To a large section of the public, the term artificial intelligence (AI) immediately draws connections to legumes in the corners of rooms, expecting you to call them a “hello,” “hey,” or “Alexa!”
Such a scenario is a prime example of how the term AI can be used to describe a wide range of applications, from a virtual assistant turning on the dining room lights to processing and analyzing data points. However, while AI helps the local user perform small tasks at home, enterprise AI is fast becoming a key element of the technology stack.
Since the beginning of the millennium, successive companies have been created to provide businesses with actionable data to inform the future of the company. One such example, after the recent pandemic, is to be able to decipher which conditions inspire the highest levels of productivity from a workforce, using data and consequently planning the company’s hybrid labor policy.
Taking control of things
Such data points can be categorized as Internet of Things (IoT) nodes. Although I would not advise you to call employees “things”.
Regardless, businesses need to start looking at each internet connection as a point to retrieve and analyze data, in order to achieve workable knowledge. Although employees can be an example of the left field, basic sensors, cameras and microphones in meeting rooms are all smart enough to pull data in for analysis and improvement.
The global market for artificial intelligence in the IoT will reach $ 21.7 billion by 2026, demonstrating the opportunity that is at the feet of businesses, according to research by Cision released in August.
A market of this size will be dominated by service providers, coming to businesses with the persuasive argument, “Do not invest in your business. We will do it for you. But those businesses that embrace the challenge and work with these providers will succeed.
By creating strategies around connected devices and data being captured, businesses can base new decisions or recommendations on new information being obtained.
See more: Internet of Things (IoT) Security Trends
The next IoT revolution
IoT can be a daunting concept for many business executives. But the key word that evokes visions of robots and drones delivering parcels is something to be embraced.
This is because every connected device is collecting data that can be used. For example, the only sensor you can imagine that street lamps have is an ambient light sensor. However, data that can be extracted from the most popular road equipment can track when roads are busiest, free parking spaces, weather models, and pedestrian crossings in specific areas.
Business is the level of data capture that businesses need to use. By 2025, there will be over 75 billion internet-connected devices installed worldwide, each pulling data at a rate we have never seen before, according to Statista.
But without proper AI and real-time analysis, that data cannot be fully utilized. We have seen over the last decade how data can be used to predict rising temperatures or to be manipulated to influence elections and major public votes.
In the next decade, there will be an explosion of IoT usage cases, drawing data on the next generation of programmers who can utilize, analyze, and understand the information these devices are bringing. Companies will need to establish new global data hub strategies specifically for sensor data and other automatically generated machine data.
The addition of 5G – with its higher speeds, lower latency and mature network structure – has also led to an increase in network edge devices, completing basic analytics to accelerate the dissemination of this applicable knowledge – also causing a transition from cloud to edge.
In such a large market, there will be many places to specialize. The enterprise market, for example, is already being filled with analytics providers seeking to provide businesses with data based on future office models, but there are always gaps in markets that are unreserved.
The fact is that the data revolution, and the opportunity, is just beginning. It has barely started so far. This creates a whole new market for businesses to profit from. But those companies that want to participate need to start embracing change now and in turn, will experience new opportunities and a new phase of growth.
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