Technology plays a crucial part in the growth of modern enterprises. To be at par with competitors as well as the rest of the world, modern enterprises are quickly adopting technologies that can support their business processes and help them realize their maximum potential as an enterprise. Owing to the multifold benefits of AI and IoT, enterprises across all industries are integrating these technologies into their business processes.

IoT-driven innovations have opened up many new opportunities for businesses because of the enhanced practical solutions and improved asset utilization. The overall efficiency and delivery of an enterprise are increased by CRM embedded AI as it is the new generation of customer relations. [1]

Figure 1. IoT and AI transform modern enterprises in 2022

Figure 1 shows the execution of modern technologies such as Artificial Intelligence and IoT has been changing the entire business world. A recent survey stated that almost 500 IT professionals claiming AI and IoT as most emerging technologies do remodeling business operations and compelling companies to invest more to gain a competitive advantage.

And the reasons are simple. The amalgamation of IoT and AI can create smart strategies that can read human preferences and help management make informed decisions with zero error. Not convinced? Let’s check it out with a real-life example. [2]

IoT Technology’s Growth

According to Mordor Intelligence, the IoT technology market value is expected to rise to $1.39 trillion by 2026. This incredible growth is likely due to a number of factors:

• The COVID-19 pandemic accelerated the advancement of remote monitoring, smart home devices, and data analysis solutions.
• Businesses are racing to develop better artificial intelligence solutions. These often require a network of advanced sensors and edge computers within the scope of IoT.
• IoT networks can accomplish some tasks more efficiently than centralized solutions. [3]

Future of Connectivity

5G and IoT infrastructure are already in our lives in one form or another. The statistics show that the trends are strengthening, being already some of the most-awaited tech inclinations for the next decade. According to McKinsey, the usage of connectivity solutions in only just four domains—mobility, healthcare, manufacturing and retail technology—could increase global GDP by $1.2 trillion and reach $2 trillion by 2030. Up to 80 percent of effectiveness can be achieved with existing advanced connectivity technologies. [4]

References:

1. https://www.analyticsinsight.net/how-ai-and-iot-will-transform-the-modern-enterprise-in-2022/
2. https://www.iotforall.com/ai-and-iot-transforming-business
3. https://mobidev.biz/blog/iot-technology-trends
4. https://nix-united.com/blog/future-tech-trends-why-business-implements-innovations/

Cite this article:

Thanusri swetha J (2022), IoT and AI transform modern enterprises in 2022, Anatechmaz, pp.69