The global AI in IoT market size reached USD 82.24 billion in 2023 and is predicted to surpass around USD 153.08 billion by 2033, at a CAGR of 6.41% from 2024 to 2033.
Key Points
- The North America AI in IoT market size reached USD 27.14 billion in 2023 and is expected to attain around USD 51.28 billion by 2033, poised to grow at a CAGR of 6.56% between 2024 and 2033.
- North America dominated the global AI in IoT market in 2023.
- Asia Pacific is anticipated to witness the fastest growth over the studied period.
- By component, the software segment dominated the global market in 2023.
- By component, the platform segment is expected to grow at a significant rate in the market during the projected period.
- By end-user, in 2023, the manufacturing segment led the market in 2023.
- By end-user, the banking, financial services, & insurance segment is expected to grow at a significant rate during the forecast period.
The AI in IoT (Artificial Intelligence in Internet of Things) market combines the power of AI technologies with IoT devices to enhance data analysis, automation, and decision-making capabilities across various industries. It leverages machine learning algorithms and predictive analytics to extract valuable insights from interconnected devices, enabling smarter, more efficient operations.
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Growth Factors:
Key growth factors driving the AI in IoT market include the increasing adoption of IoT devices across industries, advancements in AI algorithms and edge computing capabilities, and the rising demand for real-time data processing and analytics. The integration of AI enhances device autonomy, operational efficiency, and scalability, fostering market growth.
Region Insights:
North America and Europe lead in AI in IoT adoption due to mature IoT infrastructures, supportive regulatory frameworks, and substantial investments in AI research and development. Meanwhile, Asia-Pacific is witnessing rapid growth fueled by expanding IoT deployments in smart cities, manufacturing, and agriculture sectors.
AI in IoT Market Scope
| Report Coverage | Details |
| Market Size by 2033 | USD 153.08 Billion |
| Market Size in 2023 | USD 82.24 Billion |
| Market Size in 2024 | USD 87.51 Billion |
| Market Growth Rate from 2024 to 2033 | CAGR of 6.41% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Component, End-user, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
AI in IoT Market Dynamics
Drivers:
The primary drivers of the AI in IoT market include the need for enhanced operational efficiency, proactive maintenance, and cost savings through predictive analytics. Furthermore, the proliferation of connected devices, coupled with advancements in AI-driven applications like autonomous vehicles and smart healthcare systems, fuels market expansion.
Opportunities:
Opportunities in the AI in IoT market include leveraging AI for personalized consumer experiences, optimizing supply chain management with predictive analytics, and enhancing cybersecurity through AI-driven threat detection and response mechanisms. Additionally, emerging applications in industrial automation and smart energy management present new growth avenues.
Challenges:
Challenges facing the AI in IoT market include interoperability issues among diverse IoT devices and platforms, concerns over data privacy and security, and the complexity of integrating AI algorithms into existing IoT infrastructures. Moreover, the need for skilled AI and IoT professionals and regulatory uncertainties pose additional hurdles to market growth.
Read Also: AI in Asset Management Market Size to Hit USD 33.25 Bn by 2033
AI in IoT Market Companies
- Google LLC
- SAP SE
- PTC Inc.
- Salesforce, Inc.
- Hitachi Ltd.
- Softweb Solutions Inc.
- Amazon Web Services Inc.
- IBM Corporation
- SAS Institute Inc.
- Oracle Corporation
- Other Key Players
Recent Developments
- In March 2024, Accenture launched the Accenture LearnVantage service to assist clients with a comprehensive technology learning and training service and achieve greater business value with the help of AI-based IoT systems.
- In January 2024, Vodafone and Microsoft signed a ten-year strategic partnership to develop AI-based IoT and other digital services as Vodafone has tried to scale its new standalone IoT business with Microsoft.
- In March 2023, Accenture announced its acquisition of Flutura, a provider of data science and IoT services. This strategic move aims to bolster Accenture’s industrial AI services under its Applied Intelligence brand.
- In April 2022, Synaptic launched its edge AI evaluation kit (EVK), which utilizes the capabilities of its Katana system-on-a-chip (SoC) by building a human recognition, sound, and motion detection system for improving biometrics and other AI applications at the edge of the networks. Within this technology, the company is addressing different problems, such as power consumption and size constraints for edge semiconductors.
- In April 2022, Gupshup acquired Active.Ai, a startup that provides conversational AI to fintech firms and banks in all-cash transactions. The acquisition may enable Gupshup to offer better customer experience solutions for the BFSI market.
Segments Covered in the Report
By Component
- Platform
- Services
- Software
By End-user
- Banking, Financial Services, & Insurance
- IT And Telecommunication
- Energy & Utilities
- Healthcare Sector
- Manufacturing Industry
By Geography
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
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