Along with increasing operational efficiency, organizations are using AIoT to accelerate top-line growth and enhance customer engagement.
Currently, there are seven billion IoT devices worldwide. IDC has predicted that the global spend on IoT will hit $1.1 trillion in 2023, up from $726 billion in 2019. According to experts, there will be around 40 billion IoT devices by 2025, which will raise concerns a significant influx of data owing to a substantial increase of IoT devices and the consequent vulnerability of connected systems to cyber-attacks. There is. Companies are finding it challenging to drive operational insights and optimize their analysis with the available massive information. Several organizations are striving to develop an IoT network, while only a few are using AI to get the real value of the IoT data.
AIoT (Artificial Intelligence of Things) is helping companies offer visibility from edge to cloud. Moreover, it is even adding intelligence to data management. Around 90% of enterprises using AI for IoT operations are experiencing a more significant and faster impact, according to a report from Statistics. Data scientists and companies are benefiting from AIoT as it is helping them understand and analyze big data generated through IoT endpoints. A system’s efficiency, productivity, and reliability can be improved from the incremental intelligence in connected devices.
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Organizations can experience growth in real-time monitoring visibility and condition-based monitoring following the establishment of the initial stages of gaining visibility. A study, conducted by SAS, Deloitte, and Intel with research and analysis from IDC, recently revealed an increase of 53% in speed while a lack of AI in IoT initiatives only experience a 32% increase.
Data scientists require resources to cleanse their data and ensure the devices are trained accordingly. If they align it with clear business objectives and plan strategies, it is expected to drive success. When C-suite executives support AIoT projects, IT leaders can work with board members to draw plans to accomplish short term goals and long term objectives. Generally, AI initiatives go off track when their alignment with the company’s goals is no longer parallel. Therefore, there needs to be active participation from the board members in AI initiatives to bring forward the impact of technology.