| |AUGUST 20229focus on automation and the need for high-quality data is also driving the demand for smart sensors in the IoT space. An analysis by Persistence Market Research for 2022 finds that the sensor market is set to expand with greater adoption of IoT. The market is expected to grow at a CAGR of 13 percent from 2022 to 2025, with a surpassed valuation of $380 million by the end of 2022.The demand shows how business sectors are increasingly finding IoT-based solutions to meet their requirements. A sensor's ability to take measurements and collect data, process information, run programmes and communicate with other devices makes them a key component of IoT. At a manufacturing unit, a sensor IoT could predict malfunctions and detect external objects and people in specific areas. The collected data points become the basics for analysis of the unit's performance, helping business leaders develop new business strategies, optimise resources, improve productivity, and increase enterprise security. A report by Mordor intelligence indicates that the need for IoT sensors for the machine-to-machine interface alone is expected to be at 24 percent each year through 2026. In the coming decade, the sensors will become more reliable with research being carried out to improve their working range, response time, performance, durability, ease of integration with other equipment and intercommunication capabilities.Improving Analytics with AI/MLIn the healthcare sector, AI/ML has enabled better pat-tern identification by providing actionable insights. It is now possible to make predictions driven by data within a few seconds without human intervention. Healthcare professionals are using digital tools to predict epidemics and chronic diseases but are also using them to optimise resources and staff allocations at hospitals. Predictive an-alytics enables healthcare institutions to streamline their medical resource allocation by predicting the patient flow, rescheduling staff, to better manage service and rate of appointments. The BFSI sector is also leveraging the AI/ML analytics as they leverage these data-driven smart in-sights to price their products better, improve efficiency, tackle fraud and improve enforcement. The insurance sector uses AI/ML for claims processing, underwriting and fraud detection. Technology companies also lever-age AI/ML to predict cyber-attacks, improving infra-structure security, enhancing customer acquisition and engagement, enterprise operations and risk management services.For bank customers, AI/ML has enabled a hyper-personalised banking experience, eliminating waiting queues altogether and providing round-the-clock service. AI is also used to improve customer experience with realistic interactive interfaces such as chatbots. As governments worldwide begin the rollout of networks based on 5G technology, we can expect to improve the data processing rate of AI/ML systems, blockchains, virtual and augmented reality systems drastically. These megatrends are expected to revolutionise the workplace and the world as we know it, making it vital for industries across to boost their digitization.
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