By: Katie Johns
There is a lot of excitement around Artificial Intelligence (and rightly so). Experts say that AI is expected to change our lives in unprecedented ways.
You are obviously confused about the way AI will impact your industry and work. While there’s a lot of noise around AI, there is also a lot of skepticism. People are wondering if Artificial Intelligence will actually revolutionize our lives or is there just a lot of hype?
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There is a lot that is being written about AI (we ourselves have published a series of Artificial Intelligence related blogs). AI is expected to perform a number of intelligent tasks (like speech recognition, decision-making, language understanding, etc.). It is believed to perform tasks that were earlier limited to human intelligence.
On the other hand, Internet of Things (IoT) refers to devices that are interrelated and transfer data over a network. IoT devices do not require computer or human interaction devices, and is already made a debut in daily lifestyle products across the world. IoT devices rely heavily on Internet connectivity.
As per Goldman Sachs, the IoT will connect ten times as many devices to the Internet by 2020 (these will include wristbands, cars, home alarm system, etc.). The growth of IoT is hindered with the speed and efficiency at which data will be computed and value extracted. IoT produces unimaginable amounts of data and there are many organizations who are clueless about how to manage this amount of data. You can’t ignore this data as it is related to customers, their behaviors, purchasing habits, personal information, etc.
IoT allows flow of data between devices and AI can help to make sense of this data. AI is expected to be the key propellant to the growth of the IoT revolution and take it to a new level.
Artificial Intelligence (AI), in this case, can hugely help to aggregate the flood of data. AI has the capability to provide analytics that is required to extract meaningful Big Data. Big data is critical knowledge provider for AI to continue to learn and become more intelligent.
Why is Big Data important? Since it can manage data set that is large and complex, which traditional data processing applications are incapable of managing. Data needs to be analyzed, curated, searched, shared, stored, transferred, updated and transferred. Big Data is needed to enhance the capacity of AI.
Some of the leading players that have already leveraged the power of AI through IoT are Amazon. With Amazon Echo, Amazon has introduced Web Services IoT, which is a managed cloud platform. It lets devices connect securely access cloud applications and other devices. They have a number of partners like Fitbit, Uber, Spotify, etc. Apple has plunged in the space with the Apple Watch, Apple HealthKit and the Apple HomeKit platform. Bosch introduced its cloud server in Germany in order to support and connect industrial and smart cities applications. There are more than five million devices that are linked and connected to Bosch’s IoT software suite. The company has also taken a plunge into self-driving car domain, and partnered with Tesla and BMW to manufacture prototype autonomous cars.
As per experts, by 2019 the enterprise IoT market will be bigger than the smartphone and tablet markets combined. IoT and AI are no longer concepts that technology enthusiasts are keen to explore and lead. No one can ignore either IoT or AI anymore. Do you want to leverage IoT and AI for your business? We can help you act before it’s too late.
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