Artificial Intelligence in IoT Market 2020 | Worldwide Industry Share, Size,and Top Leading Player and Forecast Till 2027
ReportCrux Market Research has published a new report titled “Artificial Intelligence in IoT Market by Component (Platform, Software, and Services [Professional Services, and Managed Services]); by Technology (Machine Learning & Deep Learning, Natural Language Processing, and Others); by End User (BFSI, Healthcare, Government & Defense, Energy & Utilities, Telecom, Manufacturing, and Others); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Artificial Intelligence in IoT Market Size
According to the report, global demand for artificial intelligence in IoT market was valued at approximately USD 2.64 Billion in 2019 and is expected to generate revenue of around USD 15.72 Billion by end of 2027, growing at a CAGR of around 25.0% between 2020 and 2027.
Scope of the Report
Artificial Intelligence (AI) in IoT is a combination of linking the computer to the Internet and other connected devices and analyzing big data and supplying the necessary amount of data to the system. With the use of AI in IoT, data collection and methodological concerns are being addressed since AI analysis it in a better way. In addition, the need to process large amounts of real-time data produced by the IoT appliances is expected to create new opportunities for Artificial Intelligence in the IoT industry.
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The growth of this market is driven by rising use of mobile network operators for increasing the connectivity platforms. The rising interest of the IT sector is also projecting the growth of the industry. In addition with growing use of artificial intelligence, the advent of smart home devices like Google home and Alexa is also boosting the market. The rising demand for performance management of transport, asset monitoring, and related appliances along with growing need for improved customer service through real-time monitoring is also accelerating growth of the industry. The need to reduce downtime and maintenance costs has spurred the growth of the sector. The need to process large amounts of real-time data produced from IoT devices efficiently and to minimize maintenance costs and downtime are some of the key factors driving the growth of artificial intelligence in the IoT market. However, high costs and lack of awareness among consumers are key factors that may restrict the growth of AI in the IoT market. Nevertheless, advances in technology are expected to generate new possibilities for market growth.
The global market for the artificial intelligence in IoT is segmented into technology, end user, component, and region. Based on component, the market for artificial intelligence in IoT is segmented into software, platform, and services. The services segment is further divided into professional services, and managed services. The software segment is likely to grow at high CAGR in the forecast period. Most of the vendors sell IoT tech solutions to customers. These software systems are designed to solve interoperability problems that emerge from a number of heterogeneous devices and to handle large quantities of data and its protection and privacy. Software’s help to reduce interoperability problems and create flexibility to efficiently handle different business functions.
Based on technology, the market is categorized into machine learning & deep learning, natural language processing, and others. The machine learning (ML) & deep learning segment held almost 65% share of the market in 2019. ML has become a robust analytical method for large quantities of data. The combination of ML and edge computing is removing much of the noise generated by IoT devices thus leaving appropriate data to be analyzed by edge and cloud analytics engines.
On the basis of end user, the global market for artificial intelligence in IoT is segmented into healthcare, BFSI, energy & utilities, government & defense, telecom, manufacturing, and others. The BFSI segment accounted for almost 27% share of the market in 2019. The healthcare sector is expected to gain leading share by 2027 tough. This section is divided based on use cases, like robot-assisted surgery, virtual nursing assistants, hospital process management, reduction of dosage errors, identification of participants in clinical trials, automatic image diagnosis, and preliminary diagnosis which will lead to its market growth in the forecast period.
Based on Region, the market is classified into Latin America, Middle East & Africa, Asia Pacific, North America, and Europe. North America held almost 39% of the market in 2019 while Asia Pacific is likely to rise at the highest CAGR in the forecast period. This high growth in Asia Pacific can be credited to heavy investments made by the private and public sectors to improve their AI and IoT technologies, resulting in increased demand for AI in IoT solutions gaining traction. North America is projected to be the leading region in terms of IoT adoption and growth of AI due to the presence of IoT vendors, and rising government expenditure on emerging technologies is expected to contribute in market growth during the forecast period.
Key Players Analysis:
Major players in artificial intelligence in IoT market are Google, Inc. (U.S.), Anagog (Israel), Oracle (U.S.), Salesforce (U.S.), Hitachi (Japan), Autoplant Systems Pvt. Ltd. (India), Kairos (U.S.), SAP (Germany), IBM (U.S.), and Microsoft (U.S.) among others.
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