Global AI in IoT market size will progress from $6.81 billion in 2020 to $20.2 billion in 2026, at a CAGR of 26.0% over the forecast period 2021-2026.
The artificial intelligence of the Internet of Things is a combination of connecting the device to the Internet and other connected devices and analyzing big data and delivering the required amount of data to the device, respectively. Due to the use of AI in IoT, the problems of data analysis and analysis are being solved in the best way that AI does. Also, the need to process large volumes of real-time data generated by the IoT device is expected to create new opportunities for artificial intelligence in the IoT market.
IoT enables companies around the world to collect large amounts of data from multiple sources. On the other hand, the coiling of the multitude of data coming from myriad IoT devices makes data collection, processing and analysis difficult. The role of artificial intelligence in IoT is to automatically identify patterns and detect anomalies in data generated by sensors and smart devices, such as temperature, pressure, humidity, air quality, vibration and sound and others that use technologies such as machine learning and natural language processing (NLP).
The two technologies, when combined, create intelligent machines that simulate rational behavior and support decision-making with little or no human interference.
The retail industry is leveraging artificial intelligence in the cloud in IoT-based services, primarily to improve its customer experience programs and develop more customer-centric products. For example, in a smart retail environment, a camera system equipped with computer vision capabilities can use facial recognition to identify customers when they walk through the door. If the system detects that the majority of customers entering the store are Millennials, it can run product ads or special offers in the store that appeal to that demographic, thereby increasing sales.
Recent Developments:
The COVID-19 pandemic has augmented IoT healthcare solutions to combat the rising call for high-quality services for virus protection. The COVID-19 has great impact on the healthcare ecosystem, starting from pharmaceutical companies, drug makers, vaccine developers, to health insurers and hospitals. Applications such as telemedicine include remote patient monitoring, and interactive medicine, as well as hospital monitoring, is expected to gain ground during this time.
With the increase in COVID-19 cases, IoT software solutions are facing great success. There are many IoT verticals such as manufacturing, transportation, travel hospitality, etc. where all operations are on hold. But organizations have changed their priorities, as organizations want to monitor the health and well-being of employees when they work from home. Such use cases have evolved in this COVID-19 pandemic. Some new use cases have been generated, as well as application areas where the demand for IoT software solutions has increased dramatically. The growth of software solutions will be deeply affected in verticals such as transportation, logistics, and manufacturing. As these are the main areas that contribute to the adoption of IoT software solutions, the disruption due to COVID-19 will have a major impact and greatly reduce the growth of the software solutions market.
Market Growth and Trends
Manufacturing industry expected to experience significant growth
Market Drivers and Restraints:
The need to process large volumes of real-time data efficiently that has been generated from IoT devices and to curb maintenance expenses and downtime are a few prominent factors promoting the expansion of the global artificial intelligence in the IoT Market. On the contrary, the high cost and the lack of consumer awareness are estimated to slow the boom in the artificial intelligence in the IoT market in future. Nonetheless, it is predicted that advancing technologies will create new opportunities for artificial intelligence in the IoT market.
The growing emphasis on efficient management of data generated from IoT devices to gain valuable insights and real-time monitoring to select improved customer experience are the main drivers of market growth.
Market segmentation:
Global artificial intelligence in the IoT market is segmented and sub-segmented into the following categories:
Geographically, the global market is divided into:
Among these, North America and Europe are dominating with a notable share, followed by the Asia Pacific.
Key players in the market
The main providers in the global AI in IoT market are Google (United States), Microsoft (United States), IBM (United States), AWS (United States), Oracle (United States), SAP (Germany), PTC (United States), GE (United States), Salesforce (United States), Hitachi (Japan), Uptake (United States), SAS (United States), Autoplant Systems Pvt Ltd. (India), Kairos (United States), Softweb Solutions (United States), Arundo (United States), C3 IoT (United States)), Anagog (Israel), Imagimob (Sweden) and Thingstel (India).
1. Introduction
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.1.1 Drivers
4.1.2 Restaints
4.1.3 Opportunities
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.2 Products/Service
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Artificial Intelligence in IoT Market, By Technology
6.1.1 Machine Learning
6.1.2 Natural Language Processing
6.1.3 Image Processing
6.1.4 Speech Recognition
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Artificial Intelligence in IoT Market, By Component
6.2.1 Software
6.2.2 Platform
6.2.3 Services
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
6.3 Artificial Intelligence in IoT Market, By End-User
6.3.1 Energy and Utilities
6.3.2 BFSI
6.3.3 Manufacturing
6.3.4 Retail
6.3.5 Transportation
6.3.6 Mobility
6.3.7 Market Size Estimations & Forecasts (2021-2026)
6.3.8 Y-o-Y Growth Rate Analysis
6.3.9 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2020 - 2026)
7.2.1 By Country
7.2.1.1 USA
7.2.1.2 Canada
7.2.2 By Technology
7.2.3 By Component
7.2.4 By End-User
7.3 Europe
7.3.1 By Country
7.3.1.1 UK
7.3.1.2 France
7.3.1.3 Germany
7.3.1.4 Spain
7.3.1.5 Italy
7.3.1.6 Rest of Europe
7.3.2 By Technology
7.3.3 By Component
7.3.4 By End-User
7.4 Asia Pacific
7.4.1 By Country
7.4.1.1 China
7.4.1.2 India
7.4.1.3 Japan
7.4.1.4 South Korea
7.4.1.5 South East Asia
7.4.1.6 Australia & NZ
7.4.1.7 Rest of Asia-Pacific
7.4.2 By Technology
7.4.3 By Component
7.4.4 By End-User
7.5 Latin America
7.5.1 By Country
7.5.1.1 Brazil
7.5.1.2 Argentina
7.5.1.3 Mexico
7.5.1.4 Rest of Latin America
7.5.2 By Technology
7.5.3 By Component
7.5.4 By End-User
7.6 Middle East and Africa
7.6.1 By Country
7.6.1.1 Middle East
7.6.1.2 Africa
7.6.2 By Technology
7.6.3 By Component
7.6.4 By End-User
8. Key Player Analysis
8.1 Google
8.1.1 Business Description
8.1.2 Products/Service
8.1.3 Financials
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Microsoft Corporation
8.3 IBM Corporation
8.4 Oracle Corporation
8.5 SAP SE
8.6 PTC
8.7 SAS
8.8 Autoplant Systems Pvt Ltd
8.9 Kairos
8.10 Softweb Solutions
9. Market Outlook & Investment Opportunities
Appendix
List of Tables
List of Figures
