There is no doubt about the popularity of machine learning and IoT as both are trending topics today. The research conducted reveals that on average, around 55 Billion IoT devices are there at present. Above all, these help in retaining the customers.
Most of the top organizations such as Microsoft Azure, and Amazon AWS IoT prefer using machine learning and IoT in their business processes and all due to the varied benefits it brings with it.
Despite the high popularity, small or medium-sized organizations are still not resorting to machine learning and IoT. The reason for this is the lack of know-how in machine learning and IoT.
Consequently, here we are, with a detailed post on machine learning, IoT, and how it can be profitable for businesses.
About Machine Learning and IoT
Machine Learning is a significant part of artificial intelligence that analyzes the data, identifies patterns, and makes decisions with minimal human interference. In addition to this, it also plays a crucial role in data science.
With this, businesses can get insights into data mining projects. It is these key insights that can help you make quick and accurate business development decisions.
Besides this, there is the internet of things. It includes all the devices connected to the Internet collecting and sharing the data. It gets pretty easy to create products that are considered in IoT and all due to the cost-effective chips and wireless network.
It is due to the IoT only that the world has become more responsive and smarter with the integration of the digital and physical world.
Machine Learning and IoT Market Size
The market for machine learning was $15.66 Billion in 2021 which will go up to 21 Billion USD in 2022. Besides this, it will grow up to 209 Billion USD at the rate of 38.8%. Likewise, the IoT market size is also expected to grow by 525 Billion USD by 2027.
Perks of Machine Learning and IoT
Be it machine learning or IoT, businesses only tend to implement something in their business process if it brings them immense advantages. Fortunately, this is what machine learning and IoT does.
Let’s learn about some of the benefits of implementing machine learning and IoT in business processes in the sections mentioned below.
Highly secure and safe
The first prominent advantage of machine learning and IoT is that it is highly secure and safe. With the help of sensors and devices, machine learning and IoT minimize security and safety issues.
Consequently, the combination of machine learning and IoT provides secure ecosystems which in turn assists the organizations to manage and predict risk factors be it financial, cyber, or any other risk.
Enhances visibility to supply chain
In addition to being secure and safe, machine learning and IoT also enhance the visibility of the supply chain. Businesses can get critical insights into the minutest details of their products such as their quality and real-time data and all due to the use of IoT sensors in vehicles and containers.
It is the data only which enhances the visibility into the supply chain. But this is not all as the combination of machine learning and IoT provides more scalability to the business. Machine learning makes use of real-time data and predicts the issues that might occur in the future so that they can manage.
Improved operational efficiency
The next major benefit of machine learning and IoT is that it results in improved operational efficiency. It does so by reducing waste. With the help of the IoT sensors, businesses can get to know the products which are of no use to them.
Once they get to know the products, machine learning provides the data after analyzing it for the businesses. Consequently, both reduce the inefficiency and emphasize getting effective procedures aiming to reduce waste and improve operational efficiency.
Automated work processes
Handling multiple tasks manually consumes lots of time and may also hamper the productivity of the employees. But no worries as machine learning and IoT automates the work processes.
The daily tasks of businesses can be easily automated with the help of machine learning and IoT. IoT devices assess the data precisely and also get the work done in less time. Business process automation will bring in 40% more productivity.
The automation not only eases out the work but also streamlines the work which in turn allows the other employees to emphasize other tasks.
Improved products and services
The combination of machine learning and IoT also results in improved products and services. The transmission of information between humans and devices gets significantly improved via communication by gestures, speech, or text.
AI-powered drones and robots have given an altogether different meaning to monitoring and inspection which was not there before.
Risk management
Besides the above-mentioned benefits of machine learning and IoT, the combination of both also improves risk management. Risk management includes financial loss, personal safety, cyber threats, and many more to go.
Be it any situation, machine learning, and IoT deals with such situations and also come up with prompt responses.
Uses of Machine Learning and IoT
The biggest confusion prevailing in people’s minds is if they can use machine learning and IoT processes in their business operations or not. Here are some use cases of machine learning and IoT mentioned below.
Healthcare industry
The healthcare industry is the one that can make the best use of machine learning and IoT for business reasons. The doctors and physicians can initiate the house diagnostics facility and build disease protection tools by using machine learning and IoT.
IoT can be used to provide all sorts of medical devices such as wearables and monitoring tools for both patients and doctors. Besides this, machine learning is used to get medical records and integrated data for improving the business further.
Agriculture
The next best use case of machine learning and IoT is in agriculture. With the use of machine learning and IoT, food production is expected to increase by 70% by 2050. Moreover, there are around 70 Million connected devices which are going to increase in the coming years.
Apart from this, all the communication taking place between farmers and businesses is done through machine learning and IoT.
Wrapping Up
Without any doubt, machine learning and IoT can turn out to be lucrative options for businesses. These technologies not only bring a handsome amount of profit to the business but also makes them more efficient and makes them more scalable. In other words, these are reshaping the world of businesses.