Omnidirectional Diffusion: AI, IoT Becoming More and More Widespread | BusinessKorea

Friday, October 20, 2017

Omnidirectional Diffusion

AI, IoT Becoming More and More Widespread

Tim Baxter, chief of Samsung Electronics America, is explaining the way to expand IoT services at the CES 2017.
Tim Baxter, chief of Samsung Electronics America, is explaining the way to expand IoT services at the CES 2017.
SEOUL,KOREA
10 January 2017 - 10:30am
Cho Jin-young

According to market research firm Tractica, the annual sales of the global artificial intelligence (AI) industry is expected to show a rapid growth from US$640 million to US$36.8 billion between last year and 2025. It is algorithmic trading that is likely to lead the growth. Various customized algorithmic trading services are expected to become available in combination with AI technology such as machine learning.

In South Korea, robo-advisors are scheduled to provide user-specific investment portfolios from the second quarter of this year after some field tests. KEB Hana Bank is currently providing AI-based stock investment and Mirae Asset Global Investments recently set up an AI research institute to reduce investment risks. IBM, in the meantime, recently formed partnerships with Lotte and Gacheon University Gil Hospital so that its AI platform Watson can be utilized in online shopping, cancer diagnosis, etc.

In Japan, Mizuho Bank and many hotels and mobile phone stores are using AI robot Pepper in customer relations. Google DeepMind has reduced the power consumption of its cooling facilities by approximately 40% by making use of AlphaGo’s data center state prediction and optimization features.

Market research firm Gartner, in the meantime, recently predicted that the size of the global Internet of Things (IoT) market would grow from US$698.6 billion to US$1.3 trillion between 2015 and 2019 while the profit models of mobile carriers in the industry are shifting from B2C to B2B. Their competition is likely to continue to intensify in the smart home, smart city and connected car segments in particular.

“The IoT can be divided into that for consumers in general and that for industrial use and the latter is more advantageous in terms of profit model creation in the early stage,” said the KT Economics & Management Research Institute, adding, “At present, industrial IoT devices take up 70% of all the IoT devices that have been put to use.”

 

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