The global AI in IoT market size to grow at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period
MarketsandMarkets forecasts the global AI in IoT market size to grow from USD 5.1 billion in 2019 to USD 16.2 billion by 2024, at a CAGR of 26.0% during 2019–2024. The major growth drivers for the market include the growing need to efficiently process a vast amount of real-time streaming from IoT devices, reduce maintenance cost and downtime.
The software solutions segment to grow at the highest growth rate during the forecast period
Most of the key vendors in AI in IoT market offers software solutions for enhanced security and scalability. These software solutions are designed to meet interoperability challenges that arise due to varied heterogeneous devices and manage large volumes of data and its security and privacy. They help in mitigating interoperability issues that create flexibility and managing various business functions.
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The Natural Language Processing (NLP) technology segment to grow at the highest growth rate during the forecast period
Based on technologies, the AI in IoT market has been segmented into Machine Learning (ML) and deep learning, and NLP. The NLP technology segment is expected to grow at the highest growth rate during the forecast period, due to the growing demand for analyzing huge amounts of data generated by IoT devices. Moreover, NLP enables users to integrate not only voice understanding with devices and sensors, but also localization features, leading to creative translation.
Among regions, Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
In the AI in IoT market by region, APAC is expected to grow at the highest growth rate during the forecast period. The growth in the number of AI in IoT vendors in major APAC countries, such as China and Japan, and innovative technological advancements are expected to drive the growth of the market in APAC.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the AI in IoT market.
- By Company: Tier I: 15%, Tier II: 42%, and Tier III: 43%
- By Designation: C-Level: 62%, Director Level: 20%, and Others: 18%
- By Region: North America: 40%, APAC: 30%, Europe: 20%, MEA: 5%, and Latin America: 5%
The report includes the study of the key players offering AI in IoT solutions. It profiles the major vendors in the global AI in IoT market. These vendors include Google (US), Microsoft (US), IBM (US), AWS (US), Oracle (US), SAP (Germany), PTC (US), GE (US), Salesforce (US), Hitachi (Japan), Uptake (US), SAS (US), Autoplant Systems Pvt Ltd. (India), Kairos (US), Softweb Solutions (US), Arundo (US), C3 IoT (US), Anagog (Israel), Imagimob (Sweden), and Thingstel (India). It also includes an in-depth competitive analysis of the key players in the AI in IoT market, along with their company profiles, business overviews, product offerings, recent developments, and market strategies.
The report segments the global AI in IoT market by component, technology, vertical, and region. The component segment comprises platforms, software solutions, and services. It is subsegmented into device management, application management, and connectivity management. The software solutions segment has been subsegmented into real-time streaming analytics, security, data management, remote monitoring and remote configuration, network bandwidth management, and edge solutions. The services segment is subsegmented into professional and managed services. The AI in IoT market by technology is segmented into ML and deep learning, and NLP. The AI in IoT market by vertical comprises manufacturing, energy and utilities, transportation and mobility, Banking, Financial Services, and Insurance (BFSI), retail, healthcare and life sciences, government and defense, and others (agriculture, education, telecom, and tourism and hospitality). The report covers 5 major regions, namely, North America, Europe, APAC, Latin America, and Middle East and Africa (MEA).
The report would help the market leaders and new entrants in the global AI in IoT market in the following ways:
- The report segments the market into various subsegments; hence, it covers the market comprehensively. It provides the closest approximations of the revenue numbers for the overall market and its subsegments. The market numbers are further split across applications and regions.
- It helps in understanding the overall growth of the market. It also provides information about key market drivers, restraints, challenges, and opportunities.
- It helps stakeholders in understanding their competitors better and gaining more insights to strengthen their positions in the market.
- The study also presents the positioning of the key players based on their product offerings and business strategies.