The Artificial Intelligence of Things (AIoT) combines two game-changing technologies AI and IoT. AIoT aims to achieve a more efficient infrastructure for IoT operations, improve human-machine interactions, and make data management and analytics seamless. While IoT garners enormous data from the number of connected devices globally, AI helps make sense of that data and processes it to gain actionable insights. These insights form the base for strategic decisions within an organization and highlight significant trends within data.
Here, we are taking a dig at this new technology and what benefits it offers.
Popular Use Cases of Artificial Intelligence of Things (AIoT)
1. Smart Retail
COVID-19 has significantly changed various aspects of how people carry out their routine tasks. Not only do the consumers prefer to shop online, but they also prefer cashless transactions. Additionally, even if they visit online stores, they look forward to the brands that can enhance their shopping experience with advanced in-store experiences.
To enable this and stay competitive, retailers are adopting cutting—edge technologies like virtual reality, augmented reality, AI, IoT, and the topic of discussion here – AIoT. Backed by analytics at disposal, retailers are driving growth and customer experiences that help them attract and retain customers and boost revenue—no wonder the global smart retail market size is predicted to reach USD 134,347.9 million by 2028.
A stunning example is Amazon Go, where just like their tagline, Just Walk Out Shopping, grocery shoppers can walk into the stores and shop for the products. The items picked by the shoppers are updated on the virtual cart, and once done, shoppers can leave the store. The amount will be deducted via digital payment, and the receipt will be mailed instantly.
2. Drone Traffic Monitoring
Traffic congestion costs countries across the world a whopping amount each year. The surge in vehicular traffic is a matter of grave concern for these countries, not just from the finance concern but also from the citizen safety point of view. This increase is causing traffic monitoring via fixed cameras to be inefficient as they fail to identify issues beyond their installed locations.
To overcome this, the urban planners need to analyze traffic density, road capacity and traffic flow in order to build strategies to reduce congestion.
This is where traffic monitoring via drones can help. Drones can capture real-time videos for the command-and-control centers by offering simplicity, mobility, and the ability to cover large areas. Ground personnel can leverage these visual aids to streamline road monitoring, traffic guidance, traffic activity analysis, discover individual vehicles, read license plates, and strategize. They can also use the data saves to make strategic decisions for the specific areas to optimize traffic flow and ensure road safety.
Powered by technologies like AI and IoT, these drones are also capable of providing on-ground situational awareness in case of emergencies such as road accidents, oil leaks, etc. These images or video footage can also serve as evidence if the need be.
3. Fleet Management and Autonomous Vehicles
Fleet management is among the most challenging aspects of the supply chain. Having to juggle priorities isn’t accessible to ensuring the continuity of the critical assets with minimal downtime. Some of these challenges include:
- Manage fuel costs
- Route optimization
- Track driver behavior
- Safety and security of fleets
- Lengthy operations
- Lack of operational visibility
- Standard enroute expense
- Spare parts inventory management
But besides investments in services and maintenance, they also need proactive approaches to tackle these challenges expertly. This encourages fleet managers to look for technology alternatives that enable features to handle each of these challenges.
IoT-powered fleet management solutions and autonomous vehicles are the right fit here. Autonomous vehicles or driverless vehicles are capable of sensing environmental conditions and moving without relying on human input. They are connected and equipped with integrated systems that in turn connect to the cloud-based systems via the internet. They can send across helpful information to the managers who have the correct data and insights at their disposal to gain complete visibility of their fleets. This enables them to make strategic decisions and ensure each significant aspect is taken care of, regardless of where they are.
4. Video Surveillance
AIoT is reshaping video surveillance. This has led to a spurt in the growth of this market. The ability of video surveillance cameras to enhance security and offer top-notch monitoring by offering technical solutions such as alarms, access control devices, and AI-powered cameras. Reports demonstrate that the global video surveillance market is projected to reach USD 74.6 billion in 2025, a remarkable increase from USD 45.5 billion in 2020.
5. Autonomous Delivery Robots
Last-mile delivery is one of the most daunting factors for the supply chain industry. However, increasing demand for this and the continued growth of e-commerce and changing consumer expectations for quicker and frequent deliveries further add to the challenge. This calls for better and efficient delivery methods.
AIoT-enabled autonomous delivery robots have changed the last mile delivery arena. Autonomous delivery robots are gaining popularity by offering a cost-effective and efficient way to deliver products, thanks to which their market is expected to reach USD 3.82 million by 2026. Additionally, it is expected that ADRs will do 85% of the last-mile deliveries.
This increasing adoption is fueled by their ability to augment revenue, flexibility, and efficient automated fulfillment. By offering superior last-mile delivery, ADR can help boost the customer experience and attract and retain customers. This trend is not significant in the retail industry but also the other business segments such as restaurants, grocery, etc.
What does Artificial Intelligence of Things (AIoT) Bring to The Table?
AIoT is a powerful combination that uses sensors and smart devices that empower brands to take their business strategies a notch higher. As we know, businesses can garner these insights and actionable values to make strategies that deliver results, optimize business operations, boost employee productivity, and prevent costly errors. The result of all this is visible in the company’s bottom line.
Let’s highlight the significant benefits of AIoT for your business.
1. Create Result-Oriented Business Decisions
While IoT devices collect volumes of data from across the globe and industries, it gets challenging for businesses to extract meaningful information from the same. However, once combined with artificial intelligence, businesses can implement this information to reveal other trends suited to the businesses. Leveraging these, strategists can create plans and processes that help them deliver maximum results.
2. Improved Operational Efficiency
Intelligent automation systems can streamline operational processes. By integrating advanced AIoT systems such as environmental sensors, face recognition systems, biometric devices, remote monitoring devices, and similar IoT devices, businesses can receive vital data at their fingertips. Having this, AIoT-based systems can offer valuable results to build office security, analyze gaps, enhance the productivity of the systems, and more.
3. Better Customer Experience
Understanding your customers is vital for you. Once you understand their behavior, what drives their purchasing decisions, and what challenges they face, you can create better products and services. At the same time, you can create strategies that deliver results and contribute to boosting revenue. AIoT solutions collect inventory data such as the inventory re-fills, faster-selling goods, the products that have caused distrust among consumers, and more. Using this, businesses can predict customer’s requirements in advance and create personalized experiences. This goes a long way to build your reputation as well as keep customers satisfied.
4. Take a Proactive Business Approach
Early access to data allows organizations to identify gaps and analyze them to find strategic loopholes. By knowing these drivers, businesses can make changes to their processes and limit the processes or certain stages that are adversely affecting your business. You can also reduce the expenses on unnecessary operations to optimize them.
AIoT has a wide array of use cases across businesses of all sizes and from diverse industry verticals. The final implementation depends on the goals and challenges you address using it. While strategic business decisions and automation are among the common drivers of AIoT adoption, there’s more to the story. What challenges do you want to overcome? Can you think of any more ways AIoT has revolutionized your business or any of its aspects? Let us know.
Rebecca is the Senior Technical Content Writer at Matellio who has a love and passion for covering various aspects of next-gen technology. She enjoys implementing various writing styles and techniques. She is an engineer which further gives him a broad spectrum of understanding various tech tools and platforms.