“Predicting the future isn’t magic, It’s artificial intelligence” – Dave Waters
“The internet of things has the potential to change the world like the Internet, maybe even more so”- Kevin Ashton.
If you are new to smart home & business appliances, you have probably come across buzzwords such as IoT, AI & ML. And why not after all these three disruptive technologies are interconnected with each other. But, with the world speeding up to technology, here we arrive at the two best technologies for any business ever: AI vs. IoT.
Internet of Things (IoT) & Artificial Intelligence (AI) is the two hottest trends in the recent market. The IoT means creating a new connected world that links everything in homes, bodies & cities to the internet. On the other hand, AI means making the machines smart and intelligent by simulating human behavior & intelligence. So, it is also considered as MI (machine intelligence). Many businesses have already adopted these technologies as part of their processes & products.
As per the recent survey conducted by SADA System, top companies are investing in IoT and AI technologies to increase efficiency and provide a competitive edge. Both startups and established companies prefer to invest in Artificial Intelligence technology & AI & ML development for unleashing the full potential of IoT. Microsoft, Amazon and Oracle are some leading vendors of IoT platforms that have started integrating AI features into their Internet of Things apps.
If you want to achieve your business goal and make your brand more enticing to the audience, you need to know how to integrate AI & ML into an app.
But the confluence of technologies during the years has unfocused the line between the two. IoT vs AI has become one of the hottest debates among techies. In this post, we are going to spark a detailed comparison between the Internet of Things and Artificial Intelligence. It will help you choose the right technology for your business. What’s more, you can easily debate these two topics with proper knowledge and information.
Table of Contents:
IoT vs. AI: A Detailed Comparison
Let’s have a look at some crucial elements that you need to consider before deciding on which technology is best and better suited for your business.
- Cloud Computing
- Market Statistics
- Learning for Data
- Success Rate
- Practical Examples
Let’s know them in detail:
#1 – Definition
The Internet of Things is a network of connected devices that can sense, gather and transfer data over a network without any human interaction. The function of IoT is based on the concept of everyday physical objects with the ability to communicate directly over the internet connection. Keep in mind that you can power up your business with reliable IoT app development solutions.
Artificial intelligence, on the other hand, is a way of machine learning (ML) in fact, which thoroughly examines the patterns and derives results effectively. AI is a result of collective predictive, continuous & perspective analytics. It won’t be wrong if we say it’s just mimicking human intelligence. You can also follow many top AI trends to cope with increasing users’ demands.
If you are thinking of using the best technology for your business, you should invest in AI application development.
#2 – Purpose
Like other platforms, IoT provides the ability to connect and communicate with things from anywhere in the world. But, it’s not enough. Internet of Things technology is the internetworking of physical devices such as sensors, actuators and other important electronics which can communicate with each other without any human interaction. So, the main purpose of IoT is to let objects send and receive data over the Internet.
You can also read about the journey of the automotive sector with IoT enabled technology to make your automobile business successful.
On the other hand, the purpose of AI is to reassemble human behavior & intelligence in machines to make them act in a good way. The main role of AI in business is to create technology to make people and machines work in collaboration.
#3 – Practical Examples
In a nutshell, the Internet of Things means connected devices, sprawling networks and huge amounts of data. From smart cities to cars, the world is becoming more interconnected with smart technologies every day. However, along with this popularity, there is more risk regarding data hacks and cyber-attacks. So, you need to be aware of the security challenges of IoT with their solutions to deal with them.
Top practical examples of Internet of Things(IoT)
- Connected appliances
- Smart home security systems
- Wearable health monitors
- Smart factory equipment
- Wireless inventory trackers
- Biometric cybersecurity scanners
- Shipping container and logistics tracking
You can also consider them as top IoT trends for businesses to achieve great success in the future.
On the other hand,
Examples of AI in pop culture usually include a basket of intelligent robots hell-bent on overwhelming the human race or at least a fancy theme park. Here are top examples of artificial intelligence:
- Manufacturing robots
- Self-driving cars
- Smart assistants
- Proactive healthcare management
- Automated financial investing
- Virtual travel booking agent
- Social media monitoring
- Conversational marketing bot
- Natural Language Processing (NLP) tools
No doubt, AI is everywhere and playing an active role in our daily lives. Whenever you log in to your Facebook, do Google research, shop online or book a trip online, AI is lurking in the background.
#4 – Cost
IoT requires a group of interconnected hardware devices such as sensors, led displays, controllers and many more. If you calculate the costs of IoT with hardware, & software devices, you will get a sum smaller than $50 thousand. That’s how a lot of MVP versions of an IoT answer cost.
Whereas the price of artificial intelligence depends on the requirements. To calculate huge computations, this technology requires highly configured system architectures. Hence, it costs a bit more than IoT for renting or leasing remote services. For a fraud detection coverage case, the price tiers are between ~ 100k- 300k$. Numbers significantly depend on the exercise – it all depends on the assignment scope, complexity, system necessities and other elements referred to before.
If you are planning to start your business in the healthcare sector, you need to know about IoT healthcare future scope.
#5 – Success Rate
Artificial Intelligence projects usually have a lesser success rate than the Internet of Things. IDC survey states that the highest success rates figures for AI were reported by 30% of the companies. For the rest, the failure rate ranged from 10% to 49%.
There are several reasons why artificial intelligence projects fail. Lack of data (whether it be quality or quantity) is one of the biggest reasons why AI technology is facing failure in comparison to IoT. Internet of Things projects might face elements of failure but overall most are successful.
#6 – Market Statistics
According to reports, it is estimated that there will be 35.82bn IoT devices installed worldwide by 2021 and 75.44bn by 2025. Apart from this, there has been a great impact of IoT on mobile app development.
Here are some facts about IoT (Internet of Things):
- In 2021, there will be more than 10bn active IoT devices
- By 2030, IoT devices will surpass 25.4bn
- By 2025, it is estimated that 152,200 IoT devices will connect to the internet per minute
- 83% of organizations have improved their efficiency with IoT technology
- The consumer IoT market is projected to reach $142bn by 2026 at a CAGR of 17%
Also Read, IoT in banking sector.
Let’s have a look at graphs for a better understanding of its market statistics:
On the other hand,
Worldwide AI (Artificial Intelligence) market size is expected to grow at a CAGR of almost 21% with $76.44bn during the forecasted period 2021-2025.
Here are some facts about AI (Artificial Intelligence):
- AI-powered voice assistants to reach 8bn by 2023
- By 2025, the worldwide AI market size is expected to be almost $60 billion.
- Worldwide GDP will grow by $15.7 trillion by 2030 because of Artificial Intelligence
- AI can increase business productivity by 40%
Let’s have a look at a graph of AI’s market statistics:
#7 – Learning from data
When it comes to Artificial Intelligence, the system learns from the mistakes or the background activities. It tries to develop itself to perform in a better way. The best example is Facebook.
On Facebook, if you have tagged some of your friends in formerly posted images and again you are posting your friend’s new picture, it will signify that you want to tag that buddy once again. It has been learned that the character with several capabilities is an “XYZ” person.
Alternatively, in the Internet of Things,
There are several sensors around us and each of them has a few facts flowing through them, and the identification information is being shared on the Internet. So, in IoT, the flowing records are being stored in an area & the identity is being processed. If you want that information, IoT shares the information with a person to help him with the help of analytics.
#8 – Scalability
The Internet of Things is intrinsically extra scalable than Artificial Intelligence thanks to its cloud-based architecture. The cloud structures and reduces the desire for extra challenging-stressed connections.
#9 – Dependability
IoT lets data flow between several linked physical devices and AI helps make sense of the data. The Internet of Things produces a lot of data via a wide network of interconnected devices and mostly data is not even captured. It requires a way to intelligently analyze & gain information from this data.
Artificial Intelligence systems provide a means to do exactly this with minimal human intervention effort. This technology aims to gain information and make predictions by performing analytics with the aid of AI technology. So, it’s clear that IoT won’t work without AI.
#10 – Cloud Computing
Internet of Things technology also supports cloud computing efficiently while IoT cloud provides a gateway for data management. Artificial Intelligence has brought highly strong cloud computing which enables machines to learn, think and react like humans by creating human examples. AI mostly uses cloud computing to perform huge computations over a remote server called cloud with high configurations.
#11 – Algorithm
Artificial Intelligence is all about learning & behaving as a human, so it mainly relies on keen learning of algorithms that will be received from different sources to create human behavior into the system. On the other hand, IoT is all about creating a customized algorithm to manipulate the system’s functionality.
IoT vs. AI: Benefits & Drawbacks
Let’s have a look at charts of both technologies’ benefits & drawbacks for clear understanding:
Final Verdict: IoT vs. AI
Whether you believe it or not, AI and IoT are the present & future. In this fast-growing world, both technologies are rapidly growing. So, it has become essential for every business to contain both Internet of Things and Artificial Intelligence into their business operations, not just to reduce human errors. However, it also increases productivity and smoothes the flow of business processes.
As said before AI, not only helps in making recurring tasks but also in learning, analyzing and acting like human beings and maybe often better than them.
IoT is a huge network of interlinked computing devices connected to the Internet. These devices can sense, gather and transfer data over a network without any human intervention.
Together they bring in a connected level of intelligence which will make computers smart along with interconnected devices.
When To Combine AI & IoT?
Individually, both the Internet of Things and Artificial Intelligence are the most powerful technologies. But, when you combine AI & IoT, you will get AIoT (Artificial Intelligence of Things). You can consider IoT devices like the digital nervous system while AI is the brain of a network or system.
What is AIoT?
As its name implies, AI is added to the IoT. AIoT can analyze the data and make decisions without any human interference. These smart devices help drive efficiency and effectiveness. AIoT enables data analytics to optimize a system and generate high performance. What’s more, it is also used to create data that helps to make better decisions.
What are the benefits of AIoT?
Here are some of the most popular benefits of combining both AI & IoT disruptive technologies to businesses.
#1 – Improve operational efficiency
AI in IoT crunches the constant data streams and ensures the patterns are not deceitful. In addition, artificial intelligence can forecast operation efficiency to ensure ideal results. Therefore, innovative IoT offers an insight into which processes are unnecessary and time-consuming and which tasks can be adjusted to increase efficiency.
For example, Google combines both AI & IoT to reduce its data center cooling costs.
#2 – Trigger new & improved products and services
NLP (Natural Language Processing) allows people to communicate with devices. Undoubtedly, IoT & AI together can create new products or improve existing products & services by enabling businesses to rapidly process & analyze the data.
Rolls Royce, for example, plans to integrate AI technology with IoT-enabled airplane engine maintenance amenities to spot patterns and discover operational information.
#3 – Eliminates Costly Unplanned Downtime
In offshore oil & gas and industrial manufacturing sectors, equipment breakdown can result in costly unplanned downtime. AI-enabled IoT allows you to forecast equipment failure in advance and scheduled maintenance procedures, resulting in avoiding the side effects.
Deloitte is the right example.
#4 – Better Risks Management
AI-enabled IoT devices help businesses to understand and forecast a lot of risks & automate for a quick response. So, it lets them better handle financial loss, employee safety and cyber attacks.
For example, Fujitsu engages AI for analyzing data received from connected wearable devices to ensure worker safety.
Practical examples of AIoT
The combo of the Internet of Things & Artificial Intelligence makes AIoT a powerful tool for many usages. Some practical examples are here:
Example #1 – Smart Retail
Smart retail is a great example of AIoT. In this environment, a camera integrated with computer vision capabilities uses facial recognition to identify customers. It gathers customers’ information such as gender, product preferences and many more.
Example #2 – Drone Traffic Monitoring
In the smart & innovative world, there are many practical uses of AIoT and drone traffic monitoring is one of them. If traffic can be monitored in real-time and traffic flow adjustments can be made, bottlenecks can be reduced. While drones are designed to monitor a large area, they can also transfer traffic data. After that, AI can analyze the data and make decisions about how to best reduce traffic congestion with speed adjustment and traffic lights timing without human interference.
Example #3 – Smart office buildings
Another big example of the AI & IoT intersection is smart office buildings. Some buildings use sensors to detect people and adjust temperatures and lighting according to improved energy efficiency.
Example #4 – Autonomous Vehicles
Another example of AIoT is autonomous vehicles such as Tesla’s autopilot systems. It uses radars, GPS and cameras to gather information about driving conditions. After that, use AI systems to make decisions about the data IoT devices are gathering. Apart from this, it is used in fleet management as well.
Overall, IoT-integrated AI technology can provide advanced solutions and experiences. For your business transformation, you should integrate Artificial Intelligence with data received from IoT devices. If you are looking for AI & IoT solutions for your business growth, get in touch with a reliable mobile app development company such as Appventurez.
How Appventurez Helps In High-End AI & IoT App Development?
If you want to step into the brilliant world of AI & IoT and leverage its power to add value to your business, Appventurez is the right place! We offer Artificial Intelligence & Internet of Things solutions that empower businesses with end-to-end AI & IoT solutions when smoothly integrating them into their existing enterprise structure. We have a dedicated team of iOS & Android app developers who have many years of experience in the Internet of Things & Artificial Intelligence technologies. We help you build innovative & reliable AI & IoT apps for potential software and new possibilities. In addition, we provide integration of artificial intelligence and Internet of Things technologies to boost operational efficiency and rescue costly unplanned downtime.
Frequently Asked Questions:
Q- Which companies are highly using AI & IoT technologies?
Many established companies are investing a lot of revenue into AI & IoT technologies to enhance the workflow of their companies. Google, Amazon & Netflix are renowned companies that are using these technologies.
Q- What are the main contributions of AI & IoT in today’s world?
Ai & IoT have made a major difference in several areas such as self-driving cars, automated cutting machines, smart home appliances and personal assistants in our smartphones, desktops and other smart devices like Google Home and Alexa.
Q- Which languages are best for AI & IoT?
Java, Python, Golang & C are the best programming languages for IoT & AI development solutions.
Co-Founder and AVP Technology at Appventurez Mobitech. A tech enthusiast who has broad expertise in delivering end to end software solutions. He is an expert technocrat ho has in-depth knowledge and is highly experienced in delivering solutions for Android, Xamarin, Ethereum Smart Contracts, ASP.net.
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