The AI in IoT Market is expected to grow from USD 6.2 billion in 2020 to USD 33.9 billion by 2026 at a CAGR of 24.1% from 2020 to 2026.
AI in IoT is the integration of AI technologies with IoT infrastructure to obtain efficient IoT operations. Significant IoT software platforms and solution vendors are integrating AI capabilities, such as ML-based analytics, with their solutions to obtain critical business insights from a large pile of data generated by IoT devices. The IoT solutions integrated with AI capabilities assist enterprises across various industry verticals in becoming proactive rather than reactive, therefore replacing conventional business intelligence tools for analyzing IoT data with advanced tools. The growth of the AI in IoT market can be ascribed to the increasing need to process huge volumes of data produced from IoT devices, rising adoption of cloud-based services across enterprises, and rising user base of AI-enabled IoT devices in several industry verticals such as manufacturing, retail, healthcare and BFSI. As of 2021, around 90% of enterprises already use a cloud service, and almost 30% of all IT budgets are distributed for cloud computing. Coupled with this, as the various numbers of small and medium sized organizations around the world are rising, there is a huge requirement for minimizing maintenance cost and downtime among these enterprises, which is anticipated to provide abundant growth opportunities to the AI in IoT market in the coming years. In addition, the surge in competition in industrial IoT is giving rise to new innovations to AI-based IoT products, which in turn is projected to propel AI in IoT market growth in the near future. However, the dearth of skilled workforce is a key restraint which is limiting the AI in IoT market growth.
Furthermore, during the spread of Coronavirus, the potential for organizations to access scalable, reliable and highly secure computing power whether for crucial healthcare work, to help students continue learning, or to keep exceptional numbers of employees online and productive from home are few of the critical factors contributing to the growth of the market in this situation. Hospital networks, pharmaceutical companies, and research labs are using AI-based IoT devices to deliver care for patients, explore treatments and reduce the impacts of COVID-19 in various other ways. All of the above factors have propelled the growth rate of the AI in IoT market in the short run and are projected to augment it further in the long term.
The global AI in IoT Market is segregated on the basis of Components as Platforms, Software Solutions and Services. Based on Technologies the global AI in IoT Market is segmented in ML and Deep Learning and NLP. Based on Verticals the global AI in IoT Market is segmented in Manufacturing, Energy and Utilities, Transportation and Mobility, BFSI, Government and Defense, Retail, Healthcare and Life Sciences, Telecom and Others.
The global AI in IoT Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI in IoT Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
Amazon Web Services, IBM Corporation, Autoplant Systems India Pvt. Ltd., SAP SE,. Google LLC and others are among the major players in the global AI in IoT Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global AI in IoT Market has been segmented as below:
AI in IoT Market, By Components
AI in IoT Market, By Technologies
AI in IoT Market, By Verticals
AI in IoT Market, By Region
AI in IoT Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global AI in IoT Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI in IoT Market share. Major industry players with significant revenue share include Amazon Web Services, IBM Corporation, Autoplant Systems India Pvt. Ltd., SAP SE. Google LLC and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. AI in IoT Market, By Components
5.1. Key Points
5.2. Platforms
5.3. Software Solutions
5.4. Services
6. AI in IoT Market, By Technologies
6.1. Key Points
6.2. ML and Deep Learning
6.3. NLP
7. AI in IoT Market, By Verticals
7.1. Key Points
7.2. Manufacturing
7.3. Energy and Utilities
7.4. Transportation and Mobility
7.5. BFSI
7.6. Government and Defense
7.7. Retail
7.8. Healthcare and Life Sciences
7.9. Telecom
7.10. Others
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- AI in IoT Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. Amazon Web Services
9.2. IBM Corporation
9.3. Autoplant Systems India Pvt. Ltd.
9.4. SAP SE
9.5. Google LLC
9.6. Microsoft Corporation
9.7. Oracle Corporation
9.8. Salesforce.com, Inc.
9.9. PTC Inc.
9.10. SAS Institute Inc
9.11. General Electric
9.12. Hitachi ID Systems
AI in IoT Market, By Components
AI in IoT Market, By Technologies
AI in IoT Market, By Verticals
AI in IoT Market, By Company