoring System
You’ve probably heard of the classroom monitoring system. Although this has raised certain controversy, a high school in Hangzhou, China is already making use of this system.
This camera scans the room once per 30 seconds. The algorithm is then able to determine the emotions of the student (sad, happy, angry or bored, etc.) along with their behavior such as writing, reading or raising their hand.
According to the Vice-principal of the school, it’s said that the system is managed locally and the behavior is focused on the entire class and not a single individual.
The data gathered is through cameras and the next step which is the image recognition step is done at the local servers.
3) Tesla’s Autopilot
The Tesla autopilot system enables GPS, sonars, cameras and forward-looking radars, in combination with specialized hardware, through which data can be fully utilized and coupled into Neural Network Architectures. This works like a self-enclosed system that gathers information from the sensors and further uses the Neural Network model that determines the next change in the movement of the car.
Dearth for talent and lack of expertise in the IoT market reveals the upsurge for AI professionals – AI specialists and AI engineers.
Artificial Intelligence-Driven IoT: The Impact on Various Industries
- Smart buildings – smart sensors that predict events and increase security by preventing accidents like fire, flooding or short circuits.
- Smart homes – the emergence of smart homes aims at making our lives easier by providing a chance where devices can be controlled regardless of the location. In the U.S., the smart home market is expected to hit 28 percent of households by 2021.
- Airlines – sensors are already being used on aircraft to monitor and prevent various errors and risks even before they happen.
- Oil rigs – most oil industries tend to invest a huge amount of money in oil drilling machinery. This type of machinery, when fails to function, incurs huge amounts of losses to the companies. All thanks to IoT, smart sensors can now be easily attached to the machinery. Doing so signals and provides preventative maintenance analysis cutting down operational costs.
- Manufacturing – industries such as automobiles, household appliances, aircraft, mining, food and beverage have started integrating smart sensors into their machinery that helps them with analysis enhancing their efficiency.
Demystifying the Power of AI and IoT
AI and IoT are inseparable. The entire idea of artificial intelligence is to capture more actionable data from IoT devices.
The Internet of Things is already disrupting various industries impacting human lives in several ways.
Precisely, AI is more about making machines put in intelligent behavior. Whilst, the function of IoT is to make these machines connect. The reciprocal behavior of both these technologies manifests itself in forms that cannot be comprehended.
Thus, AI experts will play a significant role in the unprecedented growth of the IoT era.
Although the disruption of these technologies will not happen overnight, it’s already indubitably arriving at a much faster pace than expected.
Artificial Intelligence and IoT cannot be ignored anymore!