Artificial Intelligence in IoT Market is estimated to reach USD 15.7 billion by 2030 and is expected to grow at a CAGR of 23.5% during the forecast period. Artificial Intelligence in the Internet of Things is a combination of linking the computer to the internet and other connected devices, analyzing big data, and providing the necessary data to the device. Data analytics challenges are being addressed by the use of AI in IoT because AI does it better.
Some of the major factors in driving artificial intelligence in IoT market growth are the need to efficiently process big data in real time that are produced by IoT devices and minimize maintenance costs and downtime. However, high costs and a lack of customer awareness are the major factors that can limit the growth of the market. Nevertheless, technological advances are projected to create new opportunities for market growth.
FIGURE 1: ARTIFICIAL INTELLIGENCE IN IOT MARKET
The increasing focus on efficient IoT system data management to gain data insights and real-time monitoring to provide a better customer experience is expected to augment market growth. Due to the ability to provide faster delivery with low latency and real-time monitoring, several companies are moving to the cloud from AI on-site. In IoT-based services, the retail sector uses Cloud AI to improve its customer experience programs and create customer-based products.
The Internet of Things (IoT) has very particular needs for networks, computers, applications, and processes in the consumer, enterprise, manufacturing, and government market segments. One thing they all share is that they generate vast quantities of data, most of which are unstructured and need big data management technologies. Another important factor in driving artificial intelligence growth in the IoT market is the need to efficiently process large amounts of in-time data produced by IoT devices and minimize maintenance and downtime.
The artificial intelligence in IoT market report has been segmented by components, technologies, industry verticals, and region.
FIGURE 2: ARTIFICIAL INTELLIGENCE IN IOT MARKET SEGMENTATION
Artificial Intelligence in IoT Market, by Components
Based on components, the market is segmented into platform, software solution, and services. The platform segment is further segmented into application management, connectivity management, and device management. The software solution segment is divided into data management, network bandwidth management, real-time streaming analytics, remote monitoring and other software (security, edge solution). The services segment is categorized into professional services and managed services.
The software segment is expected to grow at a high CAGR during the forecast period. Customers buy IoT software solutions from the majority of vendors. These software systems address interoperability issues that arise from various heterogeneous devices and manage vast amounts of data while maintaining data security and privacy. Software aids in the reduction of interoperability issues and improves flexibility to effectively manage various business functions.
Artificial Intelligence in IoT Market, by Technologies
Based on technologies, the market is segmented into ML and deep learning, and natural language processing (NLP). The ML and deep learning segment is expected to hold the largest market share during the forecast period. For big data, machine learning has proven to be a reliable analytical tool.
Machine learning is a type of deep learning. Deep artificial neural networks are a set of algorithms that achieve new levels of accuracy for a wide range of important problems, including image recognition, sound recognition, and recommendation systems. It applies machine learning techniques to real-world problems by tapping into neural networks that mimic human decision-making.
Artificial Intelligence in IoT Market, by Industry Verticals
Based on industry verticals, the market is segmented into manufacturing, energy and utilities, transportation and mobility, BFSI, government and defense, retail, healthcare and life sciences, telecom, and others (agriculture, education, telecom, and tourism and hospitality). The manufacturing segment is estimated to hold a major market share in the industry vertical segment during the forecast period.
The manufacturers segment is gradually implementing fully integrated data management systems. AI-enabled IoT applications for manufacturing can handle operations like monitoring and optimizing equipment efficiency, production quality control, and human-to-machine interaction more efficiently. Manufacturing and supply chain processes that are faster and more reliable allow substantial reductions in product cycle time.
To help predictive maintenance of vital industrial equipment, machine learning and artificial neural networks are used, which can reliably predict asset malfunction. It enables the management to take prompt action to repair equipment and avoid expensive unplanned downtime. Moreover, the continuous technological advancement in different industry vertical is projected to drive market opportunity for artificial intelligence market over the forecast period.
FIGURE 3: ARTIFICIAL INTELLIGENCE IN IOT MARKET COVID-19 IMPACT
Artificial Intelligence in IoT Market, by Region
Based on region, the market is segmented as North America, Europe, Asia Pacific, the Middle East and Africa, and South America. The North America segment is expected to hold a major market share during the forecast period. The market growth can be due to a rise in the number of early technology adopters. Other factors affecting market growth include the presence of key market players in the region and a higher cloud adoption rate among end-users. The market players view strategic alliances and collaborations among several key market players as a lucrative way to expand in the market.
5G-enabled IoT connections are expected to boost consumer demand further in the United States. The United States leads in smart home adoption, according to the IoT Association, with the highest intelligent home product ratio per household and the highest user preference to own devices across two or three use cases (security, energy, and appliances).
FIGURE 4: ARTIFICIAL INTELLIGENCE IN IOT MARKET OVERVIEW (USD BILLION)
What does this Report Provide?
A detailed understanding of the artificial intelligence in IoT market demand from a qualitative and quantitative perspective. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
The major market drivers, challenges, and opportunities for the market have been covered in the report. This report also includes the market share of the leading companies, their production capacities, and the growth strategies adopted by them.
Recent Developments in the Artificial Intelligence in IoT Market:
- In October 2020, Softbank-owned UK chipmaker Arm teamed up with Microsoft to build Azure-based tools that enable developers to migrate data from Arm-based IoT devices to Azure Cloud. The collaboration would make it easier for developers to target a wide range of Arm-based products such as intelligent computer-vision-enabled cameras, connected vehicles, AI gateways, and intelligent appliances.
- In November 2019, IBM introduces the latest AI-based management solution Maximo Asset Monitor designed to better understand and enhance the efficiency of its high-value physical properties by maintenance and operations managers. This new solution, an extension of IBM's market-leading IBM Maximo capabilities, will help unlock valuable insights through AI-powered anomaly detection and provide enterprise-wide visibility into critical equipment efficiency. As a result, problems are identified earlier, which leads to better decisions and less downtime.
- In 2017, Altuglas International introduced a new line of artificial intelligence in IoTs called Altuglas Metallic & Iridescent.
Artificial Intelligence in IoT Market Segmentation:
- Application Management
- Connectivity Management
- Device Management
- Software Solutions
- Data Management
- Network Bandwidth Management
- Real-Time Streaming Analytics
- Remote Monitoring
- Professional Services
- Managed Services
- ML and Deep Learning
- Natural Language Processing (NLP)
By Industry Verticals:
- Energy and Utilities
- Transportation and Mobility
- Government and Defense
- Healthcare and Life Sciences
North America Artificial Intelligence in IoT Market
- North America, by Country
- North America, by Components
- North America, by Technologies
- North America, by Industry Verticals
Europe Artificial Intelligence in IoT Market
- Europe, by Country
- The U.K.
- The Rest of Europe
- Europe, by Components
- Europe, by Technologies
- Europe, by Industry Verticals
Asia-Pacific Artificial Intelligence in IoT Market
- Asia-Pacific, by Country
- South Korea
- The Rest of Asia-Pacific
- Asia-Pacific, by Components
- Asia-Pacific, by Technologies
- Asia-Pacific, by Industry Verticals
Middle East and Africa Artificial Intelligence in IoT Market
- Middle East and Africa, by Country
- The UAE
- Saudi Arabia
- South Africa
- The Rest of Middle East
- Middle East and Africa, by Components
- Middle East and Africa, by Technologies
- Middle East and Africa, by Industry Verticals
South America Artificial Intelligence in IoT Market
- South America, by Country
- The Rest of South America
- South America, by Components
- South America, by Technologies
- South America, by Industry Verticals
Major Companies: In this report, the following major companies are studied: Google, Microsoft, IBM, AWS, Oracle, SAP, Cisco, GE, Salesforce, Hitachi, Uptake, SAS, Autoplant Systems Pvt Ltd., Kairos, Softweb Solutions and others.
Objectives of this Report:
- To estimate the artificial intelligence in IoT market size on a regional and global basis
- To identify major segments in the artificial intelligence in IoT market and evaluate their market shares and demand
- To provide a competitive scenario for the artificial intelligence in IoT market with major developments observed by key companies in the historic years
- To evaluate key factors governing the dynamics of artificial intelligence in IoT market with their potential gravity during the forecast period
This study is customized to meet your specific requirements:
- By sub-segment
- By client-specific country, type, and market analysis
- Pricing analysis along with the potential list of customers
- Product-specific competitive analysis
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