What is IoT (Internet of Things)?

In easy terms, the internet of things (IoT), introduces an ongoing trend of connecting all kinds of physical objects to the Internet, especially ones that you might not expect.

An ecosystem of IoT consists of web-enabled smart devices that use embedded processors, sensors and communication hardware to collect, send and act on data they receive from their surroundings or environments.

What is AI?

When we hear about the term "Artificial Intelligence", you’ll notice that our minds automatically spin to a world entirely ruled by robots, but "Artificial Intelligence" is a mushrooming resource that has many practical implementations, many that spread beyond the realm of digital marketing. It refers to the intelligence showcased by machines. Artificial Intelligence empowers machines to think about, respond to, and perform tasks like humans. Moreover, it also helps machines attain from experience and simply adjust to new information or input.

Internet of Things meets Artificial Intelligence

As Artificial Intelligence (AI) and the Internet of Things (IoT) become a more ordinary thing, it is both useful and crucial to understanding the work process of both or how these essential trends perform togetherly to benefit specialists and similarly the average person.

Now, as per the foresight of "Gartner" which simply predicts that by 2022, more than 80 per cent of enterprise IoT projects will include an AI component, up from only 10% today. Alternatively, some of the large organizations across industries are already leveraging or exploring the actual power of AI with IoT only to deliver new offerings and operate them more accurately.

In other words, there are so many applications of AIoT which would be accessible to you in detecting and tracking the particular data. Such applications subsume in which AI and IoT work together are as below:

  • Smart Retailing
  • Automated Vacuum Cleaner
  • Jeppesen Crew Rostering Platform
  • To track endangered species

Table of Contents

Let’s start with some of the live examples we have mentioned in the above list. We are going to take a dive and know how smart retailing works in actuality.

LIVE EXAMPLE OF IOT+AI

  1. THE ROLE OF AI & IoT IN SMART RETAILING INDUSTRIES

Retail is kept enhancing and embracing the Internet of Things (IoT) all like other large industries transformation. The huge expansion of this technology in retail is expected to reach $ 35 billion by 2020. In other words, AI and IoT can be used by retailers of industries to understand the behaviour of the customers only by analysing the customer's online profile, in-store inventory. Then they send the real-time personalized offers all whilst the customer is in the store.

2. AUTOMATED VACUUM CLEANER

This is another application that comes under live examples of AI & IoT. In such an application, computer vision is used to detect obstacles while the hardware automatically cleans the room. Hardware is IoT and computer vision is AI. The combination of both brings automation.

3. JEPPESEN CREW ROSTERING PLATFORM

It is a Boeing subsidiary company which has developed software to assign duty to the crew members. When it was a manual process a lot of hectic work was done and the outcome was pruned to errors. This software powered by AIoT resolved the above-mentioned problem to a great extent and cut manual cost.

4. TO TRACK ENDANGERED SPECIES

With the aid of machine learning and computer vision, endangered species images are trained and deployed on edge computing hardware. Such small hardware is deployed in the forest areas which helps to locate lost animals.

PROGRESS WITH IOT IN COUNTRIES (STATS & ECONOMY)

  1. As far as China is considered, IoT will add 196 billion dollars to its GDP in industrial growth in the next 15 years.
  2. As far as Russian is considered, IoT market will reach 74 billion USD by 2023.
  3. As far as India is considered, IoT market had reached 1.3 billion dollars by 2016 and will reach US $ 9 Billion by 2020.
  4. As far as India is considered, IoT The direct market size of IoT will be $320 bn by 2027 according to GSMA.


OBSERVATIONS FROM THE GRAPH


As we can on the graph US, China, and Russia will see huge growth in AIoT in the coming years whereas India is still in the developing phase and hope will compete with these countries in the coming time because growth in IoT directly impacts the economy.  

BENEFITS OF AIoT (AI+IoT)

Since in the above two sections, we have seen that IoT applications and also forecasted the economy with the growth of AIoT. This section focuses on the benefits of AIoT.

  1. Anomaly Detection and Prevention: This is considered as one of the biggest achievements of AIoT whereas data is collected by routers and switches and checking of malicious and normal traffic is done by AI. This ensures that your secret information is not hacked or stolen on the Internet. Finds its application in payment transactions.

2. Smart Houses: Here, from the smart homes to connecting the cars, some major applications deliver a highly advanced user experience. Running over any service, devices such applications permit users to communicate with their connected life as they switch between devices during the day. The applications allow you to offer an "all-in-one" smart controller where the customer simply asks what they want, in their own words and it happens all without any fuss.

3. Forecasting: AI and IoT devices can support in making more accurate forecasting. The techniques of AI use its method to past forecasts and actual outcomes. By comparing predictions with such outcomes, there is the improvement of simulation capabilities. It shows the results in much better forecasting for the future, with greater accuracy.

It feeds data into algorithms that literally require both quality and quantity. This is done in order to be more productive at past occurrences all with future predictions.

Final Verdict

The Internet of Things (IoT) and Artificial Intelligence (AI) will play a vital role in the businesses you are seeking the growth in and so for the future. Multiple factors are driving the growing needs for the technologies in the large industries, government and private sectors. And engineers of such companies began implementing these factors for their better growth with Internet of Things (IoT) and Artificial Intelligence (AI).

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