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Global AI in IoT Market Size was valued at USD 6.7 Billion in 2022. The AI in IoT market industry is projected to grow from USD 8.5 Billion in 2023 to USD 60.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 28.40% during the forecast period (2023 - 2032). Effective handling of IoT device data to obtain meaningful data, reduce maintenance costs, and reduce downtime, are the key market drivers enhancing the market growth.
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Technologies: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
One of the key elements propelling the global Al in loT market is the urgent need for real-time analysis and monitoring of massive volumes of data. Vendors in the Al in loT market are expected to capitalize on the desire of customers and consumers for a unique experience. This will lead to a significant need for Al solutions in lot-related processes and equipment. IoT devices are providing both large and small organizations with staggering amounts of data. The need to reduce maintenance costs in these processes is another significant factor boosting the growth of the global Al in lot market in the next years.
Artificial intelligence (AI) and the Internet of Things (IoT) have the potential to totally transform a number of different economic sectors. The Internet of Things (IoT) powered by AI creates intelligent technologies that mimic intelligent behavior and facilitate decision-making with little to no human involvement. Businesses and customers can benefit from artificial intelligence powered by the Internet of Things in a number of ways, including proactive intervention, individualized experiences, and intelligent automation.
IoT technology is essential for various organizations to go through a digital transformation since it enables them to establish and monitor new business models while also enhancing their current operations. Businesses and service providers perceive the Internet of Things (IoT) as a key accelerator for speeding digital transformation and unlocking operational efficiencies. IoT use is increasing as more businesses recognize its importance to their success. The increased use of digital technology and the internet has considerably accelerated the growth of the worldwide artificial intelligence industry in recent years. The significant R&D expenditures made by IT businesses continuously fuel technological improvements across a range of industries. For instance, Viettel Group and NVIDIA inked a memorandum of understanding (MoU) in June 2022 to create a strategic relationship to enhance artificial intelligence (AI)-based technology research and solutions for Viettel and Vietnam. By utilizing NVIDIA's high-performance computing systems and ecosystems, Viettel and NVIDIA will work together to quicken the development and use of Viettel's AI solutions in computer vision, robotics, natural language processing, digital twins, and other fields. Thus, driving the AI in IoT market revenue.
The global AI in IoT market segmentation, based on Component, includes platforms, software solutions, and services. Software solutions segment dominated the global market in 2022. Most of the big vendors offer Al in loT software solutions to customers. These software programs are designed to manage enormous amounts of data, as well as its security and privacy, and to address interoperability problems caused by diverse heterogeneous devices. They offer flexibility to successfully manage various business processes while assisting in the reduction of interoperability issues.
The global AI in IoT market segmentation, based on Technologies, includes ML and Deep Learning and NLP. ML and Deep Learning segment dominated the global market in 2022. ML could eventually become an effective analytical tool for huge data collections. With the use of ML and edge computing, the majority of the background noise produced by IoT devices can be removed, leaving only the relevant data for edge and cloud analytical engines to process.
The global AI in IoT market segmentation, based on Vertical, includes 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). Healthcare and life sciences dominated the global AI in IoT market in 2022. Healthcare organizations can improve human performance on tasks like making diagnostic or therapeutic judgments, supporting physicians in treating diseases, etc. by collecting and analyzing high-frequency Internet of Things (IoT) sensor data using computer vision (AI). Routine physical assessments of mobility and balance in healthcare could be greatly enhanced by the integration of IoT and AI technology. With IoT, healthcare professionals may shorten the evaluation process while still assuring that the test is quantitative, dependable, and consistent.
Hospitals, clinics, pharmaceutical companies, and academic institutions that test and store vaccines, including COVID-19 vaccines, still lack visibility into the status and operation of their refrigerators. As a result, IoT-based predictive maintenance for vaccination logistics and safety is becoming more and more necessary. Additionally, IoT can decrease the need for follow-up visits, shorten wait times, identify essential patients, and track medical equipment. It can also enhance diagnostic accuracy and remote patient monitoring.
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Technologies: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America AI in IoT Market dominated this market in 2022 (45.80%). This is because AI and IoT technologies are being widely used in a variety of sectors, such as manufacturing, retail, healthcare, automotive and transportation, and so forth. This is one of the things causing the market under research in this sector to grow. North America is one of the top regions for research into developing IoT and AI applications for fresh end-user industries. According to Cisco, the countries with the highest average per-person device and connection counts as of 2022 are the United States and Canada. Further, In the North American area, the U.S. AI in IoT market had the biggest market share, while the Canada AI in IoT market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Technologies: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
In the IoT industry, Europe held a sizable market share in 2022. The industry offers a lot of potential for vendors to grow because of considerable government investments. Top players are present in Europe as well, supporting the Al in loT market there. Further, In the European region, the German AI in IoT market had the biggest market share, and the U.K. AI in IoT market had the quickest rate of growth.
From 2023 to 2032, the Asia Pacific AI in IoT market is anticipated to grow significantly. The resources that organizations in the public and private sectors are committing to the development of this discipline are fueling the market in this field. Moreover, In the Asia-Pacific region, the Indian AI in IoT market had the quickest rate of growth while China's AI in IoT market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the AI in IoT market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The AI in IoT sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide AI in IoT industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the AI in IoT sector.
Major players in the AI in IoT market, including Cisco Systems, Inc., Verizon, Ericsson, Sierra Wireless, Orange Business Services, Telefónica, Huawei, Moeco, Telit, and Hologram, are attempting to increase market demand by investing in research and development operations.
Microsoft Corp. (Microsoft) offers a variety of software-related services, including development, licencing, and support. The company offers a wide range of server applications, desktop and server administration tools, video games, cross-device productivity tools, business solution tools, and operating systems. It also offers training and certification services. It also develops, manufactures, and sells hardware products like PCs, tablets, game consoles, and other cutting-edge technology. The company offers a wide range of services, such as consultancy, cloud-based solutions, and solution support. Through original equipment manufacturers, distributors, resellers, online marketplaces, Microsoft stores, and other partner channels, Microsoft promotes, distributes, and sells its products. The company has operations throughout the Middle East, Africa, the Americas, Europe, and Asia-Pacific. Microsoft's main office is in Redmond, Washington, in the United States. Microsoft announced pre-orders for the Surface Laptop 5 and Surface Pro 9 in November 2022. With this, the firm unveiled its vision for the next iteration of the Windows PC, one in which the PC and the cloud merge and make use of cutting-edge AI technologies to enable novel experiences.
A subsidiary of Amazon.com, Inc., Amazon Web Services Inc (AWS) offers cloud computing services. In addition to computing, storage, databases, networking, analytics, mobile, developer tools, augmented reality, virtual reality, robotics, game tech, machine learning, management tools, content delivery, media services, customer engagement, app streaming, and security, identity, and compliance, the company also provides a wide range of cloud infrastructure services. AWS serves a wide variety of industries, including the automotive, digital marketing, telecommunications, education, government, retail, financial services, media and entertainment, gaming, consumer packaged goods (CPG), health and life sciences, oil and gas, power and utilities, and non-profit sectors. In November 2022, AWS IoT Core announced the introduction of AWS IoT Core Device Location. Utilising location information from IoT devices, such as latitude and longitude coordinates, this new functionality enables users to track and control them.
· Cisco Systems, Inc.
· Verizon
· Ericsson
· Sierra Wireless
· Orange Business Services
· Telefónica
· Huawei
· Moeco
· Telit
· Hologram
January 2023: The AI-enabled engagement platform Jubi.ai was bought by a company called Servify that manages devices. After the agreement, Jubi.ai will be a part of Servify.
· Platforms
· Software Solutions
· Services
· ML and Deep Learning
· NLP
· 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)
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 6.7 Billion |
|
Market Size 2023 |
USD 8.5 Billion |
|
Market Size 2032 |
USD 60.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
28.40% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Component, Technologies, Vertical, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
Cisco Systems, Inc., Verizon, Ericsson, Sierra Wireless, Orange Business Services, Telefónica, Huawei, Moeco, Telit, and Hologram |
|
Key Market Opportunities |
Real time monitoring to deliver an exceptional customer experience |
|
Key Market Dynamics |
Effective management of data generated from IoT devices to gain valuable insights and reduced maintenance cost and downtime |
The global AI in IoT Market was valued at USD 6.7 billion in 2022, and it is estimated to reach USD 60.6 billion by 2032.
The global market is projected to grow at a CAGR of 28.40% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are Cisco Systems, Inc., Verizon, Ericsson, Sierra Wireless, Orange Business Services, Telefónica, Huawei, Moeco, Telit, and Hologram
The Software Solutions Component dominated the market in 2022.
The ML and Deep Learning Technologies had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65259
Published on :
Sep 2023
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