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When I started working with the Internet of Things (IoT) almost 10 years ago, I directed presentations with a mantra "the world changes and it changes rapidly". Now, with the advent of new advanced technologies driven by artificial intelligence (AI), I simply start with "nothing will be like yesterday!".
In this increasingly connected world, it's only by looking back that you can understand how fast things have changed. In 1984, when I left high school and the original Apple MacIntosh computer was on sale, there were only 3,000 devices connected to the Internet .
In 2008, the number of connected devices exceeded the number of people on the planet, nearly seven billion. This has more than doubled over the last eight years and, conservatively, it will triple again in the next three to four years to reach about fifty billion connected devices or what can be called "intelligent objects".
The result will be an innovation fueled by connectivity. Everything you've seen in technological innovation over the last eight years, which is a lot if you look back, will actually be tripled in impact and everything will happen in the next 3 to 4 years.
This IoT is well underway, from my start in the fledgling industry to date, and it's gone from science projects to an industry that, according to Gartner, will reach $ 1.5 billion in sales this year.
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Along with this soaring IoT, new technologies are popping up, the blockchain being one of the hottest ones. This distributed registry technology will allow the world to authenticate data in a trusted format like never before and will grow at a rate that Cisco predicts that 10% of global GDP, or about $ 9 trillion, will be stored on local channels. blocks by 2027.
Data collection and authentication is only part of the puzzle, the ability to process this data for positive and positive economic results will require analysis and the ability to visualize test results. even on a scale that we can not even imagine.
The analysis of these data will result in a sharp increase in the number of artificial intelligence applications, where we deal with such a large amount of data that machines will be needed to perform tasks that traditionally required human intelligence .
In the book Prediction machines The authors, all prominent economists, give a very simple definition of what we will actually get from AI – a really inexpensive prediction. This ability to dramatically improve forecasts will have a significant impact on our daily lives, reducing uncertainty and creating new economic opportunities at the same time.
As a sector, AI is growing exponentially with AI-related start-ups that have almost quadrupled since 2000, with 61% of companies surveyed having a technology plan declaring to adopt AI, according to a study of Narrative Science.
Examples of artificial intelligence implementations include Robotic Process Automation ("RPA"), which simply automates repetitive manual tasks by machines to increase productivity. JP Morgan Chase has invested in this technology and recently launched a contract information platform (COI). What previously involved a manual review of 12,000 annual commercial credit agreements requiring 360,000 hours of work can now be done in a few seconds at the machine, according to an initial implementation of COiN.
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AI has also seen the rise of "Chatbots", which convert human language into machine language and vice versa. Chatbots can answer customers' questions, provide internal and external technical support, assess their mood (by analyzing the tone of the voice) and even act as virtual advisers. For example, the Singapore government is working with Microsoft to create Chatbots for certain citizen services to serve as digital representatives.
The rise of AI in the prediction is also rapidly evolving towards the industry and companies like Presenso, an Israeli start-up, are collaborating with companies such as Total-Eren to provide maintenance solutions predictive to power generation assets. save a lot of money for their customers through preventative maintenance solutions.
Once all of this data has been collected, authenticated, and analyzed, there is still the problem of visualization, and that's really where everything will come together. Augmented reality and virtual reality solutions are rapidly evolving from the world of first-person shooter to the commercial world. Deloitte expects this market to grow from US $ 9 billion in 2017 to US $ 160 billion by 2021, at an average annual growth rate of 113 percent, and to monitor budding angel investors and asset managers. funds.
The furniture giant Ikea is an example of successful AR solution. Their "Ikea Place" app, built in collaboration with Apple, allows customers to virtually place furniture in their home. The app also allows users to capture and share photos and videos of furniture placed virtually with family and friends. It is not difficult to see how other companies will move quickly in this area.
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Things are moving so fast in the traditional VR space. KFC was one of the first to adopt the technology, developing a totally immersive VR experience so that staff could train them in the preparation of the chicken, giving them a five-step process to follow as they want to reach a "spare room".
And in 2017, nearly 19,000 KFC stores in 118 countries used AI to detect areas in which greater efficiency could be achieved within the company, not just for training purposes.
Over the next 10 years, IoT, blockchain, AI and VR / AR technologies will become the essential applications of business transformation. It is very fun to sit and watch the show. Sincerely as a developer, investor, supplier or customer will literally change your life.
Matthew Smith is the Managing Director of Digital Insights (HK) Limited and Global Head of Market Development, Internet of Things, at Cisco Systems, where he held various management positions for 18 years.
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