Artificial Intelligence (AI) In IoT Market Size 2024-2028
The artificial intelligence (ai) in iot market size is forecast to increase by USD 27.08 billion at a CAGR of 30.59% between 2023 and 2028.
What will be the Size of the Artificial Intelligence (AI) In IoT Market During the Forecast Period?
How is this Artificial Intelligence (AI) In IoT Industry segmented and which is the largest segment?
The artificial intelligence (ai) in iot industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
- End-user
- BFSI
- IT and telecom
- Manufacturing
- Others
- Component
- Software
- Services
- Geography
- North America
- US
- Europe
- Germany
- UK
- APAC
- China
- Japan
- South America
- Middle East and Africa
- North America
By End-user Insights
- The bfsi segment is estimated to witness significant growth during the forecast period.
Artificial Intelligence (AI) integration In the Internet of Things (IoT) market is significantly transforming various sectors, particularly In the Banking, Financial Services, and Insurance (BFSI) industry. AI algorithms and interconnected IoT devices enable real-time data analysis, enhancing fraud detection, risk management, and personalized customer experiences. In the BFSI sector, AI in IoT is revolutionizing operations and customer interactions, especially in developing countries, where smart ATMs and mobile banking apps offer personalized financial services to rural populations. AI-powered IoT systems facilitate real-time data processing and analysis, improving operational efficiencies and security. Machine learning paradigms, including supervised learning, unsupervised learning, and reinforcement learning, are integral to AI in IoT applications.
In the industrial sector, AI in IoT is driving automation, autonomy, and edge computing in industrial environments. In the transportation sector, AI in IoT is optimizing logistics and fleet management. In the agricultural sector, AI in IoT is enhancing crop yield and livestock management. AI in IoT is also transforming the health sector, enabling real-time patient monitoring and diagnosis. In conclusion, AI in IoT is an evolutionary step In the technology sector, integrating physical elements, wireless networks, and cloud-based platforms to deliver intelligent solutions for various industries and sectors, improving people's lives and corporate strategies.
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The BFSI segment was valued at USD 1.29 billion in 2018 and showed a gradual increase during the forecast period.
Regional Analysis
- APAC is estimated to contribute 43% to the growth of the global market during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American region dominates the global Artificial Intelligence (AI) in Internet of Things (IoT) market in 2023, driven by advanced economies and significant data generation and consumption. The US leads the North American market, with increasing investment and financing in AI, favoring institutions and startups in healthcare, education, and autonomous driving. AI in IoT market growth is influenced by the interconnected network of physical devices, sensors, and data exchange, facilitated by cloud-based platforms and machine learning paradigms, including supervised learning, unsupervised learning, and reinforcement learning. AI in IoT applications span various sectors, such as smart homes, agriculture, healthcare, buildings, smart cities, and transport and logistics.
Components like Total Phase's USB, eSPI, host adapters, and protocol analyzers enable seamless data communication. Edge computing and industrial environments further boost AI in IoT adoption.
Market Dynamics
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
What are the key market drivers leading to the rise In the adoption of Artificial Intelligence (AI) In IoT Industry?
Analyzing IoT data faster is the key driver of the market.
What are the market trends shaping the Artificial Intelligence (AI) In IoT Industry?
Growth in industrial automation is the upcoming market trend.
What challenges does the Artificial Intelligence (AI) In IoT Industry face during its growth?
Rise in privacy and security issues is a key challenge affecting the industry growth.
Exclusive Customer Landscape
The artificial intelligence (ai) in iot market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the artificial intelligence (ai) in iot market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Key Companies & Market Insights
Companies are implementing various strategies, such as strategic alliances, artificial intelligence (ai) in iot market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
AIKairos Pvt. Ltd. - Artificial Intelligence (AI) plays a pivotal role In the Internet of Things (IoT) market through advanced solutions such as AI-powered web applications and multiplatform multi-sensor data fusion. These AI-driven offerings enhance IoT systems by enabling intelligent data analysis, predictive maintenance, and automated decision-making. By integrating AI technologies, IoT solutions optimize operational efficiency, improve performance, and deliver valuable insights to businesses across industries.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
- AIKairos Pvt. Ltd.
- Alphabet Inc.
- Amazon.com Inc.
- Arundo Analytics Inc.
- Autoplant System India Pvt. Ltd.
- Avnet Inc.
- C3.ai Inc
- General Electric Co.
- Hitachi Ltd.
- Imagimob AB
- International Business Machines Corp.
- Microsoft Corp.
- Oracle Corp.
- PTC Inc.
- Renesas Electronics Corp.
- Salesforce Inc.
- SAP SE
- SAS Institute Inc.
- Thingstel Tech Solutions India Pvt. Ltd.
- Uptake Technologies Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Research Analyst Overview
Artificial Intelligence (AI) is revolutionizing various sectors by enabling interconnected systems of physical devices and sensors to exchange and process real-time data. This interconnected network of devices, often referred to as the Internet of Things (IoT), is transforming industries and enhancing people's lives in numerous ways. At the core of this transformation are advanced AI models, algorithms, and patterns. These systems employ various machine learning paradigms, including supervised learning, unsupervised learning, and reinforcement learning, to derive insights from raw data. Machine learning algorithms analyze historical usage patterns to detect anomalies and adapt to new contexts. Computer systems and algorithms have evolved significantly, with AI systems now capable of narrow and general intelligence.
Narrow AI is designed to perform specific tasks, such as voice recognition or image analysis, while general AI can learn and adapt to various tasks. In the realm of IoT, AI's role is essential for data processing and storage in cloud-based platforms. Edge computing, which processes data closer to the source, is an evolutionary step in this field. AI's ability to self-correct and contextually adapt makes it an intelligent solution for various industries. The technology sector is witnessing rapid industrialization, with AI playing a pivotal role in automation and autonomy. In the industrial environments, AI is being employed for anomaly detection and predictive maintenance, ensuring optimal functionality and reducing downtime.
The agricultural sector is benefiting from AI's ability to analyze real-time data from sensors and weather patterns to optimize crop yields and reduce water usage. In the health sector, AI is revolutionizing diagnostics and treatment plans, while In the transport sector, it's being used for route optimization and predictive maintenance. Smart homes and buildings are becoming more commonplace, with AI-enabled systems controlling various processes and activities. In the leisure and tourism industry, AI-powered voice assistants like Siri are enhancing the user experience. AI is also making inroads into corporate strategies, with self-correction and context adaptation being key features.
In the banking and insurance sectors, AI is being used for fraud detection and risk assessment, while In the transport and logistics sector, it's being used for route optimization and predictive maintenance. In conclusion, AI's integration into the IoT is transforming various industries and enhancing people's lives. Its ability to process and analyze real-time data, learn from historical usage patterns, and adapt to new contexts makes it an essential component of the future technology landscape.
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Market Scope |
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Report Coverage |
Details |
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Page number |
171 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 30.59% |
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Market growth 2024-2028 |
USD 27081.2 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
23.51 |
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Key countries |
US, China, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What are the Key Data Covered in this Artificial Intelligence (AI) In IoT Market Research and Growth Report?
- CAGR of the Artificial Intelligence (AI) In IoT industry during the forecast period
- Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
- Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
- Accurate predictions about upcoming growth and trends and changes in consumer behaviour
- Growth of the market across North America, Europe, APAC, South America, and Middle East and Africa
- Thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the artificial intelligence (ai) in iot market growth of industry companies
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