ReportCrux Market Research
has published a new report titled “Artificial Intelligence in IoT Market
by Component (Platform, Software, and Services [Professional Services, and
Managed Services]); by Technology (Machine Learning & Deep Learning,
Natural Language Processing, and Others); by End User (BFSI, Healthcare,
Government & Defense, Energy & Utilities, Telecom, Manufacturing, and
Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights
and Forecast Analysis, 2020 – 2027”.
Artificial Intelligence in IoT Market Size
According to the report, global demand for artificial intelligence in IoT market was valued at approximately USD 2.64 Billion in 2019 and is expected to generate revenue of around USD 15.72 Billion by end of 2027, growing at a CAGR of around 25.0% between 2020 and 2027.
Scope of the Report
Artificial Intelligence (AI) in
IoT is a combination of linking the computer to the Internet and other
connected devices and analyzing big data and supplying the necessary amount of
data to the system. With the use of AI in IoT, data collection and
methodological concerns are being addressed since AI analysis it in a better
way.
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The growth of this market is
driven by rising use of mobile network operators for increasing the connectivity
platforms. The rising interest of the IT sector is also projecting the growth
of the industry. In addition with growing use of artificial intelligence, the
advent of smart home devices like Google home and Alexa is also boosting the
market. The rising demand for performance management of transport, asset
monitoring, and related appliances along with growing need for improved
customer service through real-time monitoring is also accelerating growth of
the industry. The need to reduce downtime and maintenance costs has spurred the
growth of the sector. The need to process large amounts of real-time data produced
from IoT devices efficiently and to minimize maintenance costs and downtime are
some of the key factors driving the growth of artificial intelligence in the
IoT market. However, high costs and lack of awareness among consumers are key
factors that may restrict the growth of AI in the IoT market. Nevertheless,
advances in technology are expected to generate new possibilities for market
growth.
Segmentation Analysis:
The global market
for the artificial intelligence in IoT is segmented into technology, end user,
component, and region. Based on component, the market for artificial
intelligence in IoT is segmented into software, platform, and services. The
services segment is further divided into professional services, and managed
services. The software segment is likely to grow at high CAGR in the forecast
period. Most of the vendors sell IoT tech solutions to customers. These
software systems are designed to solve interoperability problems that emerge
from a number of heterogeneous devices and to handle large quantities of data
and its protection and privacy. Software’s help to reduce interoperability
problems and create flexibility to efficiently handle different business
functions.
Based on technology,
the market is categorized into
On the basis of
end user, the global market for artificial intelligence in IoT is segmented
into
Regional Analysis:
Based on Region, the
market is classified into Latin America, Middle East & Africa, Asia
Pacific, North America, and Europe. North America held almost 39% of the market
in 2019 while Asia Pacific is likely to rise at the highest CAGR in the
forecast period. This high growth in Asia Pacific can be credited to heavy
investments made by the private and public sectors to improve their AI and IoT
technologies, resulting in increased demand for AI in IoT solutions gaining
traction. North America is projected to be the leading region in terms of IoT
adoption and growth of AI due to the presence of IoT vendors, and rising
government expenditure on emerging technologies is expected to contribute in
market growth during the forecast period.
Key Players Analysis:
Major players in
artificial intelligence in IoT market are Google, Inc. (U.S.), Anagog (Israel),
Oracle (U.S.), Salesforce (U.S.), Hitachi (Japan), Autoplant Systems Pvt. Ltd.
(India), Kairos (U.S.), SAP (Germany), IBM (U.S.), and Microsoft (U.S.) among
others.
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Analysis: https://reportcrux.com/summary/2875/Artificial-Intelligence-in-IoT-Market