AI in IoT Market Growth to Propel by a CAGR of ~26% throughout 2022 – 2030 on the Back of Intensifying Need to Process Voluminous Data Generated from IoT Devices

Research Nester published a report titled “AI in IoT Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global AI in IoT market in terms of market segmentation by technology, component, end-user, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global AI in IoT market is expected to garner a large revenue by growing at a CAGR of ~26% throughout the forecast period, i.e., 2022 – 2030, owing to the surging need to process large amount of data generated from IoT devices, growing adoption of cloud services among organizations, and rising user base of AI-enabled IoT devices. Furthermore, escalating competition in industrial IoT, which is leading to development of advanced products, is also estimated to fuel the expansion of market in the coming years.

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The market is segmented by technology, component and end user. On the basis of end user, the manufacturing segment is anticipated to observe notable growth during the forecast period accounting to the growing focus of manufacturers on achieving fully automated data management systems. Additionally, by component, the software segment is projected to grow at the highest CAGR in the coming years ascribing to the increasing vendors providing AI in IoT software solutions to the customers.

Regionally, the global AI in IoT market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is projected to witness the highest market growth during the forecast period, which can be attributed to the growing advancements in the IT & telecom sector in China and India, and rising presence of major AI and IoT companies in the region.

Growing Need to Process Large Volume of Data Generated from IoT Devices to Drive Market Growth

An enormous amount of data is collected everyday through social media, online transactions and sensors, which cannot be processed using conventional methods. AI enabled IoT is capable of creating intelligent machines that can stimulate smart behavior without any human interference, and help avoid downtime and increase operational efficiency. This in turn is evaluated to boost market growth in the near future.

However, absence of skilled professionals and threats associated with data breach are expected to operate as key restraints to the growth of the global AI in IoT market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global AI in IoT market which includes company profiling of Google LLC, IBM Corporation, SAP Group, Microsoft Corporation, General Electric Company, Autoplant Systems India Pvt. Ltd., Amazon Web Services, Inc., Hitachi, Ltd., Oracle Corporation, Uptake Technologies Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global AI in IoT market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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