Artificial Intelligence (Ai) In Iot Market 2024-2028: Analyzing IoT data faster demand Fuels Growth
The artificial intelligence (ai) in iot market size by End-user (BFSI, IT and telecom, Manufacturing, and Others), Component (Software and Services), and Geography (North America, Europe, APAC, South America, and Middle East and Africa), is forecast to increase by USD 27081.2 million. The market is expected to grow at a CAGR of 30.59% between 2024 and 2028.
The Internet of Things (IoT) encompasses a vast network of interconnected devices, including vehicles and household appliances, which incorporate electronics, software, sensors, actuators, and connectivity. This technology enables these devices to communicate and exchange data. However, the IoT extends beyond traditional Internet-connected devices, such as desktops, laptops, smartphones, and tablets, to a multitude of standalone or non-connected physical objects. IoT devices generate an immense volume of data, necessitating advanced analytical solutions. Artificial Intelligence (AI) is a valuable tool in this context, as it expeditiously derives insights from the vast amounts of data generated by IoT devices, enhancing operational efficiency and business intelligence.
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Artificial Intelligence (AI) integration in the Internet of Things (IoT) is significantly transforming the Business, Financial Services and Insurance (BFSI) sector. In this domain, AI algorithms and smart devices facilitate real-time data analysis for fraud detection, risk management, and personalized customer experiences. Banks and financial institutions leverage AI in IoT to enhance operational efficiency, boost security, and cater to the unique needs of their clients, particularly in developing countries. For instance, in India, AI-enabled IoT devices such as smart ATMs and mobile banking apps are revolutionizing financial services, providing personalized offerings to rural populations. Overall, AI in IoT is a game-changer for the BFSI sector, enabling real-time data analysis, enhancing customer engagement, and improving operational efficiencies.
In the dynamic landscape of the global Artificial Intelligence (AI) in Internet of Things (IoT) market, the software segment reigned supreme in terms of market size in 2023. This dominance can be attributed to the expanding globalization trend and the increasing IT and retail industry footprints, necessitating substantial data processing. The software-based AI in IoT solutions are in high demand due to the proliferation of Small and Medium Enterprises (SMEs) in emerging economies such as China, India, Brazil, Indonesia, and Mexico, who seek valuable business insights. Market vendors are delivering software solutions to organizations across diverse end-user industries, enabling them to effectively collect and analyze data to generate actionable business intelligence.
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