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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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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