AI in IoT Market is Expected to Expand its Roots at a Steady CAGR of 6.4% from 2023 to 2033 | Report by FMI

The AI in IoT market is anticipated to expand its roots at a steady CAGR of 6.4% between 2023 and 2033. The market is expected to have a market share of US$ 153.15 billion by 2033 while it is likely to be valued at US$ 82.1 billion in 2023

• The increased automation across the sectors, higher adoption of smart devices, and deployment of 5G networks are driving the market growth. Furthermore, the new technological advancements in automotive, defense, and industrial manufacturing have garnered market growth.
• The expansion of Industries 4.0 along with its elements like artificial intelligence, machine learning, cloud computing, and the Internet of Things is the future. The new gadgets, industrial machines, and even a full range of home appliances are garnering market growth.
• The pandemic has pushed enterprises to re-think their human strategy with IoT deployment and market maturation is flourishing the market growth. Alongside this, real-time work tracking, higher efficiency, and better management are expected to fuel the sales of AI in IoT systems.
•  The higher availability of custom settings, application-specific performance indexes, and commands is likely to limit workspace accidents and their fortunes. Also, the concepts of deep learning are enhancing the banking and financial workspace with error-less procedures.
•  The improved operational efficiency, easy business estimations, better UI/UX designs, and enhanced prediction of equipment failure fuel the demand for AI in IoT systems.

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Key Points

• The United States market leads the AI in IoT market in terms of market share in North America. The United States region held a market share of 19.4% in 2023. The growth in this region is attributed to rapid industrial automation, IoT deployment, boosting innovation, and extended research and development facilities. The North American region held a market share of 29.4% in 2022.
• Germany’s AI in IoT market is another successful market in the European region. The market holds a market share of 9.4% in 2023. The growth is attributed to government contracts, automotive transformation AI and IoT integration with manufacturing machinery. Though, the European region held a market share of 9.4% in 2022
• The Indian AI in IoT market thrives at a CAGR of 6.8% during the forecast period. The market’s growth is attributed to innovative products and industrial automation.
• Chinese AI in IoT market also thrives at a CAGR of 7.1% between 2023 and 2033. The growth is caused by the integration of robotics and AI in the manufacturing and defense spaces.
• Based on components, the platform segment held the leading market share of 47.3% in 2022.
• Based on technologies, ML and deep learning performs better than the rest as it holds a leading market share of 79.4% in 2022.

Competitive Landscape

The key vendors focus on better deployment, affordability, customization, and cutting-edge technological advancements. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

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Recent Market Developments

• Microsoft has introduced Defender for IoT to defend printers, smart TVs, and other IoT devices that apply artificial intelligence to monitor the performance as well as the threat.
• Google-supported Indian organizations are handling climate change with the help of AI, ML, and IoT. Gujrat Mahila Housing Sewa Trust and Villgro Innovation Foundation. The AI-enabled systems help end users with enhanced prediction and possible threat management.

Key Segments Covered

By Components:

• Platform
• Software Solutions
• Services
  • Professional Services
    • Deployment and Integration
    • Support and Maintenance
    • Training and Consulting
  • Managed Services

By Technologies:

• ML and Deep Learning
• NLP

By Verticals:

• Manufacturing
• Energy and Utilities
• Transportation and Mobility
• BFSI
• Government and Defense
• Retail
• Healthcare and Life Sciences
• Telecom
• Others(agriculture, education, telecom, and tourism and hospitality)

Key Regions Covered:

• North America
• Latin America
• Europe
• Japan
• Asia Pacific Excluding Japan
• The Middle East and Africa

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