Across various sectors, artificial intelligence and cloud computing complement each other, often along with Internet of Things (IoT), to improve technology and catalyze growth. Data from Research and Markets indicates that the Artificial Intelligence of Things (AIoT) market is projected to grow at a compound annual growth rate (CAGR) of 37 percent through to 2023. The report observes that “AI adds value to IoT through machine learning and decision making and IoT adds value to AI through connectivity and data exchange” and devotes several sections to the increasing role of cloud computing in the market.
An example of this is Stelco Holdings, Inc., which recently partnered with Canvas Analytics Inc. The partnership involves Stelco using Canvas’ AI-driven Industrial IoT platform to “transform its steel operations, improve yield, and boost productivity.” Canvas Analytics Chief Executive, Humera Malik, commenting on the need to convert the voluminous data generated into usable info:
“As manufacturers digitize their operations floor, they are inundated with volumes of data coming from a multitude of sources. The next step towards intelligent operations requires real-time analytics power that transforms operational data into actionable intelligence.”
Universal mCloud Corp. similarly leverages cloud computing and IoT, most recently in the oil and gas sector with the deployment of its AssetCare platform. Nuance Communications, Inc.’s cloud-hosted PowerScribe One platform utilizes AI to assist in diagnostics and decision support for radiologists.
As major facets of the so-called fourth industrial revolution (4IR), it’s not surprising to observe AI, IoT, and Cloud Computing intersecting to enhance various sectors, and as the World Economic Forum describes the 4IR as being “characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.” ▪