The global artificial intelligence (AI) in IoT market is expected to record a 26% growth between 2019 and 2024.
Research firm Markets and Markets predicts revenue generation within the AI in IoT market to grow from $5.1 billion in 2019 to $16.2 billion by 2024.
Key market drivers include the growing need to efficiently process a vast amount of real-time streaming from IoT devices and to reduce maintenance cost and downtime.
Other key study findings include:
The Asia Pacific region is expected to record the highest growth among other regions owing to the growth in the number of AI in IoT vendors in major APAC countries, such as China and Japan.
The region is also heavily investing in research and development of innovative technologies.
The software solutions segment will grow at the highest growth rate compared to other segments.
This is a result of efforts to enhance security and scalability as well to meet interoperability challenges that arise due to varied heterogeneous devices and large volumes of data.
The Natural Language Processing (NLP) technology segment will grow at the fastest rate compared to machine learning and deep learning.
This is a result of the growing demand for analyzing huge amounts of data generated by IoT devices. Moreover, NLP enables users to integrate not only voice understanding with devices and sensors, but also localization features, leading to creative translation.