AI in IoT Market to Reach $91.7 Billion, by 2032 at 24.8% CAGR: Allied Market Research 

An increase in the adoption of IoT devices, growth in demand for automation and efficiency, and surge in investment in Industry 4.0 technologies are the major factors that drive the growth of the global AI in IoT market. However, a lack of skilled experts in AI infrastructure and certain privacy concerns impede the growth of the market. Furthermore, advancements in AI technologies and smart city projects are anticipated to provide lucrative growth opportunities for the market in the upcoming years.

☛ Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/12955

Covid-19 Scenario:

► The COVID-19 pandemic has had a significant impact on the AI in IoT industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the AI in IoT market was the increased demand for remote monitoring and automation solutions.

► In addition, the pandemic accelerated digital transformation initiatives across industries, further fueling the adoption of IoT solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to IoT-enabled applications and services to optimize operations, improve supply chain resilience, and enhance customer experiences. This surge in IoT implementation created enhancements opportunities for AI in IoT platform providers, solution developers, and service providers.

Based on component, the platform segment held the highest market share in 2022, accounting for nearly three-fifths of the AI in IoT market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increasing usage of internet devices generates a vast amount of data from connected devices, sensors, and other devices which has propelled the demand for AI in IoT platforms in several sectors. However, the service segment is projected to manifest the fastest CAGR of 29.5% from 2023 to 2032, as AI in IoT service helps to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

☛ For Report Customization: https://www.alliedmarketresearch.com/request-for-customization/12955

Based on technology, the machine learning and deep learning segment accounted for the largest share in 2022, contributing to more than three-fourths of the AI in IoT market revenue. The growing need for advanced data analytics technology in various industries is one of the primary reasons enterprises are increasing their investments in the ML and deep learning solutions. However, the natural language processing segment is expected to portray the largest CAGR of 28.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is because the adoption of NLP solutions in AI-powered IoT devices provides numerous benefits including scalability, personalization, and enhanced user experience.

Based on industry vertical, the manufacturing segment held the highest market share in 2022, accounting for nearly one-fourth of the AI in IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to the fact that the adoption of AI in IoT tools has become an integral part of the manufacturing sector to sustain in the competitive market. However, the retail and e-commerce segment is projected to manifest the highest CAGR of 32.4% from 2023 to 2032. The growth in penetration of IoT devices in this sector is expected to provide lucrative opportunities for the market.

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the AI in IoT market revenue. The increase in the usage of AI in IoT solutions in businesses is anticipated to propel the growth of the market in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 29.2% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to the increase in penetration of digitalization and higher adoption of cloud-based solutions.

☛ Buy Now & Get Exclusive Discount On This Report: https://www.alliedmarketresearch.com/ai-in-iot-market/purchase-options

☛ Access the full summary at: https://www.alliedmarketresearch.com/ai-in-iot-market-A12590

Leading Market Players: -

► Amazon Web Services Inc.

► Google LLC

► Hitachi Ltd.

► IBM Corporation

► Oracle Corporation.

► PTC Inc.

► Salesforce, Inc.

► SAP SE

► SAS Institute, Inc.

► Softweb Solutions Inc.

☛ Inquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/12955

Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Lastly, this report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll-Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising of 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.