PUBLISHER: Allied Market Research | PRODUCT CODE: 1344321
PUBLISHER: Allied Market Research | PRODUCT CODE: 1344321
According to a new report published by Allied Market Research, titled, "AI in IoT Market," The ai in iot market was valued at $10.3 billion in 2022, and is estimated to reach $91.7 billion by 2032, growing at a CAGR of 24.8% from 2023 to 2032.
Moreover, the surge in the adoption of AI in IoT solutions to enhance human-machine interaction further provides numerous opportunities for global market growth. These types of solutions enable end users to experience intelligent assistance. In addition, AI technologies such as natural language processing (NLP), voice recognition, and computer vision are being employed to provide seamless communication and interaction between individual and internet devices. Additionally, it enables individuals to access voice-controlled smart assistants, gesture-based interfaces, or AI-powered vision systems and experience user-friendly accessible interfaces. AI improves the security and safety of IoT ecosystems. It can detect and prevent security breaches, identify anomalies, and respond to threats in real-time. AI may identify potential weaknesses in IoT data streams and utilize rigorous safety measures to safeguard data, devices, and networks.
Furthermore, the numerous advantages offered by AI in IoT create lucrative opportunities for digitalized solutions to minimize the impact of security incidents and improve business processing, as this technology enhances security and transparency, which positively impacts the growth of the market in the forecast period. In addition, the growing trend of technological advancements and the surge in usage of touchless and internet-enabled devices are major factors driving the market growth. Moreover, the growing demand to strengthen digital solutions and wearables in several industries is anticipated to accelerate the market demand and hence, drive global market growth. Furthermore, the need for an effective and durable personalized system, which creates opportunities for AI in IoT solutions to minimize the impact of convenience in traditional business solutions and improve the quality of the system. Moreover, with the increasing reliance on digital technologies, organizations aim to provide a seamless and secure user experience, which in turn, is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
In addition, the AI in IoT market is witnessing significant growth, owing to several key factors including the emergence of internet services in several business sectors such as healthcare, banking & finance, and others is a major driving force. Moreover, the increase in the usage of wearable devices in health monitoring systems and fitness activities further drives global market growth. Automation technologies are widely demandable in several industries, hence, are anticipated to drive global market growth.
The increase in adoption of IoT devices and growing demand for automation and efficiency, positively impact the growth of the market. In addition, growing investment in industry 4.0 technologies is expected to propel the global market growth. However, the lack of skilled professionals in AI infrastructure and data privacy & security concerns are expected to hamper market growth. Furthermore, the rising advancements in AI technologies create numerous opportunities for AI in IoT solutions to optimize resource management, reduce energy consumption, and improve quality of life. Moreover, the reduction in the cost of connected devices is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
The AI in IoT market is segmented into component, technology, industry vertical, and region. The report provides information on various components, including platform, software, and service. Furthermore, the major technologies covered in the study include machine learning and deep learning, and natural language processing (NLP). Moreover, it outlines the details of the industry verticals, such as BFSI, IT & telecom, retail and e-commerce, manufacturing, healthcare, energy and utilities, transportation and mobility, and others. In addition, it analyzes the current market trends across different regions such as North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the AI in IoT market are Amazon Web Services Inc., Google LLC, Hitachi Ltd., IBM Corporation, Oracle Corporation, PTC Inc., Salesforce, Inc., SAP SE, SAS Institute, Inc., and Softweb Solutions Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the AI in IoT market globally.