Internet of Things or IoT is the buzzword in the technology world today.
The market value of IoT is expected to reach $9 billion by 2020 and the IoT units in the country will see a growth of 31X to reach $1.9 billion by 2020.
Here are some exciting ways in which diverse industries are utilizing IoT to their advantage:
- Banking Biometric data in the form of Iris scans, fingerprints and voice recognition software are helping banks authenticate their customers. IoT is also helping banks collect data around financial transactions of the customers and make informed decisions on processes like loan approvals.
- Healthcare Remote monitoring of patients is made easy using connected devices. When data is collected and transmitted through automated work flows, the possibility of human errors in capturing and reporting data is eliminated. Retail From localization i.e. customized messages sent to the customers via push notifications to precise inventory tracking before and after the point of sale, there are many application areas of IoT in the retail industry. Banking One of the biggest challenges that banks the world over are grappling with include credit card frauds. By integrating machine learning algorithms into the banking system, such frauds can be detected in a timely manner.
Some of the most important benefits of Artificial Intelligence include:
Going forward, there would be a huge demand of interconnected IOT devices in-collaboration with Machine Learning techniques for analysing the data. We are preparing our teams toward IOT and Machine Learning focus areas.