AI in IoT Market

Global AI in IoT Market Size (2024 to 2032)

The global AI in IoT market was worth USD 8.58 billion in 2023. The global market is predicted to reach USD 10.81 billion in 2024 and USD 68.67 billion in 2032, 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.

Current Scenario of the Global AI in 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.

REPORT COVERAGE

REGIONAL ANALYSIS

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 PARTICIPANTS IN THE GLOBAL AI IN IoT MARKET

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 GLOBAL AI IN IoT MARKET

• In October 2019, SAP SE and Verizon shook hands to develop business solutions that implement Verizon's network and platform to integrate with SAP software and services, in particular, the SAP Leonardo Internet of Things (IoT) solution, services, and SAP Edge analytics, IT and data management capabilities.

• In March 2020, Azure IoT has been fully integrated with Cisco IoT. This collaboration would improve customer deployments. It lets users connect their assets securely and quickly send IoT data to the cloud. Cisco IoT gateways will be pre-integrated to utilize the latest Azure cloud technology.

• In June 2019, Microsoft and the BMW Group announced "a new community initiative" to enable faster and more profitable innovation in the manufacturing sector.

DETAILED SEGMENTATION OF THE GLOBAL AI IN IoT MARKET INCLUDED IN THIS REPORT

The global AI in the IoT market has been segmented and sub-segmented based on the technology, components, end-user and region.

By Technology

• Machine Learning

• Natural Language Processing

• Image Processing

• Speech Recognition

By Components

• Software

• Platforms

• Services

By End-User

• BFSI

• Energy and Utilities

• Manufacturing

• Retail

• Transportation and Mobility

• Others

By Region

• North America

  • The United States

  • Canada

  • Rest of North America

• Europe

  • The United Kingdom

  • Spain

  • Germany

  • Italy

  • France

  • Rest of Europe

• The Asia Pacific

  • India

  • Japan

  • China

  • Australia

  • Singapore

  • Malaysia

  • South Korea

  • New Zealand

  • Southeast Asia

• Latin America

  • Brazil

  • Argentina

  • Mexico

  • Rest of LATAM

• The Middle East and Africa

  • Saudi Arabia

  • UAE

  • Lebanon

  • Jordan

  • Cyprus