AI and IoT: Applications, Benefits, and Examples

Imagine a day when your smart gadgets would be able to make independent decisions! When AI and IoT, two fascinating technologies that are shaking up our way of life, are combined, that is what results. The Internet of Things connects everyday things, such as your refrigerator or thermostat, to the internet while artificial intelligence provides the brainpower.

AI in Internet of Things allows these devices to collect data, examine it, and make wise judgments without human oversight. Your smart thermostat, for instance, learns your preferences and adjusts the temperature to keep you comfortable.

Rising at a value of USD 201.3 billion by 2033, the AI in IoT market is expected to explode at an amazing pace of 19.7% annually from 2024 to 2033. In this blog, we will explore several applications, benefits, and examples of AI and IoT.

Applications of AI and IoT

Artificial Intelligence and IoT are two peas in a tech pod. Although each of these fields has unique importance, their full potential can only be realized collectively. AI and IoT are needed for a wide range of applications in many different sectors. Following are some of these:

1. Smart Homes

AI and IoT are very important to the move of smart houses, which are becoming more common. IoT devices for smart homes that are controlled by AI and can track and react to the user’s actions and tastes to make their surroundings more unique. For example, a smart thermostat can figure out when the owner is most likely to be home and set the temperature accordingly, which saves energy and the expense that comes with it.

2. Collaborative Robots

Want a robot’s assistance? That’s exactly what Collaborative Robots, or Cobots, will do. Cobots are very advanced machines that are made to help people in a shared workspace, like an office or an industry setting. They could be as simple as an arm robot or as complex as an army of robots working together.

3. Smart Cities

When everything else is getting smarter, why not whole cities? It is possible to create a “smart city” by putting sensors all over the city’s infrastructure. These sensors could be used by cities to keep an eye on things like traffic, noise, water and energy use, and pollution of the air and water.

4. Agriculture

Artificial intelligence in IoT devices helps farmers in increasing agricultural yields and decreasing waste. Sensors can measure things like soil temperature, wetness, and other factors. This helps farmers get the most out of their fertilizer and watering. AI systems can be able to spot trends and predict problems like bug outbreaks or disease pandemics by looking at this data.

5. Healthcare

By allowing online patient tracking and unique treatment plans, AI in Internet of Things is changing healthcare. Wearable medical devices are becoming more important because they can keep an eye on a patient’s vital signs and let doctors know if anything is wrong. Brain-like computers can sort through all of this information, find patterns, and predict health issues before they get worse.

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Benefits of AI in Internet of Things

Proactive intervention, personalized experiences, and intelligent automation are just a few of the many benefits that AI in Internet of Things offers for organizations and customers. The most popular business advantages of combining these two technologies are as follows:

1. Operational Efficiency

AI in Internet of Things can predict how things will work and make setting changes in real time. Machine learning can look at ongoing data streams and find trends that people miss, which lets it both improve results and make operations more efficient. It might find counterintuitive insights, like the fact that cleaning ship hulls more often saves fuel and makes shipping companies more money.

2. Increased Customer Relationships

When AI and IoT are combined well, they do more than helping organizational operations. They also improve the customer experience as a whole. These two new technologies are being used by businesses to gather huge amounts of data and learn more about their customers and what they want. To top it all off, businesses are going paperless with their data integration processes to guarantee that clients get timely and relevant feedback.

3. Better Supply Chain Management System

AI and IoT make it simple to keep track of assets and keep a central database of all inventory. Additionally, it improves the company’s cash flow and helps with asset and stock management.

1. Higher Profits 

Most software development companies are under immense pressure to reduce expenses after the COVID-19 environment without sacrificing efficiency. The business may be able to save expenses by using AI and IoT. All things considered, the combination of artificial intelligence and IoT allows for the rapid collection and analysis of data to ascertain if a process or component has become too costly to maintain. 

You can save money without reducing productivity when they have early access to data. A custom software development company can apply improvements to reduce costs by identifying the sources of those costs. Additionally, this new technology enables executives to enhance company procedures while cutting wasteful spending.

1. Secure

Safety and security are issues that every company worries about as hackers, malware, and cybercrime attempt to steal private data. The merging of AI and IoT prevents any unauthorized third parties from accessing the data and alerts the operator right away if any unusual behavior occurs.

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Real-Life Examples of AI and IoT

1. Amazon

With the help of AI and IoT, Alexa, Amazon’s smart and natural helper, can control your home and talk to you in a natural way. Alexa’s intelligence comes from NLP development, which lets her understand what you’re asking her to do, interpret complicated words, and respond in a natural way. Alexa gets better at understanding what people are saying and responding by interacting with them.

But Alexa isn’t limited to answering questions—she’s also well connected with the IoT. Alexa can control many parts of your home with your words due to the merging of Internet of Things (IoT) devices. Thermostats, security cameras, smart lights, and even freezers are examples of these devices. With a simple order like “Alexa, turn off the lights,” the smart bulbs can respond right away because Alexa’s AI can talk to them over the IoT network. AI and IoT work together to create a networked ecosystem. Alexa is at the center of this ecosystem, organizing all of your electronic devices to make your life easier and more automated. Alexa uses AI and IoT technologies to make your daily life better by helping you with things like keeping track of your schedule and lowering the amount of energy your home uses.

2. Tesla

AI and IoT have been used amazingly well by Tesla to make smart, self-driving cars. Every Tesla has a lot of sensors, cameras, and lasers that gather information as you drive. The car could use this knowledge to better find its way around, including details about where people and other cars are. It’s like magic when this info is handled by Tesla’s AI using machine learning. This helps the car learn from its mistakes and decide quickly whether to stop, turn, or switch lanes, among other things.

Using IoT technology to link all of Tesla’s cars together is what makes the company stand out. When a Tesla on the road notices something new, like a tricky route or an odd traffic pattern, it talks to all the other Teslas in the area. Due to this, each Tesla will get better and safer over time. Tesla’s self-driving technology is one of the best in the world, and it keeps getting better due to this amazing network and the constant learning from each car.

3. Microsoft

Microsoft uses the power of AI and the IoT through its Azure cloud platform. With tools like Azure IoT Hub, Microsoft makes it easy for companies to connect and control Internet of Things (IoT) devices. This lets them get information from many places in real time. When Azure’s AI features, such as machine learning and analytics services, are used on this data, smart choices can be made. Costs can go down and efficiency may go up when companies automate tasks, keep track of how well equipment is working, and plan ahead for improvement needs.

Businesses in fields like manufacturing, healthcare, and agriculture can use Microsoft’s AI and IoT solutions to make smart apps that improve efficiency, make interactions with customers better, and spark creativity. This changes how these businesses work in a world where everything is connected.

Empower your Business with AI in Internet of Things!

In the digital world we live in now, businesses can benefit a lot from combining AI and IoT because it can create new opportunities and boost creativity. Whether you want to improve product options, streamline supply chains, or come up with better solutions, the right methods can help you turn problems into opportunities.

With the help of Innvonix, you can make this change happen. As a leading AI ML development company, we specialize in customized Machine Learning and AI Machine Learning Services. With our experience making AI and IoT apps, we can help you get the most out of your business and succeed in the digital age. We will help you reach your goals if you work with us!