When 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.
Edge computing, is one of the factors boosting the growth of AIoT. To simply put, it is the ability of things (meters and sensors) to analyze data at the source of collection, instead of simply transmitting that data to the Internet, or cloud. This enables faster, more granular analyses, and reduces the costs involved in transferring, storing, and processing data in the cloud. At the same time, most popular companies are also evolving from edge technology to AI, ML and Blockchain. We do not wish to keep scrolling through raw data and waste time deducing information out of it, this is when AI comes into picture. It has also drastically changed the picture of trading in modern era. Robots are being used to reduce the contact between humans in covid pandemic between patients and health care workers – minimizing the risk of cross-infections. Robot dogs are helping doctors assess patients in US hospitals.
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 etc. In mining industry, metals processing methods are used through which more accurate and less environmentally damaging techniques. In agriculture as well, it helps to monitor crops, soil, storage facilities etc. The sector is forecasted to rake in a global cumulative revenue of $38.8 billion from 2018 to 2025 and attain annual revenue of $8.8 billion in 2025, as reported by the Omdia Artificial Intelligence Market Forecasts report.
Nonetheless, growing customer concerns regarding data privacy and the World Economic Forum listed cyber-attacks as one of the top threats facing the world in 2020, and pointed to recent hacks of smart home brands and mass data thefts as particular areas of concern. Successful AI and IoT businesses are those that recognize and take action to manage concerns around the potential for technology to erode user privacy.
The global market for AI in IoT platform has intense competition among well developed and new emerging players. Through investing in alliances, mergers, and acquisitions and expanding their markets, these industry leaders seek to achieve a strategic edge over the other participants. The Global Problem Solver Challenge, which is one of Cisco's corporate social responsibility (CSR) initiatives, pays cash awards to entrepreneurial companies using technology to solve the world's biggest challenges.
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 and others. The AI in IoT market is fragmented with the existence of well-known global and domestic players across the globe.
Key Segments of the AI in IoT Market
Component Overview, 2018-2028 (USD Billion)
- Software Solutions
Technology Overview, 2018-2028 (USD Billion)
- ML and Deep Learning
Vertical Overview, 2018-2028 (USD Billion)
- Transportation and Mobility
- Energy and Utilities
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America