Industries have witnessed an ongoing convergence of four key technologies – Fifth Generation (5G) cellular, Artificial Intelligence (AI), the Internet of Things (IoT), and Data Analytics. The combination of these top tech-trends is poised to transform the industrial tech ecosystem.
Digitalization across industries is catalyzing business and unleashing technological change to enable humans and machines to collaborate securely. This digitally transformed era is ruled by converging forces like – artificial intelligence (AI), 5G, AR, MR, robotics, the Internet of Things (IoT). The advancements have been further speeded up by companies’ aggressive efforts to modernize IT systems, applications and processes, making them scalable. Advances in automation have pushed analytics & AI to new heights, transforming the consumer experience.
Augmented Reality (AR), is not as popular as virtual reality (VR) but is fast gaining ground in business applications. Augmented reality merged with virtual reality has now come of age, intriguing modern technological advancements. Both technologies are collectively popular as extended reality or “XR.” Experts suggest that the combined XR market is rapidly expanding valued at close to $10 billion, which is estimated to reach approximately over $61 billion by 2020.
IToday, AI, and augmented reality are coming together to create a whole new world of business processes. Fifth Generation (5G) cellular, Artificial Intelligence (AI), the Internet of Things (IoT), and Data Analytics are the key tech trends ruling the market. The combination of these technologies will potentially create opportunities to significantly enhance user experiences for communications, applications, digital content, and commerce.
AI is integrated into an internet search, entertainment, content optimization, commerce applications, and robotics. The future of these technologies is that they will be embedded in many other tech-trends to make decisions on behalf of humans. IoT is particularly crucial for all AI applications for safeguarding assets, automated decision making, and supporting analytics to reduce frauds. Another vital industry solution for AI is Virtual Personal Assistants (VPA) applications, aided by Smart Machine technology and Autonomous Agents to enable an Ambient User Experience for apps and services. IoT thus intensifies this need as machines interact with other equipment and humans autonomously.
5G is being standardized to improve the Internet of Things (IoT). This will enable Communication Service Providers (CSP) to have a more robust alternative for IoT Wide Area Networks (WAN) than the historic non-cellular IoT WAN networks. Top wireless carrier firms are investing in Low-power WAN (LPWAN) for IoT, planning to provide their own IoT LPWAN, offering higher bandwidth for IoT. While most IoT apps require low bandwidth, LPWAN is excellent and cheap enough for adoption.
The convergence of Cloud, Data Management, IoT Platforms, and Solutions is pushing the upcoming evolution of data analytics where enterprises will realize significant tangible and intangible benefits of IoT. The convenience to sort data in a raw format, store it in structural forms with analytics, is of paramount importance for all business owners and stakeholders. IoT Data as a Service (IoTDaaS) offers cost-effective and convenient solutions to enterprises across sizes and domains. IoTDaaS constitutes analyzing, storing, and retrieving information to provide customers with integrated packages depending on the budget and the requirement.
MNCs and top firms collect and maintain substantial customer data, but with increasing unstructured data generated by IoT devices, requiring next-generation data analytics tools and techniques for sorting Streaming data from IoT devices is highly valuable to facilitate utterly new product and service offerings.
The convergence of AI, 5G, AR, and IoT is transforming business applications having a profound impact on customer experience and the way businesses operate. Companies are developing next-generation applications with capabilities of mixing these hero tech-forces.
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