The AI in IoT is the integration of AI algorithms and models on edge devices for performing real-time data analysis decision-making independently without relying on cloud computing. AI in IoT are the most advanced and transformative technologies that are elevating the growth of various industries. The effortless integration between AI methods with IoT systems revolutionizes the smart industries generation due to the Increasing need for machine intelligence and hyper-automation. This concept is known as AI in IoT. Furthermore, utilizing AI in IoT can solve problems regarding cloud computing data. With its ability to quickly process large amounts of data, AI in IoT solutions can help businesses make better use of the data they are collecting from IoT devices. This will allow businesses to get more value from their IoT investments and make better decisions based on real-time insights.
Moreover, the surge in the adoption of AI in IoT solutions to enhance human-machine interaction further provides numerous opportunities for global market growth. These types of solutions enable end users to experience intelligent assistance. In addition, AI technologies such as natural language processing (NLP), voice recognition, and computer vision are being employed to provide seamless communication and interaction between individual and internet devices. Additionally, it enables individuals to access voice-controlled smart assistants, gesture-based interfaces, or AI-powered vision systems and experience user-friendly accessible interfaces. AI improves the security and safety of IoT ecosystems. It can detect and prevent security breaches, identify anomalies, and respond to threats in real-time. AI may identify potential weaknesses in IoT data streams and utilize rigorous safety measures to safeguard data, devices, and networks.
Furthermore, the numerous advantages offered by AI in IoT create lucrative opportunities for digitalized solutions to minimize the impact of security Incidents and improve business processing, as this technology enhances security and transparency, which positively impacts the growth of the market in the forecast period. In addition, the growing trend of technological advancements and the surge in usage of touchless and internet-enabled devices are major factors driving the market growth. Moreover, the growing demand to strengthen digital solutions and wearables in several industries is anticipated to accelerate the market demand and hence, drive global market growth. Furthermore, the need for an effective and durable personalized system, which creates opportunities for AI in IoT solutions to minimize the impact of convenience in traditional business solutions and improve the quality of the system. Moreover, with the Increasing reliance on digital technologies, organizations aim to provide a seamless and secure user experience, which in turn, is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
In addition, the AI in IoT market is witnessing significant growth, owing to several key factors Including the emergence of internet services in several business sectors such as healthcare, banking & finance, and others is a major driving force. Moreover, the Increase in the usage of wearable devices in health monitoring systems and fitness activities further drives global market growth. Automation technologies are widely demandable in several industries, hence, are anticipated to drive global market growth.
The Increase in adoption of IoT devices and growing demand for automation and efficiency, positively impact the growth of the market. In addition, growing investment in industry 4.0 technologies is expected to propel the global market growth. However, the lack of skilled professionals in AI infrastructure and data privacy & security concerns are expected to hamper market growth. Furthermore, the rising advancements in AI technologies create numerous opportunities for AI in IoT solutions to optimize resource management, reduce energy consumption, and improve quality of life. Moreover, the reduction in the cost of connected devices is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The AI in IoT market is segmented into component, technology, industry vertical, and region. The report provides information on various components, Including platform, software, and service. Furthermore, the major technologies covered in the study Include machine learning and deep learning, and natural language processing (NLP). Moreover, it outlines the details of the industry verticals, such as BFSI, IT & telecom, retail and e-commerce, manufacturing, healthcare, energy and utilities, transportation and mobility, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the AI in IoT market are Amazon Web Services Inc., Google LLC, Hitachi Ltd., IBM Corporation, Oracle Corporation, PTC Inc., Salesforce, Inc., SAP SE, SAS Institute, Inc., and Softweb Solutions Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the AI in IoT market globally.
Moreover, the surge in the adoption of AI in IoT solutions to enhance human-machine interaction further provides numerous opportunities for global market growth. These types of solutions enable end users to experience intelligent assistance. In addition, AI technologies such as natural language processing (NLP), voice recognition, and computer vision are being employed to provide seamless communication and interaction between individual and internet devices. Additionally, it enables individuals to access voice-controlled smart assistants, gesture-based interfaces, or AI-powered vision systems and experience user-friendly accessible interfaces. AI improves the security and safety of IoT ecosystems. It can detect and prevent security breaches, identify anomalies, and respond to threats in real-time. AI may identify potential weaknesses in IoT data streams and utilize rigorous safety measures to safeguard data, devices, and networks.
Furthermore, the numerous advantages offered by AI in IoT create lucrative opportunities for digitalized solutions to minimize the impact of security Incidents and improve business processing, as this technology enhances security and transparency, which positively impacts the growth of the market in the forecast period. In addition, the growing trend of technological advancements and the surge in usage of touchless and internet-enabled devices are major factors driving the market growth. Moreover, the growing demand to strengthen digital solutions and wearables in several industries is anticipated to accelerate the market demand and hence, drive global market growth. Furthermore, the need for an effective and durable personalized system, which creates opportunities for AI in IoT solutions to minimize the impact of convenience in traditional business solutions and improve the quality of the system. Moreover, with the Increasing reliance on digital technologies, organizations aim to provide a seamless and secure user experience, which in turn, is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
In addition, the AI in IoT market is witnessing significant growth, owing to several key factors Including the emergence of internet services in several business sectors such as healthcare, banking & finance, and others is a major driving force. Moreover, the Increase in the usage of wearable devices in health monitoring systems and fitness activities further drives global market growth. Automation technologies are widely demandable in several industries, hence, are anticipated to drive global market growth.
The Increase in adoption of IoT devices and growing demand for automation and efficiency, positively impact the growth of the market. In addition, growing investment in industry 4.0 technologies is expected to propel the global market growth. However, the lack of skilled professionals in AI infrastructure and data privacy & security concerns are expected to hamper market growth. Furthermore, the rising advancements in AI technologies create numerous opportunities for AI in IoT solutions to optimize resource management, reduce energy consumption, and improve quality of life. Moreover, the reduction in the cost of connected devices is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The AI in IoT market is segmented into component, technology, industry vertical, and region. The report provides information on various components, Including platform, software, and service. Furthermore, the major technologies covered in the study Include machine learning and deep learning, and natural language processing (NLP). Moreover, it outlines the details of the industry verticals, such as BFSI, IT & telecom, retail and e-commerce, manufacturing, healthcare, energy and utilities, transportation and mobility, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the AI in IoT market are Amazon Web Services Inc., Google LLC, Hitachi Ltd., IBM Corporation, Oracle Corporation, PTC Inc., Salesforce, Inc., SAP SE, SAS Institute, Inc., and Softweb Solutions Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the AI in IoT market globally.
Key Benefits for Stakeholders
- The study provides an in-depth analysis of the AI in IoT market forecast along with the current and future trends to explain the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on AI in IoT market trends is provided in the report.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the AI in IoT market from 2022 to 2032 is provided to determine the market potential.
Key Market Segments
By Component
- Platform
- Software
- Service
By Technology
- Machine Learning and Deep Learning
- Natural Language Processing (NLP)
By Industry Vertical
- Others
- BFSI
- IT and Telecom
- Retail and E-commerce
- Manufacturing
- Healthcare
- Energy and Utilities
- Transportation and Mobility
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Amazon Web Services Inc.
- Google LLC
- Hitachi Ltd.
- IBM Corporation
- Oracle Corporation.
- PTC Inc.
- Salesforce, Inc.
- SAP SE
- SAS Institute Inc.
- Softweb Solutions Inc.
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AI IN IOT MARKET, BY COMPONENT
CHAPTER 5: AI IN IOT MARKET, BY TECHNOLOGY
CHAPTER 6: AI IN IOT MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: AI IN IOT MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'AI in IoT Market,' The ai in iot market was valued at $10.3 billion in 2022, and is estimated to reach $91.7 billion by 2032, growing at a CAGR of 24.8% from 2023 to 2032.The AI in IoT Market is likely to experience a significant growth rate of 24.8% from 2023-2032, owing to increasing demand for advanced technological solutions in Manufacturing sectors.
AI in IoT consists of the integration of artificial intelligence techniques and technologies with the IoT environment. IoT refers to the network of physical objects or 'things' interconnected with sensors, software, and connectivity, which enable devices to collect and exchange data. In addition, AI in IoT may be used to optimize supply chain systems, manage inventory, and improve warehouse optimization. With the growth of urbanization, there is an increasing demand for intelligent supply chain systems that can improve the flow of inventory.
Furthermore, the numerous advantages offered by AI in IoT create lucrative opportunities for secured digitalized solutions to minimize the impact of security incidents and improve system quality security, as this technology enhances security and transparency, which positively impacts the growth of the market in the forecast period. In addition, AI technologies such as natural language processing (NLP), voice recognition, and computer vision are being employed to provide seamless communication and interaction between individual and internet devices. Additionally, it enables individuals to access voice-controlled smart assistants, gesture-based interfaces, or AI-powered vision systems and experience user-friendly accessible interfaces. AI improves the security and safety of IoT ecosystems. It can detect and prevent security breaches, identify anomalies, and respond to threats in real-time. AI may identify potential weaknesses in IoT data streams and utilize rigorous safety measures to safeguard data, devices, and networks.
The increase in adoption of IoT devices and growing demand for automation & efficiency, positively impact the growth of the market. In addition, growing investment in industry 4.0 technologies is expected to propel the global market growth. However, the lack of skilled professionals in AI infrastructure and data privacy & security concerns are expected to hamper market growth. Furthermore, the rising advancements in AI technologies create numerous opportunities for AI in IoT solutions to optimize resource management, reduce energy consumption, and improve quality of life. Moreover, the reduction in the cost of connected devices is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The AI in IoT market is segmented into component, technology, industry vertical, and region. The report provides information on various components, including platform, software, and service. Furthermore, the major technologies covered in the study include machine learning and deep learning, and natural language processing (NLP). Moreover, it outlines the details of the industry verticals, such as BFSI, IT & telecom, retail and e-commerce, manufacturing, healthcare, energy and utilities, transportation and mobility, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the AI in IoT market are Amazon Web Services Inc., Google LLC, Hitachi Ltd., IBM Corporation, Oracle Corporation, PTC Inc., Salesforce, Inc., SAP SE, SAS Institute, Inc., and Softweb Solutions Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the AI in IoT market globally. For instance, in February 2020, Panasonic launched IoT and AI-enabled platform, namely Miraie, to empower the everyday lives of consumers with comfort, convenience, and seamless connectivity across all Panasonic devices. In addition, in April 2023, Qualcomm Technologies, Inc. launched new IoT solutions to enable the advancement of next-generation IoT devices. With a wide range of capabilities, innovative features, and adaptability, the new and improved solutions are designed to satisfy the requirements of demanding industrial and commercial IoT applications.
Key Market Insights
- By component, the platform segment was the highest revenue contributor to the market in 2022, and is estimated to reach $43,359.53 million by 2032, with a CAGR of 22.7%. However, the service segment is estimated to be the fastest-growing segment with a CAGR of 29.5% during the forecast period.
- By technology, the machine learning (ML) and deep learning segment dominated the global market share in 2022, and is estimated to reach $63,012.43 million by 2032, with a CAGR of 23.5%, However, the natural language processing (NLP) segment is expected to be the fastest growing segment with a CAGR of 28.2% during the forecast period.
- By industry vertical, the manufacturing sector was the highest revenue contributor to the market in 2022, and is estimated to reach $12352.01 million by 2032, with a CAGR of 18.1%. However, the retail and e-commerce sector is estimated to be the fastest-growing segment with a CAGR of 32.4% during the forecast period.
- Region wise, North America was the highest revenue contributor, accounting for $3,813.72 million in 2022 and is estimated to reach $25,121.89 million by 2032, with a CAGR of 21.0%.
Companies Mentioned
- Amazon Web Services Inc.
- Google LLC
- Hitachi Ltd.
- IBM Corporation
- Oracle Corporation.
- PTC Inc.
- Salesforce, Inc.
- SAP SE
- SAS Institute Inc.
- Softweb Solutions Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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