The IoT (Internet of Things) encompasses enterprise, consumer, and industrial market sections. Each of these markets has very unusual requirements in terms of devices, infrastructure, processes, and systems. One common thing they all have is that they each generate huge amounts of data, which is of the unorganized variety, mandating big data technologies for its management. The advanced analytics present the ability to make raw data useful & significant, and ultimately data for decision-making purposes. This highlights the requirement for a strong AI (artificial intelligence) in big data and IoT marketplace.
AI augments the ability for IoT and big data analytics platforms to provide significance to each of these market sections. The deployment of AI for decision making in data analytics and IoT will be vital for effective & efficient decision making, particularly in the vicinity of real-time & streaming data analytics associated with threshold computing networks. The real-time data is expected to be a major value proposition for all segments, cases, and solutions. The capability to determine valuable attributes, capture streaming data, and make real-time decisions will add a completely new element to service logic. In several cases, the actionable information and data itself will be the service. IoT and AI are transforming continuously. Machine learning and deep learning technologies are likely to impel the global AI in the IoT market owing to the demand for automation & personalized experience amongst organizations.
Currently, the retail industry is witnessing significant growth with technologies like IoT, AI, big data, and others connecting new users & retaining existing ones while fulfilling the surging demand for highly efficient and faster processes. Therefore, retailers are targeting adopting technologies that will present customers the need assistance and convenience throughout their shopping experience. Such aspects are resulted to boost the demand for AI in the IoT market across the retail segment. The growing investments in IoT and AI are slated to witness noteworthy growth in the global AI in IoT market. These technologies are the key focus areas for investments amongst businesses due to the revolutionary betterment of enterprise operations.
There is a significant development in the AI in IoT market with a noticeable inclination toward expanding the abilities of IoT applications. For example, in April 2019, Siemens Digital Industries Software declared a partnership with SAS to help companies in providing AI-embedded IoT analytics for edge & cloud-enabled solutions. These solutions will adopt SAS streaming analytics to meet demands for IoT analytics with machine learning and AI capabilities by Siemens’ MindSphere. This partnership is expected to assist companies in augmenting productivity and decreasing operational risk with prescriptive or predictive maintenance and maximize asset performance management for consumers in industries such as healthcare, manufacturing, smart cities, energy & utilities, transportation, and automotive.
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