ML & deep learning technology to flourish at a 5.7% CAGR in the global AI in IoT market

The global market for AI in IoT is estimated at US$ 6.2 Billion (€5.69 billion) in 2022 and is projected to reach US$ 142.4 Billion (€130.59 billion) by 2032. The market is expected to reach a CAGR of 6.2% during the forecast period from 2022 to 2032. This market is projected to grow steadily over the next few years as billions of devices, services, and systems connect to each other, which is expected to be primarily driven by the adoption of low-cost sensors that are able to convert physical data into digital content. Moreover, the growing demand for smart cities and IoT solutions in developing regions has increased the value of AI in the IoT market.

IoT devices are constantly streaming voluminous data, and the need to analyse that data and reduce maintenance costs and downtime has led to the adoption of artificial intelligence in IoT market. In the retail industry, artificial intelligence will play a key role in enabling IoT-based services, with a primary focus on improving customer experience programs and developing products that are more customer-centric which will further propel market demand for AI in IoT in the market.

Key Takeaways:

  • The market for AI in IoT is currently valued at US$ 78 Billion (€71.53 billion). It is expected to grow at a 6.2% CAGR from 2022 to 2032.
  • ML & deep learning technologies are projected to grow at a CAGR of 5.7% during the forecast period for Artificial Intelligence in IoT.
  • U.S. market is predicted to reach US$ 49 billion (€44.94 billion) while growing at a CAGR of 5.8% during the forecast period.
  • China is expected to reach a CAGR of 5.6% with a market value of US$ 10.2 Billion (€9.35 billion) in 2032 during the forecast period.
  • The Japanese market is expected to reach a market value of US$ 8.6 Billion (€7.89 billion) by 2032.

Competitive landscape

Key Players that have been profiled in the report are Google, Microsoft, IBM, AWS, Oracle, SAP, PTC, GE, Salesforce, Hitachi, Uptake, SAS, Autoplant Systems Pvt Ltd, Kairos, Softweb Solutions, Arundo, C3 IoT, Anagog, Imagimob, Thingstel. In an effort to emerge as a recognised and profitable business, firms continue to adopt a strategy that includes new product launches, R&D, patents, approvals, events, product innovations, joint ventures, partnership agreements, digital marketing, collaborations, mergers and acquisitions.

  • Mindtree acquired NxT Digital Business in May 2021 to offer analytical services to match the Industry 4.0 needs. Approximately 198 crores were valued at this acquisition, and completion is expected by July 31st, 2021. Using its low-power and compact SoC, the company aims to solve this issue while providing sufficient computing power for effective AI and biometrics.
  • JFrog, a company that helps developers manage software delivery updates continuously in June 2021, reached a major agreement to help the company expand its expertise and presence in an area that has become increasingly connected to DevOps, security. With the acquisition of Vdoo, the firm got a platform that utilises artificial intelligence to detect and fix vulnerabilities in the software that is part of IoT systems and connected devices. The deal is estimated to be worth approximately $300 million (€275.12 million) in cash and stock.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

RECENT ARTICLES

Neosensory launches new hearing loss solution, outperforming hearing aids

Posted on: August 10, 2022

San Mateo, United States. 09 August, 2022 – Neosensory, a technology company designing solutions for hearing health, is thrilled to announce the launch of its latest solution: a wristband for people with hearing loss to experience speech without hearing aids or invasive surgery. Clarify is a ground-breaking wristband and the first alternative to hearing aids and sound amplifiers

Read more

Smart metering: Load balancing leads to annual savings of almost £5,000 for a large UK bakery

Posted on: August 10, 2022

Energy management is becoming an increasingly important component of business strategy for today’s FMCG companies, aimed largely at reducing energy costs, improving sustainability, and achieving ESG goals. According to the 2020 Deloitte Resources Study, half of industrial companies report incorporating energy management at the corporate strategy level, says Matthew Margetts, director of sales and marketing

Read more
FEATURED IoT STORIES

9 IoT applications that will change everything

Posted on: September 1, 2021

Whether you are a future-minded CEO, tech-driven CEO or IT leader, you’ve come across the term IoT before. It’s often used alongside superlatives regarding how it will revolutionize the way you work, play, and live. But is it just another buzzword, or is it the as-promised technological holy grail? The truth is that Internet of

Read more

Which IoT Platform 2021? IoT Now Enterprise Buyers’ Guide

Posted on: August 30, 2021

There are several different parts in a complete IoT solution, all of which must work together to get the result needed, write IoT Now Enterprise Buyers’ Guide – Which IoT Platform 2021? authors Robin Duke-Woolley, the CEO and Bill Ingle, a senior analyst, at Beecham Research. Figure 1 shows these parts and, although not all

Read more

CAT-M1 vs NB-IoT – examining the real differences

Posted on: June 21, 2021

As industry players look to provide the next generation of IoT connectivity, two different standards have emerged under release 13 of 3GPP – CAT-M1 and NB-IoT.

Read more

IoT and home automation: What does the future hold?

Posted on: June 10, 2020

Once a dream, home automation using iot is slowly but steadily becoming a part of daily lives around the world. In fact, it is believed that the global market for smart home automation will reach $40 billion by 2020.

Read more

5 challenges still facing the Internet of Things

Posted on: June 3, 2020

The Internet of Things (IoT) has quickly become a huge part of how people live, communicate and do business. All around the world, web-enabled devices are turning our world into a more switched-on place to live.

Read more

What is IoT?

Posted on: July 7, 2019

What is IoT Data as a new oil IoT connectivity What is IoT video So what’s IoT? The phrase ‘Internet of Things’ (IoT) is officially everywhere. It constantly shows up in my Google news feed, the weekend tech supplements are waxing lyrical about it and the volume of marketing emails I receive advertising ‘smart, connected

Read more
IoT Newsletter

Join the IoT Now online community for FREE, to receive: Exclusive offers for entry to all the IoT events that matter, round the world

Free access to a huge selection of the latest IoT analyst reports and industry whitepapers

The latest IoT news, as it breaks, to your inbox