Will AI and the IoT really change the way you do business?
The rapid growth of the Internet of Things
The term ‘Internet of Things’ was coined in 1999 by the computer scientist Kevin Ashton. While working at Procter & Gamble, Ashton proposed putting radio-frequency identification (RFID) chips on products to track them through a supply chain.
Fast forward to 2024. It is expected that, by the end of this year, more than 207 billion devices will be connected to the worldwide network of tools, appliances and toys that now make up the Internet of Things (IoT). This is a rapid adoption of technology by anyone’s standards.
The IoT and artificial intelligence
Now, the growing adoption of artificial intelligence (AI) solutions and, especially, generative AI solutions, is set to transform our adoption of IoT technologies – through every stage of the IoT lifecycle.
IoT new product design
The data returned by connected products promises to deliver insights into post-sales product use in ways in which manufacturers and retailers previously had no visibility. Using AI to make sense of these vast quantities of data helps manufacturers to understand when and how their products are being used, spot patterns and, potentially, adapt product design accordingly.
The next step? Generative AI solutions are particularly good at making suggestions based on existing data. Reviewing past iterations of an IoT product to suggest design improvements would be an excellent practical application.
IoT devices with AI at the edge
AI and IoT convergence promises to make connected devices truly “smart”.
In the industrial setting, AI solutions which analyse industrial data locally and make decisions about preferred responses are likely to be adopted as edge solutions to minimise latency. In this way, automated decision-making capabilities will be introduced close to equipment and systems.
Gartner expects that more than 55% of data analysis by deep neural networks will occur at the point of capture in an edge system by 2025. This is up from less than 10% in 2021.
IoT security
Each new device connected to your network represents a new potential doorway into your systems for cyber attackers. AI-powered security solutions, including AI-powered security information and event management (SIEM) monitoring tools can potentially save many hours of cyber security professionals’ time and help to improve IoT and network security.
In this way, AI is making the addition of more IoT devices less risky.