AIoT: Another Buzzword? Here’s What You Need to Know
When two technologies (Artificial Intelligence [AI] and the Internet of Things [IoT]) collide, it results in the new potential for both. AIoT, or the Artificial Intelligence of Things, shows promise for improved IoT operations, including human-to-machine interactions, data management, and analytics.
It seemed inevitable that AI’s capabilities in data processing and machine learning would fit nicely with the data collection capabilities of IoT devices. AI brings a lot of new capabilities to the use of IoT, from natural language processing to robotic process automation, and many other applications.
But the real power of combining these emerging technologies lies in the automation and analytics that provide a new level of business intelligence.
How Does AIoT Work?
IoT creates the data, and AI analyzes it to provide meaningful insights. The result is organizations can take action faster, enhancing efficiency and productivity.
AI adds value to the IoT’s data collection process by automating the analysis of real-time information and transforming it into actionable intelligence. The IoT, in turn, provides the connectivity and data that AI can use to learn and make decisions.
In the AIoT, AI technology is part of the infrastructure that’s connected to IoT networks. Applications enable the hardware and software components to work together, without the need for human interactions. The result is more information, and better information, to help organizations react quickly and make improvements in efficiency.
The proximity of AI technology to IoT devices also can minimize the necessary bandwidth to collect data, therefore speeding up data analysis. Additionally, the implementation of 5G technology can speed up the transfer of large data files from IoT devices with even higher bandwidth and lower latency.
Examples of AIoT
The AIoT already has caught the attention of some of the biggest names in the tech industry, including Cisco Systems, Fujitsu Ltd., Hewlett Packard, and Microsoft. The Covid-19 pandemic jump-started this interest, as AI solutions became even more important to maintain operations with limitations in staffing and supply chain. The global AIoT market is valued at USD 15.04 billion in 2021 and expected to reach USD 144.07 billion by 2028 with a CAGR of 38.1% over the forecast period, according to Brandessence Market Research.
Places, where you’ll likely find the biggest impact of AIoT technology, include:
- Smart devices: including lights, meters, thermostats, security cameras, and other devices used by both cities and homes
- Retail: facial recognition of customers and better insights into consumer behavior and purchases
- Manufacturing: improvements in asset management and maintenance, including reductions in downtime and increased safety measures
- Autonomous vehicles: the ability to quickly use real-world data to make decisions based on current traffic conditions, location, and driving laws
- Human resources: augmentation of employee services and better insights into personnel management
- Supply chain management: expansion or just-in-time inventory management and supplies
- Deliveries: automating delivery operations to streamline operations
- Healthcare: better data from medical devices and automated notifications based on specific parameters
- Government: smart devices for monitoring to make the most of resources and streamline the necessary response
- IT services: automated corrective measures when certain failures or security issues occur.
What Are the Benefits of AIoT?
The capabilities of AIoT offer significant advantages to organizations in a wide range of industries. These benefits include:
- Faster insights from data analytics, which enable quicker response times
- Autonomous adjustments to prevent asset or production failure
- Improved scalability and optimization for new and existing features
- Fewer resources are needed to monitor IoT devices or manually analyze data
- More business intelligence to provide insights into current operations, as well as future opportunities.
The combination of AI and IoT technologies creates a better system that can use data to make decisions without human intervention. AIoT holds a lot of potentials to solve current operational problems, as well as to reveal new business opportunities.