The global AI in IoT market is predicted to reach USD 10.81 billion in 2024 and USD 34.33 billion in 2029, growing at a CAGR of 26% during the forecast period.
The artificial intelligence of the Internet of Things combines connecting the device to the Internet and other connected devices, analyzing big data, and delivering the required amount of data to the device. 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.
The need to process large volumes of real-time data generated from IoT devices and curb maintenance expenses and downtime are a few prominent factors promoting the expansion of global AI in the IoT Market. On the contrary, the high cost and the lack of consumer awareness are estimated to slow the future boom in artificial intelligence in the IoT market. Nonetheless, advancing technologies are predicted to create new opportunities for artificial intelligence in the IoT market. The main drivers of market growth are 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.
Manufacturers are taking more and more steps to achieve 100% automated data management systems. AI-enabled IoT applications for manufacturing can also effectively manage operations such as equipment performance monitoring and optimization, production quality control, and human-machine interaction. Faster, more efficient supply chain and manufacturing operations dramatically reduce product cycle time. Moreover, with the increasing adoption of sensors and connected devices, there has been a surge in data points generated in the manufacturing sector.
IoT enables companies worldwide to collect large amounts of data from multiple sources. On the other hand, the coiling of the multitude of data from myriad IoT devices makes data collection, processing, and analysis complex. 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 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 to improve its customer experience programs and develop more customer-centric products. For example, in an intelligent retail environment, a camera system with computer vision capabilities can use facial recognition to identify customers when they walk through the door. Suppose the system detects that most customers entering the store are Millennials. In that case, it can run product ads or special offers that appeal to that demographic, thereby increasing sales.
Impact of Covid-19 on the global AI in IoT Market:
The COVID-19 pandemic has augmented IoT healthcare solutions to combat the rising call for high-quality services for virus protection. COVID-19 significantly impacts the healthcare ecosystem, from pharmaceutical companies, drug makers, and vaccine developers to health insurers and hospitals. Applications such as telemedicine, including remote patient monitoring, interactive medicine, and hospital monitoring, are 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. However, organizations have changed their priorities, as they want to monitor employees' health and well-being 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 contributing to the adoption of IoT software solutions, the disruption due to COVID-19 will have a major impact and significantly reduce the growth of the software solutions market.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
26.0% |
Segments Covered |
By Technology, Component, End User, and Region |
Various Analyses Covered |
Global, Regional, & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
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) and Others. |
The global AI in the IoT market has been segmented and sub-segmented based on the technology, components, end-user and region.
Global AI in IoT Market - By Technology:
Global AI in IoT Market - By Components:
Global AI in IoT Market - By End-User:
Global AI in IoT Market - By Region:
Technological improvements and significant IoT investment drive the rapid adoption of AI-powered IoT solutions in North America. Europe is experiencing significant market expansion due to growing industrial automation and strong city efforts. The Asia-Pacific region is experiencing tremendous growth as IoT implementation increases in the manufacturing and healthcare sectors. Latin America and the Middle East contribute to market growth by raising awareness and implementing government programs. Overall, the global AI in the IoT market exhibits diverse geographical dynamics due to technical improvements, business demands, and government assistance.
KEY MARKET PARTICIPANTS:
The major companies operating in the global AI in IoT market include 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).
RECENT HAPPENINGS IN THE MARKET:
FAQ's
AI in IoT improves device efficiency by enabling real-time data analysis, predictive maintenance, and personalized user experiences, enhancing overall device functionality and user satisfaction.
Industries such as healthcare, manufacturing, and smart cities are expected to witness significant AI in IoT integration, with applications ranging from remote patient monitoring to predictive maintenance in manufacturing plants.
Privacy concerns and data security issues are key challenges, with the need for robust encryption protocols, secure data storage, and compliance with stringent data protection regulations globally.
Consumers are increasingly seeking AI-driven IoT devices for personalized experiences, energy efficiency, and enhanced convenience, driving the demand for smart homes, wearable devices, and connected vehicles.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]