AI Intersecting with IoT and Cloud Computing Becoming Ubiquitous?
POINT ROBERTS, Wash. and VANCOUVER, British Columbia, March 06, 2019 (GLOBE NEWSWIRE) -- Investorideas.com, a global investor news source covering Artificial Intelligence issues a special edition of The AI Eye, looking at the intersection of AI, IoT and Cloud Computing and the impact on the companies and sectors utilizing the technologies.
Across various sectors, artificial intelligence and cloud computing complement each other, often along with IoT, to improve technology and catalyze growth. Data from Research and Markets indicates that the Artificial Intelligence of Things (AIoT) market is projected to grow at a compound annual growth rate (CAGR) of 37 percent through to 2023. The report observes that “AI adds value to IoT through machine learning and decision making and IoT adds value to AI through connectivity and data exchange” and devotes several sections to the increasing role of cloud computing in the market.
An example of this is Stelco Holdings, Inc. ( TSX:STLC ) which recently partnered with Canvas Analytics Inc. The partnership involves Stelco using Canvas’ AI-driven Industrial IoT platform to “transform its steel operations, improve yield and boost productivity.” The press release quotes Canvas Analytics Chief Executive, Humera Malik, commenting on the need to convert the voluminous data generated into usable info:
“As manufacturers digitize their operations floor, they are inundated with volumes of data coming from a multitude of sources. The next step towards intelligent operations requires real-time analytics power that transforms operational data into actionable intelligence. Canvass Analytics empowers industrial operating teams to take control and make data-driven decisions that improve their performance, reduces costs and unlocks new revenue streams.”
Universal mCloud Corp. ( TSXV:MCLD.V ) ( OTCQB:MCLDF ) similarly leverages cloud computing and IoT, most recently in the oil and gas sector with the deployment of their AssetCare platform in a deal with Fulcrum Automation Technologies Ltd. worth $15 million. In an interview with Proactive Investors, company President and CEO, Russ McMeekin outlined the importance of the cloud and the clout afforded by the company’s partnership with Microsoft Azure:
“We were very clear that how we were going to do it was cloud only. We’re very fortunate that we’ve partnered with Microsoft Azure. Big oil guys are very comforted…that Azure Cloud is ready for their business case uses, and that’s why our timing is perfect and has led to this partnership with Fulcrum and now we’re ready to make prime time oil and gas.”
Nuance Communications, Inc.’s ( NasdaqGS:NUAN ) cloud-hosted PowerScribe One platform utilizes AI to assist in diagnostics and decision support for radiologists. According to Healthcare IT News, the cloud platform employs “natural language understanding, image characterization, speech recognition, intelligent exchange of structured data and more to reduce inefficiencies and bolster clinicians’ accuracy”. The article quotes Vice President and General Manager for Healthcare Diagnostics at Nuance, Karen Holzberger, on the relief the technology brings to professionals with increasing workloads:
“These virtual assistants could actually aid (doctors) to be more productive and efficient and get to the right parts of the report as soon as possible and not to have to repeat themselves.”
Elsewhere, Nokia Corporation ( NYSE:NOK ) has recently demonstrated cloud-based VR (virtual reality) gaming on an AI-powered 5G network in collaboration with CMCC (China Mobile Communications Corporation). With VR games being quite demanding apps on networks, the press release explains how the two companies leverage the AI/cloud integration:
“…Nokia and CMCC have been working closely on an open, intelligent radio network architecture that will support well the usage of AI/ML techniques and edge cloud real-time computing capabilities. The system uses the O-RAN Interface Controller (RIC) A1 interface to help the AI/ML capability to learn and adapt to network traffic so as to better control for QoS and ensure the quality of experience for the gamers.”
As major facets of the so-called fourth industrial revolution (4IR), it’s not surprising to observe AI, IoT and Cloud Computing intersecting to enhance various sectors, and as the World Economic Forum describes the 4IR as being “characterized by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres”, so investors can expect much more of the intersection described above.
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