According to a new market research report “AI in IoT Market by Component (Platforms, Software Solutions, and Services), Technology (ML and Deep Learning, and NLP), Vertical (Transportation and Mobility, Energy and Utilities, Manufacturing, and Retail), and Region – Global Forecast to 2024″ published by MarketsandMarkets™, the AI in IoT Market size expected to grow from USD 5.1 billion in 2019 to USD 16.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period.
The major factors fueling the market growth include the growing need for the effective management of data generated from IoT devices, streamlining production processes, and reducing downtime. The demand for enhanced customer experience through real-time monitoring is expected to provide opportunities for AI in IoT vendors.
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The Machine Learning (ML) and deep learning technology segment to hold a larger market size during the forecast period
The AI in IoT market is segmented into 2 technologies, namely, ML and deep learning and Natural Language Processing (NLP). The ML and deep learning technology is estimated to hold a larger market size in 2018, owing to the increasing demand for automation of communications and personalized experiences globally. ML can become a robust analytical tool for vast volumes of data. The combination of ML and edge computing can filter most of the noise collected by IoT devices and leave the relevant data to be analyzed by edge and cloud analytic engines.
The transportation and mobility vertical to grow at the highest CAGR during the forecast period
The increasing demand for connected vehicles, asset tracking, and performance management applications by the transportation and mobility vertical are increasing the adoption of AI in IoT. With the increasing number of vehicles, there is a need to maintain smooth traffic flow, which will create a need for smarter technologies in the transportation and mobility vertical. AI, deep learning-oriented neural networking, and autonomous cloud-based crowd analysis are some of the pivotal innovating factors in this vertical.
North America to hold the largest market size during the forecast period
North America is the major revenue-generating region in the global AI in IoT market. The region is witnessing major technological advancements in the AI in IoT space. It houses prominent AI in IoT vendors. The high growth of the region can also be attributed to the growing focus on research and increasing investments. The companies in the region are leveraging AI, IoT, ML, and deep learning technologies in their business processes to gain a competitive edge in the market. They are also adopting various growth strategies to strengthen their position in the AI in IoT market.
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The major vendors in the global AI in IoT market include Google (US), Microsoft (US), IBM (US), AWS (US), Oracle (US), SAP (Germany), PTC (US), GE (US), Salesforce (US), HPE (US), 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).
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