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A recent report published by Infinium Global Research on AI in IoT market provides in-depth analysis of segments and sub-segments in the global as well as regional AI in IoT market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional AI in IoT market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global AI in IoT market.
AI in IoT, or Artificial Intelligence in the Internet of Things, involves merging AI technology with IoT devices and systems. IoT constitutes a network of physical objects, devices, and vehicles equipped with sensors, software, and connectivity to gather and share data. AI adds intelligence and decision-making capabilities to this data. AI in IoT leverages machine learning and AI techniques to process and derive meaningful insights from vast amounts of data generated by IoT devices. This insight can inform business decisions and drive efficiency improvements. It also enables predictive maintenance, identifying equipment failures in IoT devices based on sensor data and past performance, reducing operational disruptions and costs. The fusion of AI and IoT creates intelligent, data-driven systems that streamline operations, cut expenses, boost automation, and foster innovation across various industries. The AI in IoT market is expanding as these technologies become more accessible and capable. Additionally, AI algorithms play a crucial role in identifying anomalies in IoT data, signaling potential security breaches or equipment malfunctions. This is pivotal for upholding the integrity and security of IoT systems, which is a vital concern for businesses.
The robust growth of the AI in IoT market is primarily driven by the widespread adoption of IoT devices. The increasing deployment of IoT devices serves as a key catalyst for integrating AI into the IoT sector. This synergy between IoT and AI creates new opportunities for automation, data-driven decision-making, and customized experiences, delivering significant benefits across various industries. As the number of IoT devices continues to climb, the demand for AI technologies to effectively process, analyze, and leverage the data they generate is on the rise. This collaborative effort between IoT and AI is reshaping industries and fueling the expansion of the AI in IoT market. A major driving force behind the adoption of AI in the IoT sector is the growing need for automation and operational efficiency. Businesses and industries are actively seeking ways to optimize their operations, and AI-powered IoT devices and systems play a pivotal role in real-time data monitoring and analysis, pinpointing opportunities for process improvement. This, in turn, enhances operational efficiency, minimizes waste, and boosts productivity. The universal desire for automation and efficiency spans across industries, with AI in IoT acting as a catalyst for achieving these objectives. The ability to gather and assess real-time data from IoT devices and leverage AI-driven insights for well-informed decision-making is a powerful tool for streamlining processes, reducing costs, and amplifying overall efficiency. However, one potential hurdle to market growth may be the shortage of skilled personnel in AI infrastructure. Nevertheless, the continuous advancement of AI technologies presents promising opportunities for the future of the AI in IoT market.
North America is expected to dominate the market share in the upcoming forecast period, with the United States serving as a key driver. The U.S., in particular, boasts a thriving technological landscape, with Silicon Valley in California and tech hubs in cities like San Francisco, Seattle, and Boston serving as hubs for innovation. These regions house numerous startups, tech giants, research institutions, and venture capitalists, creating an environment conducive to continuous technological progress. Furthermore, North America benefits from a robust and diverse economy, providing ample resources for the research, development, and implementation of AI in IoT solutions. The region's economic stability and affluence make it highly favorable for technology investments. Additionally, North America has a track record of early technology adoption, and this trend persists in the adoption of AI and IoT. Companies and industries in the region have swiftly integrated these technologies into their strategies to enhance efficiency, reduce costs, and bolster competitiveness. On the other hand, the Asia-Pacific (APAC) region is emerging as the fastest-growing area in the market. APAC encompasses some of the world's largest and most varied markets, including China, India, Japan, South Korea, and various Southeast Asian nations. This diversity offers a wide array of use cases and applications for AI and IoT technologies. Moreover, several governments in the APAC region recognize the strategic significance of AI and IoT and have initiated initiatives and investments to support their growth. These initiatives often involve funding for research and development, regulatory backing, and infrastructure development.
| Report Coverage | Details |
|---|---|
| Market Size in 2022 | USD 10.39 Billion |
| Market Size by 2030 | USD 78.24 Billion |
| Growth Rate from 2023 to 2030 | CAGR of 24.81% |
| Largest Market | North America |
| No. of Pages | 255 |
| Market Drivers |
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| Market Segmentation | By Component, By Technology, and By Industry Verticles |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on global AI in IoT market covers segments such as component, technology, and industry verticles. On the basis of component, the sub-markets include platform, software, and services. On the basis of technology, the sub-markets include ML and deep learning, and natural language processing (NLP). On the basis of industry verticles, the sub-markets include manufacturing, energy and utilities, BFSI, transportation and mobility, retail, government and defence, and healthcare and life science.
The report provides profiles of the companies in the market such as Amazon Web Services, Inc., IBM Corporation, Autoplant Systems India Pvt. Ltd., SAP SE, Alphabet Inc., PTC, Oracle, Salesforce, Inc., GE DIGITAL, and Hitachi Vantara LLC.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the AI in IoT market. Moreover, the study highlights current market trends and provides forecasts from 2023-2030. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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