What is AIoT?
AIoT or Artificial Intelligence of Things is a technology wherein the AI technology is embedded into IoT infrastructure. Though Artificial Intelligence and the Internet of Things were independent concepts, they were always interconnected. IoT is commonly used in smart devices such as kitchen appliances, wearables, home gyms, air quality monitors, smart locks, and so on. When Artificial Intelligence is combined with IoT these devices will evolve as they will start learning more from external data to make predictive analysis or aid in decision making.
While IoT collects a large amount of data through built-in sensors, this data can only be utilized for solving real-life problems and decision making only when used with Artificial Intelligence. AI can be considered as the central nervous system of IoT.
Scope of AIoT:
- Currently, AIoT technology is more retail product-oriented and is only being implemented to produce consumer appliances.
- AIoT can be used to generate data learning machines when it is combined with Machine Learning. These machines can, in turn, automate various workplace tasks with the gathered data.
- AIoT can be used to develop new features for Social Media Platforms and to ensure data security.
- AIoT can be used to program Smart Robots in less time so that the robots can perform the given tasks faster.
Here are five Benefits of AIoT:
- Real-Time Data: The biggest advantage of AIoT technology is its ability to record data, identify valuable attributes, and make critical decisions in real-time. Businesses can create specific solutions for real issues within the enterprise, to enhance efficiency, reliability, and sustainability, organizations as AIoT can now collect all the meaningful data surrounding their processes and problems.
- Improve Operational Effectiveness: AIoT solutions enhance operational efficiency and the significance of collected data by machines. As a result, AIoT market solutions are intended to become an integral part of business operations, including supply chains, sales and marketing systems, distribution of goods and services, and support models.
AIoT has the ability to analyze large amounts of data in a very short period of time and can be instrumental in providing recommendations to improve overall organizational efficiency. As the machine learning facet of AI is being incorporated with IoT devices, these devices can make predictions in a way that humans cannot. If businesses can properly leverage AIoT inefficiencies can be avoided at a greater level.
AIoT can help companies hire new personnel smoothly as the system can indicate the most suitable candidates to contact, by evaluating their resumes. If a vital part of equipment fails, in supply chains, it may be difficult for the employees to detect this, however, AIoT can not only identify these failures but can also provide recommendations on the best course of action.
- Improves Security: Both AI and IoT technologies are capable of improving workplace security independently. While IoT can be used to activate security gates when a trespasser is detected, AI can improve and automate security footage scanning. When combined, these technologies offer an additional layer of security.
AIoT enhances data security and can easily predict security risks. This technology gives an automated response if there are any malware or cyberattacks on your system. For instance, ATM machines when equipped with AIoT can detect any kind of fraudulent behavior and can alert the authorities immediately.
AIoT can also reduce workplace accidents. Workers operating in dangerous conditions can be warned about dangers through wearable devices. This technology can actually be used to save lives.
- Helps Cut Costs: IT departments are constantly pressurized to cut costs and AIoT can increase savings. For instance, AIoT can gather and analyze data faster to identify which procedure has become expensive, in supply chains, to maintain. Businesses can find ways to increase cost savings without having to compromise the productivity with the data collected by AIoT systems.
- Improves Customer Experience: Organisations are trying to improve and find new ways to interact with their customers now more than ever. It is well known that customer experience is data-driven and that IoT systems help expand and enhance the overall customer journey. AIoT technology provides valuable insights to companies and empowers them to improve customer experience.
AIoT creates a personalized experience for each customer based on their past behaviors automatically. Employees will not have to spend large amounts of time on building customer relationships as even these interactions get automated with the AIoT technology.
As the demand for automation and technological advancements are increasing the market growth of AIoT is developing globally. According to a study by Mind Commerce, by 2025 the global AIoT market will reach $65.9 Billion, growing at a rate of 39.1%. AIoT is being leveraged to add learning and decision-making functions to IoT and to improve IoT connectivity and data exchange for AI Algorithms. These systems do not need any kind of human intervention to record and analyze information. Thus, AIoT technology has several benefits and uses with fewer challenges.
Sameer Mehta is a blogger and entrepreneur and writes on technology and lifestyle-related topics. He has more than 15 years of experience across technology, consulting, and marketing. He has written for Entrepreneur, West Agile Labs, Exegy Consulting, Jewellerista, etc.