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Power from the Combination of AI and IoT

~ Bill Martin ~ Leave a comment

From the World Economic Forum:

  • The Internet of Things is powered by 3 emerging technologies – Artificial Intelligence, 5G and Big Data.
  • When combined, Artificial Intelligence and the Internet of Things (AIoT) hold the promise of a more connected future.
  • The AIoT fusion is increasingly becoming more mainstream, as it continues to transform the fundamental ways in which we live our lives and process data.

The Internet of Things (IoT) is a technology helping us to reimagine daily life, but artificial intelligence (AI) is the real driving force behind the IoT’s full potential.

From its most basic applications of tracking our fitness levels, to its wide-reaching potential across industries and urban planning, the growing partnership between AI and the IoT means that a smarter future could occur sooner than we think.

The Major AIoT Segments

So where are AI and the IoT headed together? 

There are four major segments in which the AIoT is making an impact: wearables, smart home, smart city, and smart industry:

1. Wearables

Wearable devices such as smartwatches continuously monitor and track user preferences and habits. Not only has this led to impactful applications in the healthtech sector, it also works well for sports and fitness. According to leading tech research firm Gartner, the global wearable device market is estimated to see more than $87 billion in revenue by 2023.

2. Smart Home

Houses that respond to your every request are no longer restricted to science fiction. Smart homes are able to leverage appliances, lighting, electronic devices and more, learning a homeowner’s habits and developing automated “support.”

This seamless access also brings about additional perks of improved energy efficiency. As a result, the smart home market could see a compound annual growth rate (CAGR) of 25% between 2020-2025, to reach $246 billion.

3. Smart City 

As more and more people flock from rural to urban areas, cities are evolving into safer, more convenient places to live. Smart city innovations are keeping pace, with investments going towards improving public safety, transport, and energy efficiency.

The practical applications of AI in traffic control are already becoming clear. In New Delhi, home to some of the world’s most traffic-congested roads, an Intelligent Transport Management System (ITMS) is in use to make ‘real time dynamic decisions on traffic flows’.

4. Smart Industry

Last but not least, industries from manufacturing to mining rely on digital transformation to become more efficient and reduce human error.

From real-time data analytics to supply-chain sensors, smart devices help prevent costly errors in industry. In fact, Gartner also estimates that over 80% of enterprise IoT projects will incorporate AI by 2022.

https://www.weforum.org/agenda/2021/03/ai-is-fusing-with-the-internet-of-things-to-create-new-technology-innovations/

IoT Connections Continue to Grow

~ Bill Martin ~ Leave a comment

From IoT Analytics

“Despite the ongoing Covid-19 pandemic, the market for the Internet of Things continues to grow. In 2020, for the first time, there are more IoT connections (e.g., connected cars, smart home devices, connected industrial equipment) than there are non-IoT connections (smartphones, laptops, and computers). Of the 21.7 billion active connected devices worldwide, 11.7 billion (or 54%) will be IoT device connections at the end of 2020. By 2025, it is expected that there will be more than 30 billion IoT connections, almost 4 IoT devices per person on average. “

Remote Asset Management Market 2020

~ Bill Martin ~ Leave a comment

According to B2B market research firm MarketsandMarkets, the remote asset management market is projected to grow from USD 16.5 billion in 2020 to USD 32.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 14.6% during the forecast period. The major factors driving the remote asset management market include the adoption of IoT-enabled remote asset management solutions to manage assets efficiency, decreasing cost of IoT-based sensors optimize asset life cycle through remote asset management solutions, and use of predictive maintenance to boost the adoption of remote asset management, thereby reducing operational costs of remote assets.

Other key findings of the research include

  • Solution segment to lead the remote asset management market in 2020
  • Analytics and reporting solution sub segment to grow at a higher CAGR during the forecast period
  • Mobile asset segment to grow at a higher CAGR during the forecast period
  • On-premises segment to lead the remote asset management market in 2020
  • Small and medium-sized enterprises segment to grow at a higher CAGR during the forecast period
  • Manufacturing vertical to lead the remote asset management market in 2020
  • North America is estimated to hold the highest market share of the remote asset management market in 2020.
  • In Asia Pacific (APAC), the market is projected to grow at the highest CAGR of 17.3% during the forecast period due to the demand for remote asset management solutions and services in countries, such as China, Japan, India, and rest of APAC.