Global AI in IoT Market Size, Share, Trends, COVID-19 Impact & Growth Forecast Report – Segmented By Technology (Machine Learning, Natural Language Processing, Image Processing, Speech Recognition), Component (Software, Platforms, and Services) and End-User (BFSI, Energy and Utilities, Manufacturing, Retail, Transportation and Mobility, Others) and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Industry Analysis (2024 to 2029)

Updated On: January, 2024
ID: 10195
Pages: 150

Global AI in IoT Market Size (2024 to 2029)

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:

  • Software
  • Platforms
  • Services

Global AI in IoT Market - By End-User:

  • BFSI
  • Energy and Utilities
  • Manufacturing
  • Retail
  • Transportation and Mobility
  • Others

Global AI in IoT Market - 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

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:

  • 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.

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Frequently Asked Questions

How does Artificial Intelligence enhance IoT devices in the market?

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.

What industries are likely to see the highest integration of AI in IoT applications?

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.

What challenges does the global AI in IoT market face regarding data security and privacy?

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.

What factors are influencing the demand for AI in IoT from a consumer perspective?

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.

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