MarketsandMarkets forecasts the global AI in IoT market size to grow from USD 5.1 billion in 2019 to USD 16.2 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 26.0% during the forecast period. The growing need for the effective management of data generated from IoT devices, streamlining production processes, and reducing g downtime are expected to drive the growth of the global AI in IoT market.
AI in IoT is the amalgamation of AI technologies with IoT infrastructure to achieve efficient IoT operations. Major IoT software platform and solution vendors are integrating AI capabilities, such as ML-based analytics, with their solutions to fetch critical business insights from a huge pile of data generated by IoT devices. The IoT solutions integrated with AI capabilities help enterprises across major industry verticals in becoming proactive instead of reactive, thus replacing traditional business intelligence tools for analyzing IoT data with advanced tools. These solutions, in turn, help make operational predictions with enhanced agility and accuracy, and improve human-machine interactions.
The major vendors in the global AI in IoT market include Google (US), Microsoft (US), IBM (US), AWS (US), Oracle (US), SAP (Germany), PTC (US), GE (US), Salesforce (US), Hitachi (Japan), Uptake (US), SAS (US), Autoplant Systems Pvt Ltd. (India), Kairos (US), Softweb Solutions (US), Arundo (US), C3 IoT (US), Anagog (Israel), Imagimob (Sweden), and Thingstel (India). These vendors have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to further expand their presence in the global AI in IoT market.
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Google is one of the key technology players in the AI in IoT market. It relies heavily on organic growth strategies, and is focused on the continuous development of innovative next-gen products. For instance, in July 2018, Google launched Cloud IoT Edge, a software stack that enables IoT devices to access Google Cloud’s powerful AI capabilities. The company has a core focus on R&D; it invested approximately 15% of its revenue in R&D in the past 3 years. For instance, its R&D expenditure for 2018 accounted for 15.7% of its revenue. It is making significant R&D investments in the areas of its strategic focus, i.e., machine learning, cloud, advertising, search, as well as new products and services. The company is well-positioned to take advantage of the increasing demand for AI-enabled IoT solutions.
IBM is another significant player that delivers solutions in the AI in IoT market. It offers the IBM Watson IoT platform that helps businesses harness real-time data to offer effective customer experiences. The company is focusing on scaling its platforms, delivering productivity through automation, infusing AI into its offerings, and investing in cloud infrastructure. Moreover, it is focused on product innovations and allocates a high budget for R&D. For instance, in 2017, it invested 7.3% of its annual revenue in R&D. In addition to this, the company has a vast partner ecosystem consisting of resellers, managed service providers, alliance partners, embedded system partners, and distributors who help it deliver efficient and cost-effective solutions to its global customers. Its wide-ranging proficiency across industries, strong global footprint, and the unique approach of combining technologies and services help clients achieve business outcomes.
AI in IoT Market by Component (Platforms, Software Solutions, and Services), Technology (ML and Deep Learning, and NLP), Vertical (Transportation and Mobility, Energy and Utilities, Manufacturing, and Retail), and Region - Global Forecast to 2024
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