The combination of Artificial Intelligence (AI) and the Internet of Things (IoT) has the potential to dramatically accelerate the benefits of digital transformation for consumer, enterprise, industrial, and government market segments. Mind Commerce sees the Artificial Intelligence of Things (AIoT) as transformational for both technologies as AI adds value to IoT through machine learning and decision making and IoT adds value to AI through connectivity and data exchange.
AIoT Market and Analytics
Not to be confused with a related term, the “Analytics of Things” (AoT) has been coined to refer to analysis of the data from IoT networks, systems, devices, and software for purposes of decision making. One of the key tenants of AoT is the combination of operative information with data from IT systems to deliver intelligent analytics to stakeholders. With AIoT, AI is embedded into infrastructure components, such as programs, chipsets and edge computing, all interconnected with IoT networks. APIs are then used to extend interoperability between components at the device level, software level and platform level. These units will focus primarily on optimizing system and network operations as well as extracting value from data.
AIoT Market will be Embedded and Systems Oriented
It is important to recognize that intelligence within IoT technology market is not inherent but rather must be carefully planned. AIoT market elements will be found embedded within software programs, chipsets, and platforms as well as human-facing devices such as appliances, which may rely upon a combination of local and cloud-based intelligence. Just like the human nervous system, IoT networks will have both autonomic and cognitive functional components that provide intelligent control as well as nerve end-points that act like nerve endings for neural transport (detection and triggering of communications) and nerve channels that connect the overall system. The big difference is that the IoT technology market will benefit from engineering design in terms of AI and cognitive computing placement in both centralized and edge computing locations.
AIoT Market Impacts Many Industries
While early AIoT market solutions are rather monolithic, it is anticipated that AIoT integration within businesses and industries will ultimately lead to more sophisticated and valuable inter-business and cross-industry solutions. These solutions will focus primarily upon optimizing system and network operations as well as extracting value from industry data through dramatically improved analytics and decision-making processes. As IoT networks proliferate throughout every major industry vertical, there will an increasingly large amount of unstructured machine data. The growing amount of human-oriented and machine generated data will drive substantial opportunities for AI support of unstructured data analytics solutions. Data generated from IoT supported systems will become extremely valuable, both for internal corporate needs as well as for many customer-facing functions such as product life cycle management.
AIoT Market to Leverage 5G
Taking the convergence of AI and IoT one step further, Mind Commerce has coined the term AIoT5G to refer to the convergence of AI, IoT, 5G. The convergence of these technologies will attract innovation that will create further advancements in various industry verticals and other technologies such as robotics and virtual reality. Mind Commerce sees the smart cities market providing significant opportunities for technology integration in support of highly customized, yet scalable services. There will be a positive feedback loop created and sustained by leveraging the interdependent capabilities of AIoT5G. AI will work in conjunction with IoT to substantially improve smart city supply chains. Metropolitan area supply chains represent complex systems of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer.