Artificial Intelligence (AI) in IoT Market is Expected to Grow $39.95 billion in 2028 at a CAGR of 27.0% within Forecast 2024-2033

The artificial intelligence (AI) in iot market size has grown exponentially in recent years. It will grow from $12.02 billion in 2023 to $15.34 billion in 2024 at a compound annual growth rate (CAGR) of 27.6%. The growth in the historic period can be attributed to increasing demand for data management,rising demand in major industries,urbanization and industrialization,increase in iot device proliferation,regulatory support and incentives.

The artificial intelligence (AI) in iot market size is expected to see exponential growth in the next few years. It will grow to $39.95 billion in 2028 at a compound annual growth rate (CAGR) of 27.0%. The growth in the forecast period can be attributed to 5g network expansion,increasing demand due to growing population,industry-specific ai applications,growing demand for powerful vehicles,increase in end-user demand. Major trends in the forecast period include demand for ai in iot in emerging markets.

Market Overview -
Artificial intelligence of things (AIoT) refers to the combination of internet of things (IoT) infrastructure and artificial intelligence (AI) technology. It combines the capabilities of AI algorithms and models with the vast network of interconnected physical devices, sensors and systems that make up the IoT. It is used in the IoT to enhance the IoT's capabilities by enabling data analysis, predictive insights, automation and intelligent decision-making.

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5G Network Expansion Fuels Accelerated Growth of Artificial Intelligence (AI) in the Internet of Things (IoT) Market
The 5G network expansion is expected to propel the growth of artificial intelligence (AI) in IoT market going forward. 5G network expansion refers to the deployment and implementation of fifth-generation wireless cellular technology, which offers higher upload and download speeds, more consistent connections and improved capacity than previous networks. The high-speed, low-latency capabilities of 5G technology will significantly enhance the connectivity and data transfer capabilities of IoT devices, providing a robust foundation for the deployment of AI-driven applications. For instance, in June 2022, according to reports published by 5G Americas., a US-based telecommunications service company, global 5G connections reached 701 million in Q1 2022, up 17% from Q4 2021, and are expected to reach 4.8 billion by the end of 2026. Therefore, the 5G network expansion is driving the growth of artificial intelligence (AI) in IoT market.

Competitive Landscape -
Major companies operating in the artificial intelligence (AI) in iot market report are Amazon Inc., Google LLC, Microsoft Corporation, Hitachi Ltd., General Electric (GE), Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Qualcomm Technologies Inc., Oracle Corporation, Honeywell International Inc., SAP SE, Fujitsu Limited, NVDIA Corporation, Salesforce Inc., Texas Instruments Incorporated, STMicroelectronics, Infineon Technologies AG, Renesas Electronics Corporation, ARM Holdings, PTC Inc., Softweb Solutions Inc., SpaceTime Insight Inc., CloudMinds Inc.

Focus On Introduction Of Innovative Solutions In The Market
Major companies operating in the artificial intelligence (AI) in IoT market are focusing on introducing innovative solutions to increase their profitability in the market. For instance, in October 2022, Checkpoint Software Technologies Ltd., an Israel-based software company, introduced Check Point Quantum Titan, a new release of the Check Point Quantum cybersecurity platform, designed to provide faster, AI-enabled network security and advanced threat prevention for on-premise, cloud, and IoT applications. It includes AI-enabled network security, advanced threat prevention, IoT security and ultra-scalable protections, that help to prevent cyberattacks.

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Key Segments -
The artificial intelligence (ai) in iot market covered in this report is segmented -
1) By Components: Software, Platforms, Services
2) By Technology: Machine Learning, Natural Language Processing, Image Processing, Speech Recognition
3) By-End-User: Energy And Utilities, Manufacturing, Retail, Transportation And Mobility, Banking Financial Services And Insurance (BFSI)

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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