Artificial Intelligence in IoT Market Set for Explosive Growth, Projected to Reach USD 11.77 Billion by 2030
Straits Research is pleased to announce the release of its latest report on the Artificial Intelligence in IoT Market, which highlights a significant growth trajectory for this sector. The market was valued at USD 1,581 million in 2021 and is projected to reach USD 11,774 million by 2030, growing at an impressive CAGR of 28.53% during the forecast period from 2022 to 2030.Market Definition and Overview
The integration of Artificial Intelligence (AI) with the Internet of Things (IoT) represents a transformative shift in how data is processed and utilized across various industries. AI enhances IoT systems by enabling devices to learn from data, make autonomous decisions, and optimize operations without human intervention. This synergy not only improves operational efficiency but also opens new avenues for innovation across sectors such as manufacturing, healthcare, transportation, and smart cities.Download Free Sample Report with Complimentary Analyst Consultation: https://straitsresearch.com/report/artificial-intelligence-in-iot-market/request-sample
Drivers of Growth in the AI in IoT Market
Several factors are driving the rapid expansion of the AI in IoT market:- Increased Adoption of Smart Devices: The proliferation of connected devices is generating vast amounts of data that require advanced analytics for meaningful insights. AI algorithms are essential for processing this data efficiently.
- Demand for Real-Time Analytics: Businesses are increasingly seeking real-time data analysis to enhance decision-making processes and operational efficiency. AI-powered IoT solutions provide timely insights that help organizations respond swiftly to changing conditions.
- Advancements in AI Technologies: Continuous improvements in machine learning (ML), natural language processing (NLP), and deep learning are enhancing the capabilities of AI systems, making them more effective in analyzing IoT-generated data.
- Growing Need for Automation: As industries strive for greater efficiency, there is a rising demand for automation solutions that can streamline operations and reduce human error. AI integrated with IoT systems facilitates this automation effectively.
Key Developments in the Artificial Intelligence in IoT Market
The market has witnessed several notable developments recently:- Partnerships and Collaborations: Companies are forming strategic partnerships to enhance their AI capabilities within IoT applications. These collaborations aim to combine expertise and resources to deliver innovative solutions.
- Investment in R&D: Major players are investing heavily in research and development to create advanced AI algorithms tailored for specific IoT applications. This focus on innovation is expected to drive market growth further.
- Regulatory Support: Governments worldwide are recognizing the potential of AI in IoT and are implementing policies that encourage technological advancement and investment in smart infrastructure.
Segmentation Analysis
The Artificial Intelligence in IoT market can be segmented into various categories:- By Component
- Platform
- Software
- Services
- Professional Services
- Deployment and Integration
- Support and Maintenance
- Training and Consulting
- Managed Services
- Professional Services
- By Technology
- Machine Learning (ML) and Deep Learning
- Natural Language Processing (NLP)
- By End User
- Manufacturing
- Energy and Utilities
- Transportation and Mobility
- Banking, Financial Services & Insurance (BFSI)
- Government and Defense
- Retail
- Healthcare and Life Sciences
- Telecom
- Others (Agriculture, Education, Tourism & Hospitality)
Market Segmentation: https://straitsresearch.com/report/artificial-intelligence-in-iot-market/segmentation
Top Key Players
The report identifies several key players leading the charge in the Artificial Intelligence in IoT market:- Amazon Web Services Inc. (Amazon Inc.)
- IBM Corporation
- Autoplant Systems India Pvt. Ltd
- SAP SE
- Google LLC (Alphabet Inc.)
- Microsoft Corporation
- Oracle Corporation
- Salesforce.com Inc.
- PTC Inc.
- SAS Institute Inc.
- General Electric
- Hitachi ID Systems
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About Straits Research
Straits Research is a premier research and intelligence provider, offering detailed market reports, analytics, and advisory services to empower clients in making informed business decisions. With a team of experienced researchers and analysts, Straits Research delivers tailored insights and actionable data to support the strategic goals of our clients worldwide.
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