Unfolding the Extended AI Opportunity in IoT and Big Data Analytics
It has been nearly a year, I published the first version of my research showing an articulated view of AI predictive analytics market (also explained in my first article). Since then I’ve been tracking the applied AI sectors including both hardware and software. The use of AI solution is changing dramatically across the sectors including industrial, enterprise, and consumer application. It is going even to influence our daily routine such as morning habit, visiting friends, managing meeting schedule, shopping habit and many more. The biggest factor, embedding AI solution with physical device & machine, will change the entire scenario in coming decade. The workplace will also use AI embedded devices like service robot along with software solutions to manage works & employees. The industries will be using AI embedded physical machine to make automation system intelligent potentially reducing production wastage and building self-operating environment.
The second version of the research titled AI in Big Data Analytics & IoT 2017 – 2022 summarised all those extended AI opportunities in the forms of embedded solutions, predictive analytics, and related services. The embedded solutions will be in the sectors of IoT device, IoT platform, personal assistant software, and data capture & integration software. Nearly all types of devices such as wearable, machine, robot, appliances, grid, billing & settlement device, networking & connectivity device etc. will be powered by AI embedded solutions generating diverse range of consumer data. Not only IoT devices, the IoT platform solutions including device management, network & connectivity management, application management, and business intelligence platform will also be powered by AI solutions. The emerging trend of personal assistance market including private assistant software, home assistant software, and messenger bots will highly be utilising AI capabilities to guide daily lives of human and business applications. Big Data capture & integration software regardless of tools like Hadoop, Apache, MongoDB, MapReduce and others will be the avid users of AI solution. The embedded solution altogether will create $42 billion cumulative market opportunity during 2017 – 2022 for AI software solution providers benefiting IoT device manufacturers.
Nearly all predictive analytics solutions will be powered by several types AI technologies such as machine learning, deep learning, vice recognition, artificial neural network, natural language processing, and image processing. Almost all the business applications including consumer intelligence, business intelligence, enterprise application, industrial application, and government (including public safety) application will utilise AI capabilities to achieve business goals like data mining & management, customer intelligence, decision support systems, performance management, fraud & security intelligence, risk management & financial intelligence, operation & campaign management, and automated planning & scheduling. The AI predictive analytic solution alone will contribute nearly 49% of the aggregated AI solution market in Big Data & IoT for software developers, data aggregators, & insights solution providers.
The extended horizon of AI solutions will create a separate market for related services in the forms of managed service, on-demand service, and professional consulting service. The total AI service market in Big Data & IoT will value more than $3 billion in 2022.
No doubt, AI will be the hotcake in coming decade potentially generating real cash opportunity for AI & Machine learning companies, IoT platform & solution companies, Big Data Analytics solution providers, networking & connectivity solution providers, IoT hardware & equipment providers, software developers, and data scientists.