According to a new market research report "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" published by MarketsandMarkets™, the global AI in IoT Market size is expected 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 major factors fueling the market growth include the growing need for the effective management of data generated from IoT devices, streamlining production processes, and reducing downtime.
The ML and deep learning technology is estimated to hold a larger market size in 2018, owing to the increasing demand for automation of communications and personalized experiences globally.
The combination of ML and edge computing can filter most of the noise collected by IoT devices and leave the relevant data to be analyzed by edge and cloud analytic engines.The transportation and mobility vertical to grow at the highest CAGR during the forecast periodThe increasing demand for connected vehicles, asset tracking, and performance management applications by the transportation and mobility vertical are increasing the adoption of AI in IoT.
The high growth of the region can also be attributed to the growing focus on research and increasing investments.
The companies in the region are leveraging AI, IoT, ML, and deep learning technologies in their business processes to gain a competitive edge in the market.
They are also adopting various growth strategies to strengthen their position in the AI in IoT Market.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), HPE (US), 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).Browse Adjacent Markets @ Analytics Market Research Reports & ConsultingAbout MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.