How AI and IoT Forever Change the Job Market

Artificial Intelligence has turned out to be the cornerstone of current advancements in technology. Bringing innovations integrated with superhuman n intelligence when AI is combined with IoT everything gets completely transformed. Not only the simple tasks are getting optimized and automated but even the hardest and most critical operations are becoming efficient.

However, the question is how will the labor cope with it and what measures do industries have to take to make their system work efficiently while adapting to the recent shift in technology?

According to the McKinsey & Co. report, around 45% of the tasks are now being done by machines instead of humans. Not only this, Oxford presented a survey stating that over 20 million people lost their jobs with the mass adoption of AI bots and IoT technology during the last decade.

Let’s dive deep to learn about the impact of AI and IoT on different industries and about ways to cope with it.

Role of AI and IoT To Bring Advancement to Industrial Sector

Artificial Intelligence and IoT are commonly used for operations and product and service developments in various industries. It has become an integral component of the manufacturing industry. Here is a look into the adoption of AI and IoT in various industries.

Characteristics	Human resources	Manufacturing	Marketing & Sales	Product/service development
All industries	8%	12%	15%	21%
Automotive & assembly	13%	29%	10%	21%
Business, legal, & professional services	13%	9%	16%	21%
Consumer goods/retail	1%	19%	20%	14%
Financial services	5%	5%	21%	15%
Healthcare/pharma	3%	12%	16%	15%
High tech/telecom	4%	11%	26%	37%

Source: Statista report 2020

Contribution of Artificial Intelligence

Artificial Intelligence is no longer a topic for Sci-Fi movies, it has entered the real world and is bringing massive advancement with every passing hour. The global market for AI is expected to reach $267 billion by 2027. Not only this, by 2030 it is expected to contribute  $15.7 trillion to the global economy.

Furthermore, when it comes to investments, around 90% of businesses are considering it to be potential to invest in AI developments, even the governments of many leading countries are coming up with improved IT policies governing AI.

Contribution of Internet-of-Things IoT

IoT-based applications are opening a horizon of opportunities welcoming users to enjoy a more connected and streamlined experience to use technology. It has been potentially transforming the technological landscape and is getting adopted by a wide range of industries. Global spending in IoT development is predicted to increase up to 40% from $1.67B to $12.44B by 2024.

Here are the top use cases of adopting IoT technology since 2019.

Source: Statista report 2020

Benefits of AI and IoT In Various Industries

Learn about how AI and IoT are bringing advancements in major industries.

Predictive Analysis

AI bots are capable of providing predictive analysis to identify loopholes in any operation or functionality. It provides a pathway to identify factors to bring improvisation and efficiency to the functionality.

if you look into the manufacturing industry, AI bots can help discover maintenance flaws. It can assist in reducing operational costs by highlighting the larger failures. Moreover, it prevents operations from facing unexpected failures. It makes a system efficient and rectifies the flaws. The repair teams can take necessary precautions and evaluate the performance based on multiple scenarios. Predictive analytics also has disruptive effects on retail as it can give retailers valuable insights into how customers move through the marketing and sales funnel.

Mass Customization

With AI and IoT you can opt for proficient strategic planning for your business targeting customization and personalized approaches. According to the Deloitte report, around 94% of businesses are transforming with the adoption of AI and IoT in their strategic initiative.

It helps create a bridge to understand the consumers and learn about their pain points. Moreover, the bots help in reading and monitoring customers’ behavior thereby creating a swift journey to lead the visitors towards the sales funnel.

Inventory Management

One of the biggest troubles industries face is managing inventories. Sectors including hospitality, eCommerce, and logistics all have to take the necessary initiatives to maintain and monitor inventories to regulate seamless operations.

With the use of AI and IoT, the issue gets rightfully rectified. The technology helps in not only managing the inventories but creating robust software that can let the operators stay stress-free. It enables users to easily manage and update inventories without getting stuck in manual methods that are tedious and time-consuming.

Enhanced Security & Transparency

As per the Pew Research Center, around 70% of consumers think their personal data is getting more secure than ever.

Privacy breaches, scams, and data theft have been a common concern of online users. However, with improved IoT technology and cutting-edge AI bots platforms are becoming more secure and transparent.

Many service-based industries are adopting real-time navigation, monitoring, and tracking features that allow users to locate, and monitor their products without trouble. It builds more trust and a stronger relationship with the brand.

Workshop Mirroring

With the help of IoT, entrepreneurs can efficiently link Market-Ready Solutions (MRS) and enterprise management systems. It enables industries to access, control and identify the manufacturing execution process. Allowing each sector to handle everything from the production cycle to the operational activities, IoT together with AI is a remarkable combo. The IoT-enabled units fetch the data that is further processed by the AI bringing more stability and strength to the company’s overall business.

Other Impactful Benefits of IoT and AI

Creating an imprint, AI in fashion and retail is set to bring state-of-the-art modernization. From providing mere responses to queries related to tips to disposing of old computers to building up highly integrated customer support tools like Chatbots the technology is at its peak of evolution. Apart from this, responsive websites, region-specific algorithms, targeted marketing are a few benefits one can get from this super-intelligent combo- AI and IoT.

Wrap Up

You need to stay connected to the advancements in the tech world. From the evolution of web 3.0 to the use of technological components like Augmented reality, machine learning, IoT, and Artificial Intelligence, one has to keep on improving the business model. If you dig into the use cases of these tech components you will find how the early adopters are enjoying the long terms fruits. So, without further ado, dive in and create a robust system for your business.