Why AI + IoT combo is going to be one of the core crucibles to differentiate your business in the Global & Indian Deep Tech Market by 2030?
AI in IoT Market to reach US$ 142.4 Bn by 2032 and the continued growth of sensors and microcontrollers implemented into devices that are pre-installed as part of IoT technology will continue to fuel the growth of AI in IoT technology in the future. Coming to India, the market size for IoT reached US$ 1.0 Billion in 2022 according to a report.
One of the reasons for the rise and adoption of IoT in India is digital transformation in India. Covid-19 acted as a catalyst as a large number of people were forced to work remotely and companies across the country, had difficulties in getting staff to the shop floor. This encouraged them to implement IoT solutions on the shop floor and many of the manual operations got automated and physical presence in manufacturing sites was eliminated.
Spotflock, a leader in AI, ML and natural language processing, provided a technological solution for simplifying the process at Sembcorp’s power plant. This process required them to record readings from Circular Pressure Gauges, Circular Temperature Gauges, and Oil Level Gauges and then graph them to examine historical trends in the data.
According to Sridhar Seshadri, Co-Founder, Spotflock, “The solutions included the development of an IoT Platform device that takes pictures on a regular basis, extracts readings, and plots them graphically to analyze data trends. One of the platform’s key features is that it was designed in a generic format that can be used by any device that can access the Internet. Furthermore, after implementation, no manual visits to the power plant are required, and the process of recording the readings can be dealt with remotely. The script for Spotflock’s solution has been tailored to any use case that uses circular or level instruments, making it highly scalable.”
The implementation of 5G services in India will further boost the growth of AI + IoT in the broader tech landscape.
Sridhar further adds, “In India, sectors such as healthcare which provides huge opportunities will stand to benefit. IoT-enabled devices have made remote monitoring possible. Reduce patient visits thereby keeping them safer and on the other hand empowering doctors to deliver world-class medical care. Patient engagement will increase and remote monitoring of patients’ health helps in reducing the length of hospital stay. IoT applications in healthcare benefits patients, families, physicians and healthcare providers.”
