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IN THE NEWSApril 2021: Google Cloud and Siemens announced a collaboration to improve floor productivity and optimize factory processes in manufacturing. The intention of this cooperation is to integrate data cloud and AI/ML technologies aimed at helping manufacturers to innovate for the future.
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.
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.
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:
Our in-depth analysis of the global AI in IoT market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing requirement to process large volumes of data generated from IoT devices and rising adoption of cloud among organizations.
The market is anticipated to attain a CAGR of ~26% over the forecast period, i.e., 2022 – 2030.
Lack of skilled professionals and concerns related to data security is one of the major factors estimated to hamper the market growth.
Asia Pacific will provide more business opportunities to the market owing to the rising developments in the IT & telecom sector in emerging economies such as India and China.
The major players in the market are Google LLC, IBM Corporation, SAP Group, Microsoft Corporation, General Electric Company, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, component, end-user, and by region.
The software segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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