Information and Communication Technology Artificial intelligence in IoT Market is projected to grow up to 26.9% CAGR during the for...

Artificial intelligence in IoT Market is projected to grow up to 26.9% CAGR during the forecasting period 2021-2027.

In smart devices, Artificial Intelligence (AI) is used to collect the complex and uncertain data that they generate. The advancement of the Internet of Things has resulted in everything now being connected to the internet, which is a wonderful thing. The proliferation of smart device applications has resulted in the collection of large amounts of data on a regular basis. The use of artificial intelligence is extremely beneficial in the collection of large amounts of data. It provides the tools and structure necessary to advance automation and real-time decision-making in cases involving the Internet of Things. Natural Language Processing, Machine Learning, and Deep Learning are the three segments that make up the market. Machine learning is a technique for automating the process of learning without the need for specific instructions. Machine learning has the potential to serve as a powerful analytical tool for large amounts of data.

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Key Driving Factors: Industry is expected to Witness Significant Growth.

AI-enabled Machine-to-machine interaction, equipment monitoring and optimization, and production quality control are all made possible through the use of Internet of Things applications in the manufacturing industry. Manufacturing and supply chain operations that are more efficient and faster allow for significant reductions in product cycle time. Ultimately, the goal is to significantly accelerate future Industrial IoT developments, reduce time to value, and increase production efficiency while addressing common industrial challenges. To keep pace with changing manufacturing requirements, the underlying platform will continue to evolve to incorporate new technologies, such as analytics, artificial intelligence, and digital feedback loops.

This report offers the major market player’s profiles, such as Google (US), Microsoft (US), IBM (US), AWS (US), Oracle (US), SAP (Germany), PTC (US), GE (US), Salesforce (US), Hitachi (Japan), Uptake (US), SAS (US), Autoplant Systems Pvt Ltd. (India), Kairos (US), Softweb Solutions (US), Arundo (US), C3 IoT (US), Anagog (Israel), Imagimob (Sweden), and Thingstel (India). 

Opportunities: AI in IOT assists in expanding the market for top players. 

The use of artificial intelligence in the Internet of Things market is associated with an increase in the number of early adopters of the technology. Additionally, the presence of the majority of major players in the region, as well as a higher rate of cloud adoption among end-users, are all contributing to the market's expansion and driving investment in the studied region. Strategic partnerships and collaborations among various significant players in the market are even being considered as a profitable path to market expansion by the market players in the area. Furthermore, the availability of 5G-enabled Internet of Things connections is expected to further increase market demand in the United States. 

According to the Internet of Things Association, the United States leads the world in smart home adoption, with the highest intelligent home device ratio per household and the highest significant consumer propensity to own devices that are used in two or three different applications (security, energy, and appliances). Aside from that, the country is anticipating billions of devices connected to the internet, as well as devices and sensors associated with the internet of things. Google and Facebook, for example, will be able to use more bandwidth and faster internet speeds as a result of the introduction of 5G networks to develop more advanced services in the near future.

By end user: 

The Artificial Intelligence in IoT Market is extremely competitive, owing to the presence of a large number of players in the market, all of whom are active in both the domestic and international markets. Market fragmentation appears to be prevalent. Because of the increasing number of artificial intelligence applications in the Internet of Things market, major players in the market are pursuing strategies such as product innovation, partnership, mergers, and acquisitions. It has been difficult to expand the market due to high costs and a lack of consumer knowledge.

The Global Artificial intelligence in IoT market report has been categorized as below

By Components

  • Platforms

  • Software Solutions

  • Services

    • Professional Services

      • Deployment and Integration

      • Support and Maintenance

      • Training and Consulting

    • Managed Services

By Technologies

  • ML and Deep Learning

  • NLP

By Verticals

  • Manufacturing

  • Energy and Utilities

  • Transportation and Mobility

  • BFSI

  • Government and Defense

  • Retail

  • Healthcare and Life Sciences

  • Telecom

  • Others (agriculture, education, telecom, and tourism and hospitality)

By Region

  • North America

  • Europe

  • Asia Pacific

  • Rest of the World

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Published Date : July-2021