Incorporating AI into IoT initiatives will see you speed past your rivals, says SAS
US-based analytics firm SAS’s latest report titled “AIoT- How IoT Leaders Are Breaking Away” has found that most significant predictor in realising value from Internet of Things (IoT) initiatives across an organisation is the heavy use of artificial intelligence (AI).
According to the study, which involved 450 global business leaders who use IoT and AI, 90% of the survey respondents heavily using AI in their IoT operations reported exceeding value expectations and organisations using IoT with AI seem to be more competitive than those enterprises that rely only on IoT. It was also found that 79% of the senior leaders are involved in IoT project decisions and 92% of the leaders say that ‘artificial intelligence of things’ (AIoT) value exceeds expectations.
Furthermore, 68% of the companies were found to be depending on IoT data to inform daily operational decisions through spreadsheets and other non-AI technology. Only 12% of the respondents use IoT to inform planning decisions, but as they implement AI to the process, their daily planning increases by 31%.
Navigant Research predicted in September that the annual revenue from ‘multi-family’ IoT device sales is expected to increase to $35.6bn by 2028 at a CAGR of 23.8%. It states that builders and property managers are becoming more aware of the benefits of building-wide smart home technology, and stakeholders have started to realise the largely untapped opportunity this market has to offer.
A report by Gartner in the same month estimated the enterprise and automotive IoT market to grow to 4.8 billion endpoints by the end of 2019 – and 5.8bn endpoints in 2020. The current year forecast is 21.5% rise on a y-o-y basis and 21% in 2020, compared to the present year.
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