AI in IoT Market Booming: Addressing Data Security and Privacy Concerns
The 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", The size of the global AI in IoT market is anticipated to increase at a Compound Annual Growth Rate (CAGR) of 26.0% over the forecast period, from USD 5.1 billion in 2019 to USD 16.2 billion by 2024. The growing requirement for efficient data management from IoT devices, streamlined production procedures, and decreased downtime are the main drivers of market growth. It is anticipated that potential for AI in IoT suppliers would arise from the need for improved client experiences through real-time monitoring. The deep learning and machine learning (ML) technology segments are expected to have a bigger market during the projected time. The two technologies that make up the AI in the Internet of Things sector are natural language processing (NLP) and machine learning (ML/deep learning). Due to the rising demand for automated communications and customized experiences throughout the world, the market for machine learning (ML) and deep learning technologies is predicted to grow in 2018. ML has the potential to be an effective analytical tool for large data sets. The majority of the noise gathered by IoT devices may be filtered out by edge computing and machine learning, leaving only the pertinent data for analysis by cloud and edge analytic engines. According to Research Report Download PDF for Business Opportunities Throughout the forecast period, the transportation and mobility vertical is expected to increase at the fastest rate. The transportation and mobility vertical's growing need for asset tracking, performance management apps, and linked cars is driving up the usage of AI in the Internet of Things. Smarter technology will be required in the transportation and mobility vertical to maintain smooth traffic flow due to the growing number of cars. AI, neural networks focused on deep learning, and cloud-based autonomous crowd analysis are some of the key reasons driving innovation in this area. During the projection period, North America is expected to have the greatest market size. The global AI in IoT market's primary revenue-generating region is North America. Significant advances in AI and IoT technology are being seen in the region. Prominent AI in IoT vendors are housed there. The region's rapid expansion can also be linked to rising investment levels and a growing emphasis on research. To obtain a competitive advantage in the market, businesses in the area are utilizing AI, IoT, ML, and deep learning technologies in their operational procedures. In order to improve their standing in the AI in IoT industry, they are also implementing a number of growth initiatives. List of TOP AI in IoT Market Companies Google, Microsoft, IBM, AWS, Oracle, SAP (Germany), PTC, GE, Salesforce, HPE, Uptake, SAS, Autoplant Systems Pvt Ltd. (India), Kairos, Softweb Solutions, Arundo, C3 IoT (US), Anagog (Israel), Imagimob (Sweden), and Thingstel (India) are some of the leading vendors in the global AI in IoT market.
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