Artificial Intelligence in IOT Market Revenue to Record Stellar Growth Rate During 2020 – 2027

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The global Artificial Intelligence in IoT Market is estimated to grow from USD 2.64 Billion in 2019 to reach USD 15.72 Billion by 2027, at a CAGR of 25.0% during the forecast period from 2020-2027.

The rising demand for asset monitoring, performance management of transport and related appliances along with the growing need for improved customer service through real-time monitoring is fueling the growth of the industry. The need to reduce downtime and maintenance costs has spurred the growth of AI in IoT sector globally. 

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.

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