IoT Community, the global network of over 49,000 IoT practitioners, has launched GenAIoT, a new industry group that intersects generative AI with the Artificial Internet of Things (AIoT) to operationalise industrial and enterprise IoT.
Launched at the IoT Day Slam 2024 conference, GenAIoT aims to provide a platform for collaboration, communication and resource sharing among stakeholders in this space. This will be accomplished via the definition of – and then promotion and development of – best practices, standards and guidelines for GenAIoT.
The market opportunity
The IoT Community recently attended the MWC 2024 event in Barcelona, where executives met with existing members and other senior officials to identify opportunities in this new domain. They estimated that the market could be worth as much as $4.5tn in economic and business value.
It is predicted that GenAI has the potential to unlock up to $1.3tn-$1.5tn in economic and business value.
IoT, which includes traditional IoT ($1.4tn) and AIoT ($600bn), is seen as a $2tn opportunity.
When combined via GenAIoT, and vertically applied across industry sectors such as manufacturing, supply chain, customer service, and new emerging subsets, it could unlock another $1.2tn in economic value.
GenAIoT purpose and objectives
The main objective is to promote the development and implementation of practical solutions that utilise GenAIoT technologies to address real-world issues. This involves raising awareness and educating both industry professionals and the general public about the advantages and risks associated with GenAIoT, as well as advocating for policies that support the growth and advancement of this field.
The IoT Community believes that the integration of GenAI and AIoT can facilitate the collection of vast amounts of data through IoT devices. This data is then analysed and interpreted using Gen AI and AIoT, providing valuable insights that can be quickly communicated to other machines or users, enabling faster and more efficient problem-solving. This innovative approach has the potential to revolutionise the problem-solving process by providing insights in a timelier manner than ever before.
“IoT Community together with our founding members; SAS, SoftServe, Intellias, and ClearBlade, are thrilled to announce the launch of GenAIoT,” said David Hill, executive director of IoT Community and a co-founder of GenAIoT.
“Artificial intelligence has been changing our daily lives and it has opened up a world of new opportunities. By collaborating with existing IoT Community ecosystem partners, as well as new – soon to be announced – founding members of GenAIoT, we are aiming to create real-world solutions that fully realise the potential of AI for everyone, at scale.”
“Having been at the heart of the IoT and Edge space for the past nine years, the IoT Community continues as a leading authority and resource for advancement of the IoT solutions and technologies. With AI being a new catalyst for innovation, its convergence with the IoT untaps dramatic business and societal benefits,” said Dr Tom Bradicich, chair of the IoT Community Board of Advisors.
“The IoT Community is best suited to step up to this potent convergence by launching a new initiative, called GenAIoT. This new dimension of our community is designed to enable and serve the practitioners and end users of generative AI, AI analytics, AI controls, within the IoT.”
GenAIoT will initially focus on foundation models and topics including (not limited to):
- Natural language processing.
- Edge computing.
- Computer vision.
- LLM training.
- Speech recognition.
- Training and inferencing.
- Synthesising data.
- GenAIoT security.
- Data interoperability.
- Collaboration and Visualisation.
- Chipsets and hardware.
- Cloud/Edge native integration.
- AI model development.
- APIs and integration.
- Ecosystem building.
- Open Source.
- Embedding quantum computing.
- Industrial design.
- Simulation tools.
- Accelerated computing platforms.
- GenAI microservices.
- Developer applications.
- Rooting out polarisation.
GenAIoT is a cutting-edge technology that facilitates practical applications in various industries. For example, it allows factory operators to gain real-time insights by overlaying synthesised data on a digital twin of a facility, which results in faster production, predicting and avoiding downtime and increasing Overall Equipment Effectiveness (OEE). The primary objective of GenAIoT is to merge large language models with enterprise data to offer contextualised intelligence that helps users enhance their creativity, productivity and skills in real-time, helping to solve mission-critical problems.
“There’s a massive chasm in IoT between scalable, flexible IoT software and the operators that need to easily access, monitor and control assets to improve safety, sustainability and efficiency. Gen AI will close that gap, enabling operators to control assets using everyday language,” said ClearBlade founder and CEO Eric Simone.
“Our industry-leading Intelligent Assets, a no-code digital twin software designed for operators, is already evolving with the use of Gen AI. We’re thrilled to be a GenAIoT member and enable non-technical professionals to seamlessly harness the power of IoT.”
“To work, GenAI needs data and many times that is IoT-centric data,” said Guy Merritt, VP of solutions and consulting at SoftServe. “This is a natural evolution between AI and IoT to enable the next revolution that is impacting a multitude of industrial sectors. We are proud to be founding members of GenAIoT.”
