IoT and AI all set to transform enterprise technology
AS the world finds more and more applications for the Artificial Intelligence (AI) and the Internet of Thing (IoT), the technologies will pervade every sector and industry.
A new report by MarketsandMarkets believes that the IoT market is expected to grow from US$ 170.57 billion in 2017 to US$561.04 billion by 2022. Entitled Internet of Things Market: Global Forecast until 2022, it states that the burgeoning technology market will see a Compound Annual Growth Rate (CAGR) of 26.9 percent over the next five years.
Enterprises are also acknowledging the value associated with incorporating artificial intelligence (AI) into their business processes.
A Tractica report estimates that the annual revenue for enterprise applications of AI will increase from US$3.7 billion worldwide in 2017 to US$80.7 billion in 2025.
The company analysed nearly 300 different enterprises AI use cases to create its market forecast, in addition to assessing the underlying meta technological functions being deployed in each use case, including vision, language, and analytics.
Another report by MarketsandMarkets that examines the use of the technology in the manufacturing sector finds that IoT in manufacturing will be worth US$45.30 billion by 2022, from US$12.67 Billion in 2017. That is a CAGR of 29 percent during the forecast period of 2017-2022.
In December last year, global IT firm Gemalto found that the saturation and effect of software solutions among companies in the device-making business have risen and evolved as a core part of operational activities.
The results of the study showed that 84 percent of enterprises in the device manufacturing industry are embracing software solutions as the core of their operations. It also shows how important IoT technology is becoming for businesses if they want to improve their services and efficiency and stay ahead of the competition.