Global Artificial Intelligence in IoT Market is expected to grow at a CAGR of 25.0%, To Reach Value around USD 15.72 Billion by 2027
A comprehensive analysis of global Global Artificial Intelligence in IoT market size, share, growth trends and forecast is covered in the report. The report offers crucial insights on market growth driving factors, restraints, analysis of growth revenue pockets, new growth opportunities and upcoming growth challenges in order to give clear understanding of latest industry trends and dynamics. The report helps gain granular market information at global, regional and country level for Global Artificial Intelligence in IoT market. The report is a blend of valuable information from top industry experts, KOLs, key industry professionals, major vendors from both demand and supply side. The investigation acknowledges accurate and precise revenue data for major segments of Global Artificial Intelligence in IoT market with key insights on competitive landscape, current market developments such as mergers, acquisitions, joint ventures, technology advancements.
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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.
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.
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.
Based on technology, the market is categorized into machine learning & deep learning, natural language processing, and others. The machine learning (ML) & deep learning segment held almost 65% share of the market in 2019. ML has become a robust analytical method for large quantities of data. The combination of ML and edge computing is removing much of the noise generated by IoT devices thus leaving appropriate data to be analyzed by edge and cloud analytics engines.
On the basis of end user, the global market for artificial intelligence in IoT is segmented into healthcare, BFSI, energy & utilities, government & defense, telecom, manufacturing, and others. The BFSI segment accounted for almost 27% share of the market in 2019. The healthcare sector is expected to gain leading share by 2027 tough. This section is divided based on use cases, like robot-assisted surgery, virtual nursing assistants, hospital process management, reduction of dosage errors, identification of participants in clinical trials, automatic image diagnosis, and preliminary diagnosis which will lead to its market growth in the forecast period.
Geographically, 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 questions answered in this research report:
- Global AI in IOT market size, trends, segmental and geographical shares
- Key drivers and restraints in the current market and its impact on the future
- Major regional revenue pockets for growth in the Global AI in IOT Market
- Regional revenue and forecast breakdowns
- Different segments in Global AI in IOT market and their growth trends.
Artificial Intelligence in IoT Market Segmentation:
- Professional Services
- Managed Services
- Machine Learning & Deep Learning
- Natural Language Processing
By End User
- Government & Defense
- Energy & Utilities
Table of Contents
Report Overview: It covers chapters including global market research scope, detailed research methodology, key objectives of the study, market segmentation analysis and historic and forecast years considered.
Global Market Dynamics & Trend Analysis: In this section detailed analysis about market growth factors, drivers, restraints, opportunities, challenges are analyzed along with industry trend analysis, SWOT and PESTLE analysis.
Competitive Landscape and Market Share Analysis: In this section market competition trend is studies with market share analysis of major key Players operating in the market. Also detailed strategic market developments are included such as business expansion plans, mergers, acquisitions, collaborations, joint ventures, headquarters distribution and areas served.
Market Size by Segments: This section includes market size and forecast analysis by key market segments at global, regional and country level along with market shares.
Company Profiles of Key Players: In this section company profiles of major key Players operating in the global Artificial Intelligence in IoT market with detailed insights on company overview, financial highlight, company business and growth strategy and recent market developments.
Premium Market Insights: This section covers premium market insights from top industry experts along with geographical scenario and forecast trend analysis in the market.
Regional Analysis: This section includes market size and forecast analysis by key regions and countries for each market segment.
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