The market for artificial intelligence in Internet of Things was estimated to be worth $10.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 24.7% to reach $91.8 billion by 2032.
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"The Global AI in IoT Market 2022-2032 (USD Billion)")
Today’s business environment is undergoing magnificent changes owing to adoption of AI security (Artificial Intelligence) and Iot security (Internet of Things). This combines together to form AIOT (The artificial intelligence of things). Any instrument like watches, refrigerators, geezers are connected to internet, collect processed data, we have IoT. Artificial Intelligence is when a system can learn from its previously processed data in a way that it seems intelligent. Therefore, when artificial intelligence is added to the internet of things it means that those devices can analyze data and make decisions and act on that data without involvement by humans. The convergence of AI (Artificial Intelligence) and IoT can redefine the way industries, business, and economies functions. Companies are actively investing in companies working on AI, ML, And Blockchain. At the same time, most popular companies are also evolving from edge technology to AI, ML and Blockchain.
Few examples of AIoT are, drone traffic monitoring, Smart Retail, delivery robots, wearables, smart city, smart industry, smart homes.
IoT devices use the internet to communicate, collect, and exchange information about our online activities. Every day, they generate 1 billion GB of data. AIOt is proving to be the next generation of marketing. It is investing in 5G technology, which has near zero lag for online real time data processing. Due to an AI’s ability to quickly make deliverable insights from data, it plays an important role in business decision making. Machine learning is an important AI technology, which helps analyze customer behavior and identify anomalies in the data that devices generate in different forms.
AI in IoT Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | USD 91.8 billion |
| Growth Rate | CAGR of 24.7% during 2022-2032 |
| Segment Covered | By Components, Technologies, Verticals, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Google,Microsoft,IBM,AWS,Oracle,SAP,PTC,GE,Salesforce,Hitachi,Uptake,SAS,Autoplant Systems Pvt Ltd,Kairos,Softweb Solutions,Arundo,C3 IoT,Anagog,Imagimob,Thingstel |
Key Segments of the AI in IoT Market
Component Overview, (USD Billion)
- Platforms,
- Software Solutions
- Services
Technology Overview, (USD Billion)
- ML and Deep Learning
- NLP
Vertical Overview, (USD Billion)
- Transportation and Mobility
- Energy and Utilities
- Manufacturing,
- Retail
Regional Overview
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the AI in IoT market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the AI in IoT market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the AI in IoT industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on Application, organization size, deployment, and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the AI in IoT market. The report will benefit:
- Every stakeholder is involved in the AI in IoT market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the AI in IoT market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of AI in IoT market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
North America dominated the market for ai in iot market and accounted for the largest revenue share
The Global ai in iotMarket is Segmented on the basis of type,end use, Regions.
The base year for the report is 2023 in ai in iot market
AIoT is gaining popularity nowadays. They are being leveraged across industries and across all platforms now. If manufacturers implement it properly, AI analytics has the potential to transform the IoT data into actionable information so that better decisions can be made. This will help create a foundation for newer technology such as IoT Data as a Service. Undeniably, AI is an unparalleled disruptive tech, the growth of AIoT also increasing as a majority of industrial sectors rely on operational technologies to manage operations such as manufacturing, supply chain, energy, and human resources, among others. But at the same time, leading to loss of jobs to unskilled and semi-skilled labors. Gartner predicts that AI will automate 1.8 million people out of a job by 2020. This way, countries like Germany, USA will have high GDP’s but same time high rate of unemployment. This difference is difficult to fulfill. With passage of time, human brain will also become lethargic, leading to more strokes, increasing rates of depression and anxiety. There will be increasing level of lack of empathy for others. World will slowly more towards self love and enmity for others.
However, this technology will make cost of production less and also make things deliver at our footsteps faster. It’ll create an imaginary of world come alive and thus make things better. We are aware of the bias in hiring process. With AI, this bias will be reduced. Better healthcare and medical facilities with expertise from around the globe
Component Segment
There is no specific requirement of any platform to create an AI or ML based software.
To create AI we need to curate an accurate Machine Learning models from a huge amount of high quality and relevant data. They help to detect anomalies in the volumes of data of the organization. That’s called AI IoT based software solutions.
Application Segment
IoT helps healthcare professionals, to provide hi-tech operations over internet sitting miles away. Sensors are used for tracking real time location of medical equipment like wheelchairs, defibrillators, nebulizers, oxygen pumps and other monitoring equipment.
In agriculture as well, it helps to monitor crops, soil, storage facilities etc. when it comes to mining industry, metals processing methods are used through which more accurate and less environmentally damaging techniques. In 2019, the Analytics & Reporting accumulated the share of the AI in IoT market as high and is still projected to continue its rise in the immediate future.
The geographically global AI in IoT market is segmented into North America, Europe, APAC, South America, and the Middle East & Africa. North America has a range of leading industry players supplying all end consumers in the country. The region is anticipated to witness exponential growth in the coming few years as the companies in Canada and Mexico are yet to explore influencer marketing to its full perspective as compared to the U.S. This factor is predicted to provide immense growth potential for marketers in the nations to engage with audiences. Also, Indians are considered to have profound expertise when it comes to the field of software and artificial intelligence, which gives APAC country also a good change to grow in future.
The major players of AI in IoT Market are IBM, Microsoft, Google, PTC, AWS, Oracle, GE, Salesforce, SAP, Hitachi, Uptake, SAS, Autoplant Systems India Pvt Ltd, Kairos, Softweb Solutions, Arundo, C3 IoT