AI in IoT refers to the use of artificial intelligence within the internet of things. AI can be used to process and interpret data collected by IoT devices, in order to make predictions, identify patterns, and carry out automated actions. This can enable IoT devices to carry out complex tasks, such as detecting and responding to anomalies, without human intervention.
The AI In IOT Market size was USD 10.3 Billion in 2022 and is anticipated to reach USD 91.7 Billion in 2032, growing at a rate of 24.8% from 2023 to 2032.
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There are three key trends in AI in IoT technology:
1. The use of AI for predictive maintenance and fault detection.
2. The use of AI for energy management and optimization.
3. The use of AI for security and surveillance.
Some of the key drivers of AI in IoT market are as follows:
-The ever-increasing volume of data: With the proliferation of connected devices, the volume of data being generated is increasing exponentially. This data contains a wealth of information that can be used to train AI algorithms to improve the performance of IoT applications.
-The need for real-time insights: In many IoT applications, it is essential to be able to make decisions in real-time based on the data being collected. AI algorithms can be used to process this data and provide the necessary insights in a timely manner.
-The need for energy-efficient solutions: Many IoT applications are deployed in resource-constrained environments where energy efficiency is a key concern. AI algorithms can be used to optimize the performance of these applications to reduce their energy consumption.
The AI in IoT Market is segmented by component, technologies, verticals, and region. By component, the market is divided into platform, software solutions, services, and managed services. Based on technologies, it is bifurcated into ML and deep learning, and NLP. On the basis of verticals, it is classified into manufacturing, energy and utilities, transportation and mobility, BFSI, government and defense, and others. Region-wise, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
The AI in IoT Market includes players such as Google, Microsoft, IBM, AWS, Oracle, SAP, PTC, GE, Salesforce, and Hitachi.
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