AI in IoT is the integration of AI technologies with IoT infrastructure to obtain efficient IoT operations. Significant IoT software platforms and solution vendors are integrating AI capabilities, such as ML-based analytics, with their solutions to obtain critical business insights from a large pile of data generated by IoT devices. The IoT solutions integrated with AI capabilities assist enterprises across various industry verticals in becoming proactive rather than reactive, therefore replacing conventional business intelligence tools for analyzing IoT data with advanced tools. The growth of the AI in IoT market can be ascribed to the increasing need to process huge volumes of data produced from IoT devices, rising adoption of cloud-based services across enterprises, and rising user base of AI-enabled IoT devices in several industry verticals such as manufacturing, retail, healthcare and BFSI. As of 2021, around 90% of enterprises already use a cloud service, and almost 30% of all IT budgets are distributed for cloud computing. Coupled with this, as the various numbers of small and medium sized organizations around the world are rising, there is a huge requirement for minimizing maintenance cost and downtime among these enterprises, which is anticipated to provide abundant growth opportunities to the AI in IoT market in the coming years. In addition, the surge in competition in industrial IoT is giving rise to new innovations to AI-based IoT products, which in turn is projected to propel AI in IoT market growth in the near future. However, the dearth of skilled workforce is a key restraint which is limiting the AI in IoT market growth. 

Furthermore, during the spread of Coronavirus, the potential for organizations to access scalable, reliable and highly secure computing power whether for crucial healthcare work, to help students continue learning, or to keep exceptional numbers of employees online and productive from home are few of the critical factors contributing to the growth of the market in this situation. Hospital networks, pharmaceutical companies, and research labs are using AI-based IoT devices to deliver care for patients, explore treatments and reduce the impacts of COVID-19 in various other ways. All of the above factors have propelled the growth rate of the AI in IoT market in the short run and are projected to augment it further in the long term.

The global AI in IoT Market is segregated on the basis of Components as Platforms, Software Solutions and Services. Based on Technologies the global AI in IoT Market is segmented in ML and Deep Learning and NLP. Based on Verticals the global AI in IoT Market is segmented in Manufacturing, Energy and Utilities, Transportation and Mobility, BFSI, Government and Defense, Retail, Healthcare and Life Sciences, Telecom and Others.

The global AI in IoT Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The AI in IoT Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Amazon Web Services, IBM Corporation, Autoplant Systems India Pvt. Ltd., SAP SE,. Google LLC and others are among the major players in the global AI in IoT Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In May 2021, Google Cloud declared the general availability of Vertex AI, a managed machine learning (ML) platform which enables companies to propel the deployment and maintenance of artificial intelligence (AI) models and IoT. Vertex AI needs about 80% fewer lines of code to train a model versus competitive platforms. It allows data scientists and ML engineers across all levels of expertise to apply Machine Learning Operations (MLOps) to efficiently build and manage ML and IoT projects throughout the complete development lifecycle.
• In March 2021, IOTech, the edge software company, declared the launch of Edge XRT, its time-critical edge platform for Microsoft Azure Sphere. Developed and optimized for resource-limited environments, Edge XRT provides device connectivity and edge intelligence for microcontroller units (MCUs), gateways, and smart sensors at the IoT edge.

The global AI in IoT Market has been segmented as below:

AI in IoT Market, By Components

• Platforms
• Software Solutions
• Services

AI in IoT Market, By Technologies

• ML and Deep Learning
• NLP

AI in IoT Market, By Verticals

• Manufacturing
• Energy and Utilities
• Transportation and Mobility
• BFSI
• Government and Defense
• Retail
• Healthcare and Life Sciences
• Telecom
• Others

AI in IoT Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

AI in IoT Market, By Company

• Amazon Web Services
• IBM Corporation
• Autoplant Systems India Pvt. Ltd.
• SAP SE
• Google LLC
• Microsoft Corporation
• Oracle Corporation
• Salesforce.com, Inc.
• PTC Inc.
• SAS Institute Inc
• General Electric
• Hitachi ID Systems

The report covers the below scope:

• Global AI in IoT Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global AI in IoT Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global AI in IoT Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global AI in IoT Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global AI in IoT Market share. Major industry players with significant revenue share include Amazon Web Services, IBM Corporation, Autoplant Systems India Pvt. Ltd., SAP SE. Google LLC and others.

Why to Buy this Report:

• Gain detailed insights on the AI in IoT industry trends
• Find complete analysis on the market status
• Identify the AI in IoT Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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