AI in IoT Market to Grow with a CAGR of 8.19% through 2029
Increasing
adoption of IoT devices and advancements in AI technology are likely to drive the
Market in the forecast period.
According to
TechSci Research report, “AI in IoT Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2029”, the Global AI
in IoT Market is experiencing a surge in demand in the forecast period. One
key driver propelling the global AI in IoT market is the promise of enhanced operational
efficiency and automation across various industries. By integrating Artificial
Intelligence (AI) into Internet of Things (IoT) devices and systems, businesses
can streamline operations, reduce manual interventions, and optimize resource
utilization. AI-driven algorithms analyze vast datasets generated by IoT
devices in real-time, enabling predictive maintenance, efficient energy
management, and automated decision-making processes.
The
synergy of AI and IoT empowers organizations to proactively identify patterns,
anomalies, and opportunities for improvement. For example, in manufacturing,
AI-enabled IoT sensors can monitor equipment conditions, predict potential
failures, and schedule maintenance activities, minimizing downtime and
maximizing production efficiency. Similarly, in smart cities, AI-driven IoT
applications can optimize traffic flow, energy consumption, and waste
management, contributing to more sustainable and resilient urban environments.
The
pursuit of operational excellence through the integration of AI in IoT is
driving widespread adoption across industries, promising cost savings, and
increased competitiveness. As businesses recognize the transformative potential
of this synergy, the demand for AI-driven IoT solutions continues to grow,
positioning operational efficiency as a compelling driver shaping the global
market.
An
instrumental driver fueling the global AI in IoT market is the accelerated
innovation in healthcare solutions. The convergence of Artificial Intelligence
(AI) and the Internet of Things (IoT) is revolutionizing healthcare delivery,
offering unprecedented opportunities for remote patient monitoring,
personalized treatment plans, and proactive healthcare management.
AI-enabled
IoT devices, such as wearable sensors and smart medical devices, enable
continuous monitoring of vital signs, medication adherence, and patient
behaviors. This real-time data is then analyzed by sophisticated AI algorithms,
providing healthcare professionals with actionable insights into individual
patient health and population-level trends. The result is a shift from reactive
to proactive healthcare, where early detection of health issues, predictive
diagnostics, and personalized interventions become possible.
The
integration of AI in healthcare IoT applications is not only improving patient
outcomes but also addressing challenges such as the shortage of healthcare
professionals and the rising demand for remote care. This driver is fostering
the development of innovative telemedicine solutions, wearable healthcare
technologies, and smart healthcare infrastructure.
As
healthcare providers and technology companies increasingly invest in AI-driven
IoT solutions, the global market is witnessing a paradigm shift towards more
efficient, patient-centric, and data-driven healthcare practices. The quest for
improved healthcare delivery and patient outcomes positions the accelerated
innovation in healthcare solutions as a compelling force driving the growth of
the AI in IoT market.
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The Global AI in
IoT Market is segmented into technology, industry vertical and region.
Based on industry
vertical, The Manufacturing segment held the largest Market share in 2023.
Manufacturing facilities often rely on intricate machinery and equipment. AI in
IoT allows for predictive maintenance by analyzing real-time data from sensors
on these machines. Predictive insights help manufacturers identify potential
issues before they escalate, minimizing downtime and enhancing operational
efficiency.
AI-driven image
recognition and machine vision, integrated with IoT devices, enable
manufacturers to implement robust quality control measures. This is especially
crucial in industries where product defects can have significant consequences.
AI in IoT facilitates the rapid identification of defects, ensuring
high-quality production.
The
manufacturing supply chain involves numerous interconnected processes. AI in
IoT enhances supply chain visibility by providing real-time data on inventory
levels, logistics, and demand forecasting. Manufacturers can optimize their
supply chain operations, reduce costs, and improve overall logistics
efficiency.
AI in IoT
enables the automation and optimization of manufacturing processes. Machine
learning algorithms can analyze data from sensors to fine-tune production
processes, ensuring optimal performance, reducing waste, and enhancing resource
utilization.
Manufacturing
facilities often have a vast array of assets, including machinery, tools, and
vehicles. AI in IoT aids in efficient asset management by providing insights
into asset utilization, maintenance needs, and lifecycle management. This leads
to better resource allocation and cost savings.
IoT sensors
embedded in manufacturing equipment provide real-time data on various
parameters. AI algorithms can process this data to monitor and control
operations in real-time, enabling quick decision-making and responsiveness to
changing conditions.
The concept of
digital twins, virtual replicas of physical assets or processes, is gaining
traction in manufacturing. AI in IoT facilitates the creation and management of
digital twins, allowing manufacturers to simulate and optimize processes before
implementing changes in the physical environment.
IoT devices,
coupled with AI, contribute to improved worker safety in manufacturing
environments. Real-time monitoring of environmental conditions and wearable
devices with AI capabilities can detect potential safety hazards, reducing the
risk of accidents.
AI in IoT
enables manufacturers to embrace agile manufacturing practices, facilitating
customization and rapid adjustments to production processes based on changing
market demands. This adaptability is crucial in industries where product
variations and customization are common.
Major companies
operating in the Global AI in IoT Market are:
- Microsoft Corporation
- Amazon.com, Inc.
- Alphabet Inc.
- Apple Inc.
- IBM Corporation
- Siemens AG
- Samsung Electronics Co., Ltd.
- Huawei Technologies Co., Ltd.
- Intel Corporation
- SAP SE
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“The Global AI
in IoT Market is expected to rise in the upcoming years and register a
significant CAGR during the forecast period. The primary driver catalyzing the global AI in IoT market
is the pursuit of strategic operational optimization. Businesses leverage the
symbiotic integration of Artificial Intelligence (AI) and the Internet of
Things (IoT) to enhance operational efficiency, minimize costs, and drive
innovation. AI-driven analytics applied to IoT-generated data enable predictive
insights, process automation, and improved decision-making. This strategic
synergy not only streamlines operations but also positions companies at the
forefront of technological advancement, fostering a competitive edge. The
relentless quest for operational excellence through AI in IoT applications
stands as a pivotal driver propelling businesses toward heightened efficiency
and sustainable growth. Therefore, the Market of AI in IoT is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“AI in IoT Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, Segmented By Technology (Machine Learning,
Deep Learning, Natural Language Processing), By Industry Vertical (BFSI, IT and
Telecom, Retail and E-commerce, Manufacturing, Healthcare, Energy and
Utilities, Transportation and Mobility, Others), By Region, By Competition
2019-2029”, has evaluated the future growth potential of Global
AI in IoT Market and provides statistics & information on Market size,
structure and future Market growth. The report intends to provide cutting-edge Market
intelligence and help decision-makers make sound investment decisions., The
report also identifies and analyzes the emerging trends along with essential
drivers, challenges, and opportunities in the Global AI in IoT Market.
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