The AI in IoT market is predicted to grow steadily at a rate of 6.4% over the coming years. By 2033, it’s expected to reach a value of approximately US$ 153.1 billion.
As more and more transportation and connected devices need to keep track of their assets and performance, there’s a growing need for special services to help with this. Also, the companies that provide mobile network services around the world are helping to make everything more connected.
The cool thing is that as artificial intelligence gets better and we have easy access to the internet everywhere, the use of smart devices is increasing. This means we can do things more efficiently than ever before, and that could make IoT products even more valuable in the next ten years.
Artificial Intelligence has shown that it can be really helpful in gathering a lot of information. It gives us the tools to make decisions quickly in things like smart devices. But to make these devices work even better, we might need to spend money on new technology.
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As the Internet of Things (IoT) market expands, the focus is shifting towards handling the data produced by IoT devices. This data helps us gather valuable information and allows for real-time monitoring to improve customer experiences. With faster delivery and minimal delays, plus the ability to track products in real-time, it’s expected that the IoT market will grow significantly in the near future
In the world of retail, cloud AI (Artificial Intelligence) is primarily used to make customers’ experiences better and to develop products that connect to the Internet of Things (IoT) and are customer-centric. There are now newer versions of established companies providing software that covers all aspects of the business. This has happened because the competition in the industrial IoT sector has become fierce, and the market has grown and evolved.
key takeaways from AI in IoT Market Report:
- 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.
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.
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AI in IoT Market Segmentation:
By Components:
- Platform
- Software Solutions
- Services
- Professional Services
- 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)
By Regions:
- North America
- Latin America
- Europe
- Asia Pacific Excluding Japan
- The Middle East and Africa
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