As the Internet of Things (IoT) and Artificial Intelligence (AI) grow and expand, the way companies and industries doing business and the way customer responds to the market have been changing swiftly. The studies and forecasts say that IoT, AI, and Machine Learning will be constantly present and a vital part in our lives.
The way industries and customer-oriented companies are doing business using Internet of Things (IoT) and Artificial Intelligence (AI), they have come to the conclusion that AI and IoT will design and define the future and will create a trend of success or failure.
As stated in a recent report for Strategy & PWC, companies are making significant changes to their operating models and structures by investing heavily in such advanced technologies. For example, big computer technology companies have started investing in IoT hardware components, such as sensors, actuators, connectivity, and real-time analytics. This will increase their access to massive amounts of data generated by their customers which they can use toward improving their services and products. Data was considered the most difficult thing to handle a few years back but as the scenario has changed . Data insight becomes the treasure that every company has.
![Internet of Things]()
Advanced technologies found their way into the Power and Energy sector, Healthcare, Automotive Smart Manufacturing (Smart buildings, Smart homes, Smart transportation etc.) decades ago. Many of the energy companies already use analytic software and smart meters in their transmission and distribution networks. Customers already enjoy the privilege of real time Mobile Energy Management and billing apps. Power utility companies have already entered digital technology as the number of smart home devices increase exponentially.
Microgrid and smart substations are on their way to the Grid.The customers have already started using smart home devices such as Amazon Alexa and Google Home, as well as smart appliances and heating systems. The new smart home and smart business installations are more of gateway hubs. The utilities can benefit from this feedback data to develop customer relations and define the market.
Healthcare is the widest domain that allows the intervention of IoT and AI in depth. Also, it is the fastest domain to adopt the Internet of Things. The integration of IoT features with medical devices significantly improves the quality and effectiveness of service. The combination brings high value for patients with chronic conditions, and those who demand continuous supervision. According to some estimates, spending on the Healthcare IoT solutions will reach $1 trillion within one decade and will reach the stage for highly personalized, accessible, and on-time Healthcare services for everyone. The boom in digital health will accelerate the evolution of numerous IoT based startups which provide service in Patient monitoring, Clinical efficiency, and Biometrics.
![Internet of Things]()
How artificial intelligence and machine learning (in short, deep learning) will be responsible for rounding up massive data sets to make positive decisions on behalf of consumers or customers with the rapid expansion of devices and sensors in IoT devices?
The nucleus of Machine Learning which is a kind of Artificial Intelligence is Data Science. Machine Learning helps to forecast the consuming trend and pattern of the customers with the involvement of high processing computers and massive amounts of labelled data. The huge amount of data can be collected through data browsing and streaming. ML algorithms can identify what the customer needs in a personalized level of precision. Advanced algorithms are capable enough of predicting the requirement such as price, brands etc. The Amazon and Flipkart product recommendation system is the best practical example to understand the efficiency of Machine Learning algorithms. That is why big corporations are investing heavily in data science. The companies have access to massive customer data from their various interactions with online apps and websites are in a stage of earning millions of dollars for what they have in hand, the data. For example, Google recently announced the acquisition of data science community Kaggle which will give them access to one of the largest databases ever available.
The three terms IoT, AI, and ML will define the business for next 2-3 decades. The giant corporations like Google, Facebook, and Amazon have an edge in the business for the time being because of the massive database that they hold about their customers. Data is the new oil and IoT devices are the source of the oil.