The future is automation, where Artificial Intelligence and the Internet of Things together will rule the technological aspects of our lives.
With the advent of Smart Watches, Voice Assistants and Smart Cars, the one thing we can be sure of is that the future will be full of similar devices which will make our life easier, our environment safer and the gadgets we use will be more personalized than ever.
These technological advancements will also bring tremendous change in various sectors, including Healthcare, Supply Chain Management, Automotive, Education, and more.
According to research conducted by McKinsey, AI and automation will be responsible for boosting the global economy by increasing the productivity of businesses.
What is AI?
AI or Artificial Intelligence is the intelligence embedded in machines that are trained to impersonate human or animal intelligence, emotions, and behavior.
In other words, AI is a computer program that is developed in a way so that it has its own thinking and learns from its experiments/experiences.
Types of AI
There are four types of Artificial Intelligence which are as follows:
1. Reactive Machines- These are the oldest forms of AIs that do not store memory or learn from past experiences/experiments.
2. Limited Memory- These AIs are an improved version of Reactive Machines and are capable of learning from their previously collected data.
3.Theory Of Mind- This is a very advanced category in AI on which several studies are still going on. These are the types of AIs that we see in science fiction movies or shows. These AIs have the capabilities of understanding human desires, intent and form decisions based on the AI theory.
4. Self-awareness- This category of AIs will have self-awareness or consciousness and are the culmination of AI development.
Why AI is Important?
AI(s) will play a crucial role in our future because:
1. AI helps in reducing human error and works with remarkable accuracy. This capability is very useful, especially in the field of healthcare.
2. AI makes our life easier by adding intelligence to the devices we use. Most of the repetitive tasks like shopping, cleaning, etc., can be reduced with an AI-bot.
3. AI virtual assistants will transform current customer service giving personalized help to customers and hence improving customer satisfaction.
What Is IoT?
The Internet of things is the interconnection of various physical objects connected to the internet who communicate with each other with wireless transmission of data. This sending and receiving of data don’t require human intervention.
These objects are embedded with sensors, actuators, software, etc.
The Internet of Things has been a pioneer in changing the way we communicate with our devices.
IoT in Healthcare
The Internet of Things will play a prominent role in advancing Healthcare, and the revenues are projected to be a whopping 135 billion by 2025.
Fitness devices like fitness bands, blood pressure monitors, heart rate monitors will soon be IoT optimized so that the patient is treated timely.
By being AI optimized, IoT devices can learn the pattern of the environment they are working in, detect anomalies, if any, and also decrease downtime.
According to research conducted at the University of District of Columbia, the application of AI in deploying security to IoT will help us in realizing its full potential.
But how will AI help in providing security to IoT devices and networks?
AI will help in monitoring the network continuously. The patterns of the previous attacks will help AI in understanding what future attack scenarios might look like and hence create solutions to resolve them. This is called predictive analysis, which will help to combat modified security threats.
How AI and IoT are Changing Digital Word (Technology)
The following graph will help you in estimating the growth in the market which AI and IoT, when blended together, will capture, clearly in the coming future, both technologies together will be dominating the Tech Industry.
AI and IoT together (or AIOT) will set the foundation of the automation world as we will know it. With the capability of IoT devices to capture huge amounts of data from the environment and the Artificial Intelligence model’s ability to extract valuable information from IoT — together they can implement better solutions.
The two technologies together will change the business scenarios around the world.
Fact: AI and IoT together are projected to reach a market size of 16.2 Billion with a CAGR growth rate of 26 percent.
Here are some ways through which we can analyze the impact AI will have on our business industries:
1. Businesses who implement AIOT will have the edge over their competitors since they can get more detailed insights that weren’t known before.
2. Hiring processes will become more structured and faster. The process of recruiting can be very time-consuming if done the traditional way. Background check, searching specific skill sets and experience, analyzing the person’s behavior becomes easier with AIOT involvement.
3. Most of the industrial tasks will become automated, safer, and more accurate.
These technologies make it possible for businesses to do the processing in the IoT devices themselves, therefore, increasing the security of data and saving time.
4. Consumer behavior patterns can be traced, and the purchasing power of the targeted consumer can be analyzed easily.
In conclusion, the businesses will become smarter, faster and their scalability will become easier.
The future will belong to those who adopt AI and IoT to scale their businesses. The Internet of Things helps in collecting, processing, and analyzing data at every step and hence provides valuable insights into these processes. The implementation of the results from these is faster than the traditional methods, thanks to the continuous learning of Artificial Intelligence models.
Napollo is the leading AI & IOT Solutions Agency Dubai UAE
Napollo has revolutionized business using its heart-winning and market-winning digital transfiguration. This was based on our smart business strategy, process automation, digital marketing tools, cloud infrastructure with a shell of business-winning formula. Our expertise includes those for but not limited to e-commerce, travel, FinTech, healthcare, etc. With a certified experienced team we are continuously conquering the barriers to the success of our client businesses, making these more adaptable towards the digital world.