LONDON--(BUSINESS WIRE)--The IoT Community - the world's first-to-market, one of the largest, and longest-standing independent IoT Communities; comprising 49,000+ IoT practitioner members, announces the launch of GenAIoT™ - a new industry solution category that intersects Generative Artificial Intelligence (Gen AI), with the Artificial Internet of Things (AIoT) to operationalize Industrial and Enterprise Internet of Things (IoT). The home for GenAIoT will reside at https://genaiot.net
IoT Community Launches GenAIoT At the IoT Day Slam 2024 Conference.
Working with key stakeholders who are operating at the intersection of Generative Artificial Intelligence and the Internet of Things, the goal is realizing the full potential of this new and emerging, yet highly transformative technology.
The new website, GenAIoT.net, 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 4.5 trillion US dollars in economic and business value.
It is predicted that GenAI has the potential to unlock up to 1.3-1.5 trillion US dollars in economic and business value.
IoT, which includes traditional IoT (1.4 trillion US dollars) and AIoT (600 billion US dollars), is seen as a 2 trillion dollar opportunity.
When combined via this new industry solution category (GenAIoT), and vertically applied across industry sectors such as manufacturing, supply chain, customer service, and new emerging subsets, it could unlock another 1.2 trillion US dollars in economic value.
GenAIoT Purpose and Objectives
The main objective is to promote the development and implementation of practical solutions that utilize 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 analyzed 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 revolutionize 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 (AI) 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 realize 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, 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
- Synthesizing data
- GenAIoT Security
- Data interoperability
- Collaboration and Visualization
- 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 polarization
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 synthesized 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 contextualized 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, 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."
For more information about GenAIoT, to discuss becoming a founding/strategic member, or to explore how you can get involved with this industry initiative at large, please visit https://genaiot.net. Site visitors can sign-up for notification of full public release.
About IoT Community® – (Internet of Things Community®)
The IoT Community is the world’s largest CxO community of senior business leaders and IoT practitioners consisting of 49,000+ members. The function is to focus on adoption and application of IoT in commercial environments, seeking to contribute to applying technology or overcoming the variety of barriers, inhibitors, and technical and operational issues. For more information about the IoT Community, visit www.iotcommunity.net.
About GenAIoT™
Launched for public Beta on March 21st 2024, GenAIoT is a first-of-a-kind and groundbreaking new industry dynamic that fuses GenAI and AIoT, that can collect a vast amount of data through IoT. This data is then analyzed and interpreted using Gen AI and AIoT. The resulting information can be communicated to another machine or a user, providing valuable insights that can be used to solve problems more efficiently. This innovative approach allows for faster problem-solving than ever before. For more information visit https://genaiot.net
IoT Slam® and the IoT emblem is a USPTO and UK IPO Registered Trademark – All Rights Reserved: IoT Strategy, Leadership, Advisory, Methodology™.
GenAIoT™ is a Trademark of IoT Community
