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Artificial Intelligence in IoT- According to the ReportCrux Market Research, global demand for artificial intelligence in IoT market was valued at approximately USD 2.64 Billion in 2019 and is expected to generate revenue of around USD 15.72 Billion by end of 2027, growing at a CAGR of around 25.0% between 2020 and 2027.
Artificial Intelligence (AI) in IoT is a combination of linking the computer to the Internet and other connected devices and analyzing big data and supplying the necessary amount of data to the system. With the use of AI in IoT, data collection and methodological concerns are being addressed since AI analysis it in a better way. In addition, the need to process large amounts of real-time data produced by the IoT appliances is expected to create new opportunities for Artificial Intelligence in the IoT industry.
The global market for the artificial intelligence in IoT is segmented into technology, end user, component, and region. Based on component, the market for artificial intelligence in IoT is segmented into software, platform, and services. The services segment is further divided into professional services, and managed services. The software segment is likely to grow at high CAGR in the forecast period. Most of the vendors sell IoT tech solutions to customers. These software systems are designed to solve interoperability problems that emerge from a number of heterogeneous devices and to handle large quantities of data and its protection and privacy. Software’s help to reduce interoperability problems and create flexibility to efficiently handle different business functions.
Based on technology, the market is categorized into machine learning & deep learning, natural language processing, and others. The machine learning (ML) & deep learning segment held almost 65% share of the market in 2019. ML has become a robust analytical method for large quantities of data. The combination of ML and edge computing is removing much of the noise generated by IoT devices thus leaving appropriate data to be analyzed by edge and cloud analytics engines.