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AI and IoT

Artificial Intelligence is one of those technologies that has gripped the whole of public discourse, the likes of which haven’t been witnessed since the age of computers’ introduction and initial digitalization.

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NORTH AMERICA ARTIFICIAL INTELLIGENCE AS A SERVICE MARKET 2019-2027
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AI and IoT

AI and IoT

Artificial Intelligence is one of those technologies that has gripped the whole of public discourse, the likes of which haven’t been witnessed since the age of computers’ introduction and initial digitalization. The growth of the AI industry can be gauged to the pumping of about $15.2 billion in 2018 by investors globally (141% over the 2016 figures) in AI start-ups. In a study done by MIT Sloan & BCG to assess the AI ambitions by companies and their efforts, it was found that there exists a large gap between the two, signaling growth potential in this industry.

On the other hand, the sheer amount of customer data captured by various companies (including their preferences, purchases, habits, and other personal information) increases with each passing moment. As IoT progresses, the amount of unstructured machine data has continued to grow, which will also drive substantial opportunities for AI’s support in unstructured data analytics. A study by BCG in 2017 also projected that the amount of incremental spend on IoT by 2020 would be approximately $250 billion. Also, structural shifts like the manufacturing and logistics functions coming together reflected by the top use cases in predictive maintenance, fleet management and self-optimizing production would together amount for about 50% of the total IoT spend.

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