Global AI in IoT Market Highlights 2022 – 2030
The global AI in IoT market is estimated to grow at a CAGR of ~26% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising need to process large volumes of data generated from IoT devices, increasing adoption of cloud-based services across enterprises, and growing user base of AI-enabled IoT devices in various industry verticals such as retail, manufacturing, healthcare and BFSI. As of 2021, more than 90% of enterprises already use a cloud service, and almost 30% of all IT budgets are allocated for cloud computing. Along with these, as the number of small and medium sized organizations across the globe are increasing, there is a high requirement for reducing maintenance cost and downtime among these enterprises, which is projected to offer abundant growth opportunities to the market in the forthcoming years. Furthermore, surge in competition in industrial IoT is giving rise to new innovations to AI-enabled IoT products, which in turn is expected to drive market growth in the near future.
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The market is segmented by end-user into transportation, energy & utilities, BFSI, manufacturing, IT & telecom, retail, healthcare, and others, out of which, the manufacturing segment is anticipated to witness notable growth in the global AI in IoT market on account of the growing emphasis of manufacturers to achieve fully automated data management systems. In addition, AI-enabled IoT applications are highly effective in managing production quality control and optimizing equipment performance, which is also predicted to boost the growth of the market segment in the future. Moreover, on the basis of component, the segment for software is expected to grow at the highest CAGR over the forecast period, which can be primarily credited to the large number of vendors in the market who provide AI in IoT software solutions to customers.
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global AI in IoT Market Regional Synopsis
On the basis of geographical analysis, the global AI in IoT market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America is estimated to acquire the largest share over the forecast period on the back of the early adoption of innovative technologies, growing implementation of cloud among various end user industries, and increasing investments by public and private sectors to enhance AI and IoT technologies in the region. Apart from these, the strong presence of prominent market players is also expected to be a major growth driver for the region’s market in the coming years. Additionally, the market in Asia Pacific is projected to witness noteworthy growth during the forecast period owing to the surging developments in the IT & telecom sector in emerging economies such as India and China, and rise in geographical presence of major AI and IoT companies in the region. For instance, it is estimated that by the end of 2037, more than 165 million jobs will be created by AI and other related technologies in China, out of which almost 95 million jobs will be created in the service sector.
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The global AI in IoT market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global AI in IoT market includes the following segments:
By Technology
- Machine Learning
- Natural Language Processing
- Image Processing
- Speech Recognition
By Component
- Platform
- Software
- Services
By End-User
- Transportation
- Energy & Utilities
- BFSI
- Manufacturing
- IT & Telecom
- Retail
- Healthcare
- Others
Growth Drivers
- Growing Requirement to Process Large Volumes of Data Generated from IoT Devices
- Rising Adoption of Cloud Among Organizations
Challenges
- Lack of Skilled Professionals
- Concerns Related to Data Security
Top Featured Companies Dominating the Market
- Google LLC
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- IBM Corporation
- SAP Group
- Microsoft Corporation
- General Electric Company
- Autoplant Systems India Pvt. Ltd.
- Amazon Web Services, Inc.
- Hitachi, Ltd.
- Oracle Corporation
- Uptake Technologies Inc.
