DUBAI, United Arab Emirates, April 12, 2022 (GLOBE NEWSWIRE) -- The global market for AI in IoT is estimated at US$ 78 Bn in 2022 and is projected to reach US$ 142.4 Billion by 2032. The market is expected to reach a CAGR of 6.2% during the forecast period from 2022 to 2032. This market is projected to grow steadily over the next few years as billions of devices, services, and systems connect to each other, which is expected to be primarily driven by the adoption of low-cost sensors that are able to convert physical data into digital content. Moreover, the growing demand for smart cities and IoT solutions in developing regions has increased the value of AI in the IoT market.
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IoT devices are constantly streaming voluminous data, and the need to analyze that data and reduce maintenance costs and downtime has led to the adoption of artificial intelligence in IoT market. In the retail industry, artificial intelligence will play a key role in enabling IoT-based services, with a primary focus on improving customer experience programs and developing products that are more customer-centric which will further propel market demand for AI in IoT in the market.
Key Takeaways:
- The market for AI in IoT is currently valued at US$ 78 Bn. It is expected to grow at a 6.2% CAGR from 2022 to 2032.
- ML & deep learning technologies are projected to grow at a CAGR of 5.7% during the forecast period for Artificial Intelligence in IoT.
- U.S. market is predicted to reach US$ 49 billion while growing at a CAGR of 5.8% during the forecast period.
- China is expected to reach a CAGR of 5.6% with a market value of US$ 10.2 Billion in 2032 during the forecast period.
- The Japanese market is expected to reach a market value of US$ 8.6 Billion by 2032.
“The continued growth of sensors and microcontrollers implemented into devices that are pre-installed as part of IoT technology will continue to fuel the growth of AI in IoT technology in the future," says an analyst at FMI
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Competitive Landscape
Key Players that have been profiled in the report are
- Microsoft
- IBM
- AWS
- Oracle
- SAP
- PTC
- GE
- Salesforce
- Hitachi
- Uptake
- SAS
- Autoplant Systems Pvt Ltd
- Kairos
- Softweb Solutions
- Arundo
- C3 IoT
- Anagog
- Imagimob
- Thingstel
In an effort to emerge as a recognized and profitable business, firms continue to adopt a strategy that includes new product launches, R&D, patents, approvals, events, product innovations, joint ventures, partnership agreements, digital marketing, collaborations, mergers and acquisitions.
- Mindtree acquired NxT Digital Business in May 2021 to offer analytical services to match the Industry 4.0 needs. Approximately 198 crores was valued at this acquisition, and completion is expected by July 31st, 2021. Using its low-power and compact SoC, the company aims to solve this issue while providing sufficient computing power for effective AI and biometrics.
- JFrog, a company that helps developers manage software delivery updates continuously in June 2021, reached a major agreement to help the company expand its expertise and presence in an area that has become increasingly connected to DevOps, security. With the acquisition of Vdoo, the firm got a platform that utilizes artificial intelligence to detect and fix vulnerabilities in the software that is part of IoT systems and connected devices. The deal is estimated to be worth approximately $300 million in cash and stock.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global AI in IoT market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights By Components(Platform, Software Solutions, Services(Professional Services (Deployment and Integration, Support and Maintenance, Training and Consulting), Managed Services) By Technologies (ML and Deep Learning, NLP), By Verticals (Manufacturing, Energy and Utilities, Transportation and Mobility, BFSI, Government and Defense, Retail, Healthcare and Life Sciences, Telecom, Others(agriculture, education, telecom, and tourism and hospitality)) & By Region (North America, Europe, Asia Pacific, Middle East, and Africa, Latin America
Detailed Table of Content:
1. Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Fact.MR Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on AI in IoT Market
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Formulation and Product Development Trends
4. Market Background
4.1. AI in IoT Market, by Key Countries
4.2. AI in IoT Market Opportunity Assessment (US$ Mn)
4.2.1. Total Available Market
4.2.2. Serviceable Addressable Market
4.2.3. Serviceable Obtainable Market
4.3. Market Scenario Forecast
4.3.1. Demand in optimistic Scenario
4.3.2. Demand in Likely Scenario
4.3.3. Demand in Conservative Scenario
4.4. Investment Feasibility Analysis
4.4.1. Investment in Established Markets
4.4.1.1. In Short Term
4.4.1.2. In Long Term
4.4.2. Investment in Emerging Markets
4.4.2.1. In Short Term
4.4.2.2. In Long Term
4.5. Forecast Factors - Relevance & Impact
4.5.1. Top Companies Historical Growth
4.5.2. Growth in Automation, By Country
4.5.3. AI in IoT Market Adoption Rate, By Country
4.6. Market Dynamics
4.6.1. Market Driving Factors and Impact Assessment
4.6.2. Prominent Market Challenges and Impact Assessment
4.6.3. AI in IoT Market Opportunities
4.6.4. Prominent Trends in the Global Market & Their Impact Assessment
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