Press Release
According to the ReportCrux Market Research, 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.
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. In addition, the need to process large amounts of real-time data produced by the IoT appliances is expected to create new opportunities for Artificial Intelligence in the IoT industry.
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 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.
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. Such vendors have implemented numerous organic and inorganic growth strategies like alliances and agreements, new product releases, and mergers and acquisitions, to further extend their presence in the global marketplace. IBM is a leading supplier of AI solutions on the IoT market. The company offers an IBM Watson IoT platform that helps businesses use real-time data to deliver effective customer experience. It focuses on scaling up its services, delivering profitability through automation, incorporating AI into its offerings, and investing in cloud infrastructure. In fact, the organization has a large network partner consisting of managed service providers, embedded device partners, resellers, partnership partners, and distributors that help deliver reliable and cost-effective solutions to its global customers. Its wide-ranging experience across sectors, large global presence and a creative approach to integrating technologies and services is helping clients achieve large business outcomes.
Read our Global analysis and Research Methodology: https://www.reportcrux.com/summary/2875/Artificial-Intelligence-in-IoT-Market
