Industry Background:
IoT is about connecting machines and making use of the data generated from those machines. Artificial Intelligence (AI) is about simulating intelligent behavior in machines of all kinds. Clearly an overlap. As IoT devices will generate vast amounts of data, then AI will be functionally necessary to deal with these huge volumes. Data is only useful if it creates an action. To make data actionable, it needs to be supplemented with context and creativity. Based on the component, the market has been segmented into platforms, software solutions, and services. Based on technology, the market has been classified into Ml and deep learning and natural language processing.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Billion) |
Key Companies Profiled | IBM (United States), Microsoft (United States), Google (United States), PTC (United States), AWS, Inc. (United States), Oracle (United States), General Electric (United States), Salesforce (United States), SAP (Germany) and Hitachi (Japan) |
According to AMA, the market for AI in IoT is expected to register a CAGR of 26.2% during the forecast period to 2028. This growth is primarily driven by Effective Management of Data Generated From IoT Devices to Gain Valuable Insights and Reduced Maintenance Cost and Downtime.
Globally, a noticeable market trend is evident The Use of Automated Vacuum Cleaners
The Internet Software & Services sector in the North America region has been increasing at a sustainable rate, and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as IBM (United States), Microsoft (United States), Google (United States), PTC (United States), AWS, Inc. (United States), Oracle (United States), General Electric (United States), Salesforce (United States), SAP (Germany) and Hitachi (Japan), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. AI in IoT market companies operating in these industries are focusing more on efficient growth, improvement of operational efficiency and productivity, achieving high safety standards, and focusing on maintaining sustainable development. The market is highly competitive with a few players occupying the major share. The key players are highly focused on developing and innovating new strategies to maintain their market position and customer base. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launches, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Key Developments in the Market:
On 27 March 2019, Amazon Web Services (AWS), an Amazon.com company, and the Volkswagen Group announced a multi-year, global agreement to build the Volkswagen Industrial Cloud, a cloud-based Industrial digital production platform that will transform the automotive company’s manufacturing and logistics processes. Volkswagen will rely upon the breadth and depth of AWS’s portfolio of services, including IoT, machine learning, analytics, and computer services to increase plant efficiency and uptime, improve production flexibility, and increase vehicle quality. and On 20 Nov 2018, PTC has announced that it has acquired Frustum Inc., an advanced generative design software company, for approximately 70 million USD. Frustum’s technology for generative design, an approach that leverages artificial intelligence (AI) to generate design options is a transformative addition to the PTC Creo portfolio.
On 24 April 2019, IBM has announced a collaboration with Sund & Bælt, which owns and operates some of the largest infrastructures in the world, to assist in IBM's development of an AI-powered IoT solution designed to help prolong the lifespan of aging bridges, tunnels, highways, and railways., On 19 March 2019, Salesforce, the global leader in CRM, has announced new artificial intelligence and productivity solutions that empower customer service agents to focus more of their time on the human side of service, tasks that require social intelligence, critical thinking, and creative problem-solving skills. and On 23 Oct 2018, Oracle has announced to continued advancements in emerging technologies across Oracle Cloud, including artificial intelligence (AI), machine learning, blockchain, IoT, and human interfaces.
Influencing Trend:
The Use of Automated Vacuum Cleaners and Increased Self-driving vehicles
Market Growth Drivers:
Effective Management of Data Generated From IoT Devices to Gain Valuable Insights and Reduced Maintenance Cost and Downtime
Challenges:
Data Security and Privacy Issues and Maintenance and Update Issues
Restraints:
Lack of Skilled Workforce
Opportunities:
Real-Time Monitoring to Deliver an Exceptional Customer Experience
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in AI in IoT Market
- Analysis about New Entrants in AI in IoT Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, AI in IoT Study Sheds Light on
The AI in IoT Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the AI in IoT industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where AI in IoT industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.