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Once the basis of story lines for science fiction movies, Artificial Intelligence (AI) now has practical applications that are changing the way businesses get things done. Smart developers are exploring ways to combine AI with the internet of things (IoT) to help companies in a variety of industries benefit from the data generated by connected devices. The ultimate goal is to improve production capabilities, gain efficiencies and reduce operating costs by delving into real-time data from multiple points to produce actionable insights.
The market is ready. According to Statista, by 2020, projected spending by discrete manufacturing, transportation/logistics and utilities industries for IoT platforms, systems and services will exceed $40B for each category. In 2018, Forrester Research found that 48% of companies in North America had already invested in AI/machine learning as part of their digital strategies. The combination of AI and IoT boosts the capabilities of the devices that run these applications to contribute to improved business processes. When developing solutions, it is important to consider what infrastructure best supports the ability of AI to drive valid, real-time decision making.