The convergence of Internet of Things (IoT) and artificial intelligence (AI) has the potential to drive new revenues for vendors and adopters, according to Research and Markets. Improved efficiency and cost optimization of organizational processes are core advantages that are made possible through the application of such solutions, adds the research group.
IoT-AI convergence can deliver new advantages in terms of process automation enablement. It also facilitates proactive approaches such as the ability to predict undesired conditions and situations that may occur in the environment in which the IoT solution is deployed. Research and Markets says organizations can benefit from the convergence of IoT and AI if they’re data ready and security proofed and has a sound digital transformation strategy that embraces emerging technologies.
The vendor landscape features a combination of IoT providers and analytics participants and an emerging and lively world of start-ups offering IoT-AI platforms and solution suites at both cloud and edge levels. The manufacturing, oil and gas and mining industries appear to be the most receptive to the convergence of IoT and AI solutions, according to Research and Markets. The energy industry is looking with interest at the convergence, with some early examples of adoption evident. There is also strong potential in healthcare and smart city applications.