An increase in the adoption of IoT devices, growth in demand for automation and efficiency

WILMINGTON, NEW CASTLE, DE, UNITED STATES, November 20, 2024 /EINPresswire.com/ -- The global 𝐀𝐈 𝐢𝐧 𝐈𝐨𝐓 𝐌𝐚𝐫𝐤𝐞𝐭 was valued at $10.3 billion in 2022, and is projected to reach $91.7 billion by 2032, growing at a CAGR of 24.8% from 2023 to 2032. An increase in the adoption of IoT devices, growth in demand for automation and efficiency, and surge in investment in Industry 4.0 technologies are the major factors that drive the growth of the global AI in IoT market. However, a lack of skilled experts in AI infrastructure and certain privacy concerns impede the growth of the market. Furthermore, advancements in AI technologies and smart city projects are anticipated to provide lucrative growth opportunities for the market in the upcoming years.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐆𝐞𝐭 𝐅𝐮𝐥𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐢𝐧 𝐏𝐃𝐅 - 284 𝐏𝐚𝐠𝐞𝐬) 𝐚𝐭: https://www.alliedmarketresearch.com/request-sample/A12590

Based on component, the platform segment held the highest market share in 2022, accounting for nearly three-fifths of the AI in IoT market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increasing usage of internet devices generates a vast amount of data from connected devices, sensors, and other devices which has propelled the demand for AI in IoT platforms in several sectors. However, the service segment is projected to manifest the fastest CAGR of 29.5% from 2023 to 2032, as AI in IoT service helps to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

AI in IoT solutions provides automation capabilities to several industries, reducing operational costs, increasing efficiency and accuracy, and improving end-user experience. Automation capabilities have become increasingly important as businesses strive to streamline their operations and increase productivity. In addition, AI in IoT may be used to optimize transportation systems, reduce traffic congestion, and improve safety on roads. With the growth of urbanization, there is an increasing demand for intelligent transportation systems that can improve the flow of traffic and reduce accidents. Overall, the artificial intelligence in IoT market is driven by the need for intelligent and automated systems that can process and analyze vast amounts of data in real-time, enabling organizations to make informed decisions and take actions based on data-driven insights. In addition, AI in IoT solutions is increasingly being employed in media and entertainment sectors to enable personalized customer experience, products, and services. It also streamlined the communication operations on smartphones, tablets, and computer devices to facilitate remote work in organizations.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭 : https://www.alliedmarketresearch.com/ai-in-iot-market/purchase-options

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

𝐇𝐢𝐭𝐚𝐜𝐡𝐢 𝐋𝐭𝐝., 𝐒𝐀𝐏 𝐒𝐄, 𝐒𝐚𝐥𝐞𝐬𝐟𝐨𝐫𝐜𝐞, 𝐈𝐧𝐜., 𝐏𝐓𝐂 𝐈𝐧𝐜., 𝐆𝐨𝐨𝐠𝐥𝐞 𝐋𝐋𝐂, 𝐎𝐫𝐚𝐜𝐥𝐞 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧., 𝐒𝐨𝐟𝐭𝐰𝐞𝐛 𝐒𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐬 𝐈𝐧𝐜., 𝐀𝐦𝐚𝐳𝐨𝐧 𝐖𝐞𝐛 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬 𝐈𝐧𝐜., 𝐈𝐁𝐌 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐒𝐀𝐒 𝐈𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐈𝐧𝐜.

Based on industry vertical, the manufacturing segment held the highest market share in 2022, accounting for nearly one-fourth of the AI in IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to the fact that the adoption of AI in IoT tools has become an integral part of the manufacturing sector to sustain in the competitive market. However, the retail and e-commerce segment is projected to manifest the highest CAGR of 32.4% from 2023 to 2032. The growth in penetration of IoT devices in this sector is expected to provide lucrative opportunities for the market.

By region, North America dominated the market share in 2022 for the AI in IoT market size, as this region has been at the forefront of digital solutions initiatives, including the development and adoption of advanced technologies. The region has a strong presence of major technology companies, such as IBM Corporation, Oracle Corporation, and others, which have heavily invested in advanced digital platforms and services. Thus, anticipated to propel the growth of the AI in IoT market forecast. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the rapid growth in contactless solutions adoption across various industries, including manufacturing, logistics, healthcare, smart cities, and agriculture are expected to provide lucrative growth opportunities for the AI in IoT industry.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/A12590

Further, consumer behavior and preferences have also witnessed a significant shift due to the outbreak of the pandemic. The major customer expectations that cause the shift in consumer preference include safety and security. This has led to the emergence of new buying patterns and sustainability considerations among consumers and, thus, software operators are now increasing their working efforts to provide sustainability and safety improvements. For instance, in February 2020, Panasonic launched a new IoT and AI-enabled platform, called Miraie. With this new technology, the company aims to empower the everyday lives of consumers with comfort, convenience, and seamless connectivity across all Panasonic devices. Consequently, the demand for AI in IoT solutions is expected to experience significant growth in the global market.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the AI in IoT market revenue. The increase in the usage of AI in IoT solutions in businesses is anticipated to propel the growth of the market in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 29.2% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to the increase in penetration of digitalization and higher adoption of cloud-based solutions.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A12590

Key Findings of the Study

By component, the platform segment accounted for the largest AI in IoT market share in 2022.

By technology, the machine learning (ML) and deep learning segment accounted for the largest AI in IoT market share in 2022.

By industry vertical, the manufacturing sector accounted for the largest AI in IoT market share in 2022.

Region wise, North America generated the highest revenue in 2022.

𝐎𝐭𝐡𝐞𝐫 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

AI in Medical Imaging Market - https://www.alliedmarketresearch.com/ai-in-medical-imaging-market-A12693

IoT Telecom Services Market - https://www.alliedmarketresearch.com/iot-telecom-services-market-A31745

artificial intelligence as a service market - https://www.alliedmarketresearch.com/artificial-intelligence-as-a-service-aiaas-market

David Correa
Allied Market Research
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