PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1389167
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1389167
Global Artificial intelligence (AI) in Internet of Things Market is valued at approximately USD 10.3 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 24.8% over the forecast period 2023-2030. Artificial intelligence (AI) in Internet of Things (IoT) refers to the application of machine learning and deep learning techniques to analyze huge amounts of data generated by IoT devices. It involves using AI algorithms to IoT data in order to acquire useful data, spot trends, and make predictions or decisions. In addition, automation is another aspect of AI in IoT, where AI-powered solutions optimize processes, enhance corporate operations, and enable autonomous decision-making throughout the IoT ecosystem. Additionally, the combination of artificial intelligence with IoT has the potential to offer a number of advantages for both consumers and enterprises. IoT solutions with AI increase productivity and efficiency for organizations while also lowering expenses. The global market growth is being driven by the factors such as the increasing need for real-time insights to process and analyze data manually, rising big data volume, growing demand for automation and efficiency, coupled with the increasing investment in Industry 4.0 technologies.
In addition, the rising adoption of IoT devices is acting as a catalyzing factor for market growth across the globe. IoT devices generate enormous amounts of data. AI algorithms analyze this data to identify trends, anomalies, and patterns that might not be easily discernible by humans. This analysis leads to actionable insights that can drive better decision-making. As per Statista report, in 2019, there were around 8.6 billion Internet of Things (IoT) connected devices were recorded, which is estimated to reach around 19.1 billion devices by 2025. Thus, these aforementioned factors are propelling the growth of Artificial intelligence (AI) in Internet of Things Market during the estimated period. Moreover, the rise in advancements in AI technologies, as well as growing focus on effective management of data generated from IoT devices to gain valuable insights are presenting various lucrative opportunities over the forecast years. However, the dearth of skilled professionals for AI infrastructure and rising data security and privacy concerns are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Artificial intelligence (AI) in Internet of Things Market study include Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the widespread implementation of AI and IoT technologies across a variety of industries, including manufacturing, retail, healthcare, and automotive and transportation. Additionally, the market is expanding as a result of several multinational corporations collaborating with industry providers to include AI-based IIoT into their manufacturing processes. For instance, in September 2022, P&G and Microsoft signed a multiyear collaboration deal to upgrade P&G's digital manufacturing infrastructure. Under this deal, the industrial internet of things (IIoT), digital twin, data, and AI, are accelerating product delivery to consumers and increasing customer satisfaction while boosting productivity and cutting costs.
Whereas, Asia Pacific is expected as a fastest growing region over the forecast years. The rise in digitalization, surge in demand for IoT devices, and higher adoption of advanced technology are significantly propelling the market demand across the region.