New York, USA, June 02, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “AI in IoT Market Information Deployment Mode, By Component, By Technologies, By Vertical, By Region – Market Forecast Till 2032”, the AI in IoT Market thrives at a rate of 28.20% between 2023 and 2032. The market size will be reaching around USD 60.8 Billion by the end of the year 2032.
Market Synopsis:
The AI in IoT market is likely to gain significant revenue growth in the upcoming period. Growing demand for effective data management would drive market growth. Besides, the growing use of IoT devices to get insightful information and lower maintenance costs & downtime are key market drivers. AI in IoT helps boost the data value, employing technology and human insight. Most businesses today have employed AI-based solutions to boost agility to respond to changing conditions in real-time for greater safety, profitability, and sustainability. Technology providers strive to purpose-built AI solutions for industrial application requirements.
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Market Competitive Landscape:
Players leading the AI in IoT market include:
- Verizon
- Cisco Systems, Inc.
- Ericsson
- Orange Business Services
- Sierra Wireless
- Telefónica
- Moeco
- Huawei
- Telit
- Hologram
Scope of the Report - AI in IoT Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 60.8 Billion |
| CAGR during 2023-2030 | 28.20% |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| 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. |
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AI-based solutions integrate AI technology and machine-learning capabilities to optimize autonomous and semi-autonomous processes. These industrial AI solutions enable users to detect current performance issues and predict future ones, minimizing the risk of failure of critical assets and maximizing operational performance. Using AI in IoT ensures improved detection of performance issues, optimization of processes, and smarter decisions.
Robotics, digitalization, and AI are considered the next stage of industrialization. AI in IoT facilitates time and cost-saving in many time-consuming manual tasks, raises efficiency, heightens supply chain visibility, optimizes inventory management, and improves product quality by integrating information technology (IT) and operational technology (OT) systems.
Industry Trends:
AI in IoT is being termed a new intelligence revolution. The widespread popularity and government support for robotics would allow the market to progress smoothly in the next few years. Factors such as the proliferation of automation across manufacturing sectors and the rising demand for advanced production & manufacturing processes worldwide drive market growth.
Moreover, growing AI applications in end-user industries such as automobile, electronics, healthcare, manufacturing, energy & power, semiconductor, food & beverages boost the market size. Additional factors bolstering market revenues include increasing manufacturers leveraging AI to improve operations, launch new products, customize designs, and plan their future financials.
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AI in IoT market report is segmented into components, technologies, verticals, and regions. The component segment is sub-segmented into platforms, software solutions, and services. Of these, the software segment dominates the market, witnessing the increasing use to manage huge amounts of data, with security & privacy, and address interoperability issues brought on by various heterogeneous devices.
These software solutions provide flexibility to manage diverse business processes while mitigating interoperability difficulties successfully. The technology segment is sub-segmented into ML & deep learning and NLP. The ML and deep learning segment holds the largest market share. ML capabilities help develop powerful analytical tools for massive data sets. Using ML and edge computing aids in filtering noise gathered by IoT devices and processing edge & cloud analytical engines.
The vertical segment is sub-segmented into manufacturing, energy & utilities, transportation & mobility, BFSI, government & defense, retail, healthcare & life sciences, telecom, and others (agriculture, education, telecom, and tourism & hospitality). Of these, the healthcare & life sciences segment accounts for the largest market share.
By gathering and analyzing high-frequency IoT sensor data and computer vision, healthcare organizations can enhance the performance of diagnostic or therapeutic processes and assist clinicians in treating diseases, etc. The combination of IoT and AI technologies has the potential to improve routine physical examinations significantly to improve mobility and balance.
Besides, IoT-based predictive maintenance is imperative for vaccination logistics and safety. IoT can significantly minimize the need for follow-up visits, reduce wait times, identify patients, and track medical equipment. It can also enhance diagnostic accuracy and remote patient monitoring. By regions, AI in IoT market is sub-segmented into the Americas, Europe, Asia-Pacific, and the Rest-of-the-World.
Regional Analysis:
North America dominates the global AI in IoT market, witnessing huge demand from manufacturing, retail, healthcare, and automotive & transportation industries. Besides, the widespread implementation of AI and IoT technologies is a major driving force substantiating the region's market shares. With the increasing research into creating IoT and AI applications, the US and Canada account for larger shares of the regional market.
Europe is another major market for AI in IoT, witnessing significant government investments in the sector. This market demonstrates a great deal of potential for vendors to expand. The growing use of AI-enabled sensing and decision-making for IoT systems boosts market revenues. Additionally, the existence of top AI and IoT solutions providers in this region offers significant opportunities. Germany is the largest, whereas the UK is the rapidly growing market for AI in IoT.
The Asia Pacific region is increasingly witnessing growing AI in IoT market revenues. Growing support and investments by the public and private sectors is one of the key growth propellers. With the increasing research to explore AI and IoT capabilities to tackle water issues, China accounts for the largest while India holds the second-largest share of the AI in IoT in the region.
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Competitive Analysis:
Highly competitive, the AI in IoT market appears fragmented due to several well-established players forming a competitive landscape. Mergers & acquisitions, innovation, and brand reinforcement are key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services. For which they invest substantially in R&D to develop adept technologies and products.
On Apr 21, 2023, Spotflock, a leading global provider of AI, ML, and natural language processing, announced it has developed a technological solution for simplifying the power plant process and redefining businesses by integrating IoT with AI.
The solution will enable O&G and energy generation plant operators to record readings from circular pressure, temperature, and oil level gauges and examine historical trends in the data. Further, Spotflock's solution has been tailored to any use case that uses circular or level instruments, making it highly scalable.
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