Trending 2018: What does the future hold for AI & IoT?
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The world of Artificial Intelligence & IoT is clearly exciting but there are crucial technical issues that must be addressed, especially by developers. In this article, Chirag Thumar explains what we should expect to happen in these popular domains.
Manmade machines, tools, and technology are just not enough these days. Artificial Intelligence (AI) and the Internet of Things (IoT) are the hottest trends right now. What are they? How effective are they and what should we expect in 2018? Let’s have a look.
One of the most popular examples of AI is Deep Blue, a supercomputer developed by IBM.
How will AI bring change in people’s lives in 2018? As per a Narrative Science Report, just 38% companies used AI in 2016 but the percentage is going to rise to 62% in 2018.
AI is already making our lives better:
1. Easy Life. Artificial Intelligence has made our life easier. Some examples are the voice assistance services of Siri and Cortana, GPS, etc.
2. Better Customer Engagement. AI is being used to create chat-bots. These can handle more customer issues in less time and provide solutions in a timely manner. Customers can get instant solutions which triggers increased satisfaction.
3. Re-structuring Business Process. Artificial Intelligence (AI) plays a key role in business decision making. AI uses Big Data and other analytical tools to identify wastage and extra processing in the business.
4. Cost Saving. Artificial Intelligence has enabled digital avatars in place of human beings, saving the cost of employing human resources. Machines do not require breaks like human beings and hence offer better productivity.
5. Medical Applications. AI is used to provide in-depth diagnostics results in less time. This helps doctors start medication and treatment quickly. Robotics can even help mental patients come out of depression, perform critical surgeries and monitor neurological disorders.
Latest trends in AI
AI will grow significantly in 2018. AI technologies which will be in news in the upcoming year are:
1. Speech Recognition. Instead of typing commands, you can directly ask questions and get answers from supercomputers.
2. Natural Language Generation. Using AI businesses can generate reports, prepare dashboards and use the business intelligence insights in customer service.
3. Virtual Agents. AI will be used to make Smart Home Managers in 2018. From identifying your presence in your home to locking doors and switching off air conditioners, AI assures more energy savings and enhances comfort.
4. Machine Learning Platforms. Artificial Intelligence is used to design, train and deploy applications; frame online training toolkits and provide algorithms.
5. AI Compatible Hardware. Artificial Intelligence (AI) cannot operate on standard hardware available in the market, hence special devices will be designed and architected to match the advanced needs of Artificial Intelligence.
Internet of Things (IoT)
How will IoT bring change people’s lives in 2018?
1. Fast Growing Insurance Sector. Insurance companies can now get real-time data with IoT. This will help them analyze risks, perform product segmentation, improve loss control and get more premium growth.
2. Better Products. With IoT in place, users will no longer have standalone devices but appliances which voice services like Siri and Cortana.
3. Instant Health Care. IoT has led to digital therapies, devices which can treat insomnia, depression, fertility and back pain.
4. Transformation of Retail. IoT means sensor-based analytics and a lot of data related to customer preferences. Using this the retail sector can identify prospective customers and sell their products better.
Latest trends in IoT
So what does the future hold for IoT? Researchers are quite certain IoT is going to grow at a faster rate in 2018. Some of the insights regarding IoT in the coming year are:
- More than 24 billion electronic devices will be connected through IoT by 2020.
- Approximately $6 trillion will be spent on IoT in next few years.
- Edge analytics and cloud analytics will play a vital role while deciding IoT investments.
What is the chemistry between IoT and AI?
AI and IoT are two different trends which will be used together in 2018 to get the best results in business and daily life. While IoT will create a large amount of data, AI will help you track and get an in-depth analysis of the data.
Get ready to use these two technologies and get more from your life and business in 2018.