by on August 5, 2021
International businesses are heavily dependent on IoT and AI. Both Artificial intelligence and IoT are the hottest trend of this decade. Every business requires real data and meaningful insights. IoT helps businesses to gather data from various platforms which filtered it into useful insights whereas AI analyzes this data without the intervention of human beings and responds as per previous behaviour. Both IoT and AI are different utilities but their combination caters great advantage to business and consumers. Let’s discuss the stats where AI and IoT are catering revenues and contributing to the market share.

As per Statista, the overall revenue generated by artificial intelligence in 2015 was worth 5 Billion U.S. dollars while it is expected to go beyond 125 billion U.S. dollars in 2015. The current market share of artificial intelligence is handled by IBM which possesses more than 9 percent overall global share. In fact, IBM is also leading in machine learning. Apart from IBM, other companies such as samsung, Microsoft are also leading in artificial intelligence. The overall spending in IoT is projected to be 1.1 trillion in 2023 U.S. dollars.

When both technologies are being run in a city, it becomes a smart city. It helps us to manage emergencies, management of traffic and alterations in the healthcare sector. Basically, sensors are being implanted into various devices which depict the issues in a particular area. The 5G technology enables the utilisation of IoT devices. It improves the quality of a city, its people and services. iOS and android app development in Dubai company are also integrating IoT and AI. There are so many benefits of IoT and AI separately and AI effects on IoT. Let’s begin!

What is Artificial Intelligence?

As per wikipedia, Artificial Intelligence is basically controlled by computers where it thinks and reacts like human beings. The technology is implanted or built in computers so that a computer can work, think, react, respond and so on like a human being. AI can behave like human beings by judging its past behaviour. AI technology eliminates the intervention of human beings which ultimately leads to elimination of errors, improves quality and caters more productive insights.

What is the internet of things?

The Internet of thing is a technology which has interrelated networks where suited devices have sensors which can collect data and exchange it among other devices. Such data is very useful for organizations and businesses to know better their users' problems and their preferences. Analysis of data can cater insights by which products and services are being improved. Businesses are analyzing the data which can help them to target customers in their way. Benefits of AI and IoT

Improved Security & Safety

A company’s first priority is to protect their data from outside threats. AI can easily track the threats while IoT locks all all the gates being received signals from sensors. AI also helps in cyber security.

Better shopping Experience

Online shopping is considered the most convenient experience till date. Because of AI and IoT, consumers receive suggestions and recommendations based on their previous browsing data or history.

Improved Healthcare

Because of AI and IoT enabled Mobile apps, the operations of the healthcare industry smoothly function. Patients sitting at their remote areas can now interact with doctors and experience other medical facilities because of AI and IoT.

Enhanced Supply Chain Management

Because of AI and IoT, products are being tracked in the cycle of its supply chain journey. Products are being scanned from the production house to the consumer’s gate to eliminate damages.

5G Network Vehicle & Security

Machine learning is a part of Artificial Intelligence which also better the experience of vehicles. Due to implanted ML, an automobile can be halted if the driver goes into a tragedy or unexpected condition.

The Bottom Line

AI is another level of technology which not only helps us to take the place of humans but also in various sectors of economy such as supply chain, 5G network, healthcare, customer shopping and so on. IoT is also a major part of the economy as it collects the real time data without bothering consumers. Once data is collected, it is analyzed carefully and draws out useful insights.

These insights are being used to make smart decisions and improve business services. AI and IoT are playing major roles from data collection to smart decision making for efficient operation of business. We have discussed various benefits by which you can expect how AI and IoT is benefiting us. We hope you find this article useful and informative for you.
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