How AI, Big Data Analytics, and IoT Are Enabling Enterprises to make Strategic Decisions?
The advent of technologies like AI, big data, and IoT have completely changed the conventional notion of the industries. From healthcare to education, every sector has witnessed exponential growth leveraging these technologies.
Connected devices have started to play a pivotal role to revamp the healthcare sector offering the healthcare providers the golden opportunity to provide personalized service. Statista has predicted, in 2019, revenue of almost $4.4 billion will be created from the sales of healthcare wearable device. These IoT devices are enormously helpful to the senior citizens who need a regular check-up. A new report From Research and Markets how AI can be implemented within IoT networks and systems to provide a more customized experience to the customers. For example, in CES 2019 CarePredict launched its healthcare solution which stunned the audience. This innovative end-to-end platform leverages AI to have proper knowledge about the health condition of senior citizens. The IoT has been permeated to different sectors and interestingly, each market has separate demand from this advanced technology.
Collecting and analyzing massive data sets have gained tremendous traction these days. In several cases, these huge data sets are unstructured, and at this point, AI enters the show to squeeze out proper meaningful information out of these data sets. The deployment of AI in IoT devices has become crucial to escalate decision-making capabilities leveraging advanced data analytics. In the insurance sector, AI enabled data analytics holds a vital position to analyze huge data sets in order to mitigate risk factors related to a plan, and in customer centers, the AI-powered chatbots have achieved colossal currency. As per a report by Gartner, by 2020, 85 percent of customer relationships will be automated, and this prediction points toward the popularity of AI-based devices to improve communication with the customers. Today, customers demand more personalized service and these AI-powered chatbots are important to meet this demand as it makes a proper analysis of customers' data before indulging into a conversation.
Undoubtedly, in the upcoming years, Artificial Intelligence, IoT, and big data analytics will play a pivotal role in every sector, and indeed, the formation of smart city will demand a smart and connected transport system through the deployment of connected cars. But, while handling these vast data sets, companies have to pay more attention to security.