Artificial Intelligence (AI) and Machine Learning (ML) services in the IoT arena are expected to grow 40% annually, to reach $ 3.6 billion (£ 2.6 billion) in revenues by 2026.
The latest news from global technology consultancy ABI Research new report, the results indicate that the value of the technology stack is moving beyond hardware and middleware to analytics and value-added services.
In fact, while COVID-19 has negatively impacted many industries, it appears to have accelerated the growth of the IoT data analytics market.
“As industries move to ‘all-remote’, out-of-the-box solutions for remote monitoring, asset management, asset visibility and predictive maintenance are in high demand and illustrate the acceleration of the market,” explained Kateryna Dubrova, research analyst at ABI Research.
“Vendors, such as DataRobot, are now making it easy to access ML and AI tool sets through different deployment options at the edge, on-premises, and in the cloud, and through consumption using the Platform as a Service (PaaS) and Software as a Service. (SaaS), ”she added.
Companies such as AWS, C3, and Google have successfully promoted their products and analytics capabilities by creating centralized repositories for COVID-19 data.
Currently, these data lakes are public and are not monetized. However, ABI Research expects these companies to attempt in the future to create products using this data for sale in the healthcare market.
From a technological perspective, data lakes could be the first step in building and testing data visibility and streaming analytics services. COVID-19 has highlighted the ambitions of the public cloud health sector that extend to pharmaceutical, biomedical and telemedicine fields.
While big data and data analytics may not have had a cure for the virus, IoT data-driven technologies have proven to be critical in reducing public anxiety, monitoring patients, and preparing infrastructure to new epidemics.
This importance helps explain the expected growth of the industry as AI-based solutions in the IoT continue to develop.
Want to learn more about the executives and thought leaders in this space? Learn more about the Digital twin world event, which will take place on October 19-20, 2021, which will explore in more depth the increase in business results and the industries that will benefit from it.