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Artificial Intelligence in Internet of Things Market Exploring Consumer Motivations Unveiling Insights through Ethnography CAGR 24.8% | Salesforce, Inc., Google LLC, SAP SE, SAS Institute Inc

Artificial Intelligence in Internet of Things Market Exploring Consumer Motivations Unveiling Insights through Ethnography CAGR 24.8% | Salesforce, Inc., Google LLC, SAP SE, SAS Institute Inc

Report Ocean is a comprehensive analysis of the “Artificial Intelligence in Internet of Things Market”  that includes both qualitative and quantitative data. The report covers various regions and provides insights into major industry changes, challenges faced by businesses and competitors, and potential new opportunities in the market. It also includes a SWOT analysis, Porter’s Five Forces model, and a value chain review to help readers understand the industry’s position in the market and the stakeholder positions.

Global Artificial Intelligence (AI) in Internet of Things (IoT) Market Surges with a 24.8% Growth Rate, Reaching USD 10.3 Billion in 2022

Refreshed Content:

The Global Artificial Intelligence (AI) in Internet of Things (IoT) Market, valued at approximately USD 10.3 billion in 2022, is poised for robust growth at a healthy rate of more than 24.8% over the forecast period from 2023 to 2030. The integration of machine learning and deep learning techniques in AI for IoT involves analyzing vast amounts of data generated by IoT devices. This application of AI algorithms to IoT data enables the extraction of valuable insights, identification of trends, and facilitates predictive decision-making. Furthermore, the synergy between artificial intelligence and IoT introduces automation, optimizing processes, streamlining corporate operations, and enabling autonomous decision-making within the IoT ecosystem. This amalgamation presents numerous advantages for both consumers and enterprises, enhancing productivity, efficiency, and reducing operational costs.

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The market growth is propelled by factors such as the escalating demand for real-time insights, the challenge of manually processing and analyzing data, the surge in big data volume, and the increasing adoption of automation and efficiency. Additionally, investments in Industry 4.0 technologies contribute to the upward trajectory of the global AI in IoT market. The proliferation of IoT devices further catalyzes market growth, as these devices generate substantial data that, when analyzed by AI algorithms, reveal trends and patterns that may elude human perception.

According to a Statista report, the number of IoT connected devices reached around 8.6 billion in 2019 and is estimated to soar to around 19.1 billion devices by 2025. This significant growth in IoT adoption fortifies the expansion of the AI in IoT market. Despite these positive trends, challenges persist, including a shortage of skilled professionals for AI infrastructure and mounting concerns about data security and privacy.

Market Dynamics:

The key regions considered in the study encompass Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. North America takes the lead in 2022, driven by widespread AI and IoT implementation across various industries, including manufacturing, retail, healthcare, and automotive and transportation. Collaborations between multinational corporations and industry providers, such as the partnership between P&G and Microsoft, contribute to the market’s expansion.

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Conversely, Asia Pacific emerges as the fastest-growing region, propelled by digitalization, a surge in IoT device demand, and a higher adoption of advanced technology.

Major Market Players:

Notable players in the market include Salesforce, Inc., Google LLC, SAP SE, SAS Institute Inc., Amazon Web Services Inc., PTC Inc., IBM Corporation, Oracle Corporation, Softweb Solutions Inc., and Hitachi Ltd.

Recent Developments:

In October 2022, Accenture and Google Cloud expanded their global partnership, focusing on talent development, enhancing capabilities, utilizing data and AI for cutting-edge solutions, and providing improved support to clients for effective digital core creation and business reinvention on the cloud.

Objective of the Study:

The study aims to define market sizes of different segments & countries in recent years and forecast values for the coming years. The report incorporates both qualitative and quantitative aspects of the industry, including driving factors, challenges, potential opportunities, competitive landscape analysis, and product offerings of key players.

Detailed Segmentation:

By Component:

  • Platform
  • Software
  • Service

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By Technology:

  • Machine Learning and Deep Learning
  • Natural Language Processing (NLP)

By Industry Vertical:

  • BFSI
  • IT and Telecom
  • Retail and E-commerce
  • Manufacturing
  • Healthcare
  • Energy and Utilities
  • Transportation and Mobility
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Italy
    • ROE
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • RoAPAC
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of Middle East & Africa

Report Scope:

  • Historical Data: 2020 – 2021
  • Base Year for Estimation: 2022
  • Forecast Period: 2023-2030
  • Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
  • Segments Covered: Component, Technology, Industry Vertical, Region
  • Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
  • Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

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Strategic Decision-Making:

Our market research reports provide invaluable insights for strategic decision-making. By analyzing industry trends, market dynamics, and emerging opportunities, businesses can make informed choices that align with their long-term goals and objectives.

Market Understanding:

A comprehensive understanding of the market is crucial for success. Our reports delve deeply into market size, segmentation, and growth drivers, ensuring businesses have a nuanced comprehension of the landscape they operate in, aiding in effective planning and execution.

Competitive Intelligence:

Staying ahead of the competition is paramount. Our reports offer detailed competitive intelligence, highlighting key players, their market share, strategies, and strengths. This enables businesses to identify opportunities for differentiation and develop robust strategies for sustainable growth.

Customer Insights:

Understanding customer behavior is fundamental to success. Our research provides in-depth customer insights, including preferences, buying patterns, and needs. This information is instrumental in tailoring products and services to meet customer expectations and enhance overall satisfaction.

Risk Mitigation:

Every business venture involves risks, and our reports are designed to identify and assess potential risks within the industry. This proactive approach empowers businesses to develop risk mitigation strategies, ensuring resilience in the face of challenges and uncertainties.

Investment and Funding Decisions:

For investors and stakeholders, our reports offer a reliable foundation for investment decisions. Through thorough analysis of market trends and growth projections, we provide essential information to support sound investment and funding choices, maximizing returns on investment.

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Our market research reports undergo rigorous analysis and validation processes, ensuring the credibility of the information presented. Businesses can rely on our reports as trustworthy sources, fostering confidence in decision-making processes and strategic planning.

Long-term Business Planning:

Successful businesses thrive on effective long-term planning. Our reports provide a forward-looking perspective, forecasting industry trends and potential challenges. This foresight is indispensable for crafting robust business plans that stand the test of time and dynamic market conditions.

Key Questions Answered by the Report:

  • What are the driving factors for market growth?
  • What challenges and limitations does the market face?
  • What emerging opportunities exist in the market?
  • What potential threats and risks could impact the market?
  • What is the current market size and growth rate?
  • What are the market segments and their sizes?
  • Which regions are projected to experience the highest growth and market share?
  • What variables affect different geographical areas?
  • Who are the major players in the market and their rankings?
  • What recent partnerships, launches, expansions, or acquisitions have occurred among the companies profiled?
  • What are the comprehensive profiles of the top market players, including business overview, insights, product benchmarking, and SWOT analysis?
  • What is the present market outlook, considering recent changes and growth possibilities?
  • What are the drivers, obstacles, and restrictions in both developing and emerging regions?
  • How does the market analysis utilize Porter’s five forces analysis?
  • How does the Value Chain provide insights into market dynamics?

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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