Market Overview
IoT technology is essential for various organizations to undergo digital transformation, empowering them to upgrade existing processes by developing and monitoring new business models in real-time. Enterprises and service providers have recognized IoT as a key driver of digital transformation initiatives and operational efficiencies. An increasing number of companies now view IoT as critical to business success, contributing to its rising adoption globally.
The global AI (Artificial Intelligence) in IoT (Internet of Things) market witnessed a growth of 7.0% in 2022 as compared to the previous year, resulting in a market size of USD 62.72 billion. Artificial intelligence and the Internet of Things, when combined, have immense potential to transform entire sectors of the economy. The Internet of Things driven by AI creates intelligent technologies that can simulate intelligent behavior and aid in decision-making with minimal to no human involvement.
As data volumes continue expanding exponentially worldwide, relying solely on human-driven analysis to inform strategic decisions will become increasingly untenable for organizations due to constraints around time and cognitive capacity. AI technologies can efficiently analyze large, complex data pools to uncover patterns and relationships that may elude human detection or require disproportionate manual effort. This facilitates the rapid identification of new competitive advantages.
Market Segmentation
Solution
Software
– Data Management
– Real-Time Stream Processing
– Network Bandwidth Management and Control
– Edge Computing
– Others
Services
– Managed Services
– Professional Services
Platform
– Application Management Platform
– Connectivity Management Platform
– Device Management Platform
End-User
Manufacturing
BFSI (Banking, financial services and insurance)
Healthcare
IT and Telecom
Others
Region
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa (MEA)
The AI in IoT market can be divided into software, services, and platform. The software category emerged as the top performer in 2022, recording a remarkable revenue growth of 6.7% from the previous year and attaining a revenue of USD 40.05 billion. However, the platform segment is anticipated to experience the fastest growth, with a projected compound annual growth rate of 9.1% during the same forecast period.
The AI in IoT market can be divided into Manufacturing, BFSI (banking, financial services, and insurance), healthcare, IT and telecom, and others.
The AI in IoT market can be divided into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa (MEA). North America was the primary revenue contributor, accounting for 38.0% of the sales value share in 2022. North America represents a major regional market due to widespread adoption of artificial intelligence and Internet of Things technologies across industries such as automotive/transportation, manufacturing, retail, and healthcare. This high adoption partly explains the region’s market growth examined herein. North America also leads in developing AI and IoT applications for emerging end-user sectors.
The region hosts many global IoT and AI vendors, particularly in the United States. Additionally, the region boasts a robust technology ecosystem, and its automobiles have increasingly incorporated software capabilities. When coupled with IoT, AI-enabled devices can autonomously analyze data, make decisions, and act upon insights without human intervention. Tesla’s self-driving vehicles exemplify AI and IoT collaboration, as they predict car and pedestrian behavior in various conditions and grow smarter through each trip by determining road conditions, weather, and optimal speed.
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Competitive Landscape
The global AI in IoT industry operates within a highly competitive market environment. It involves numerous corporate participants ranging from large multinational companies to regional players. The prominent players operating in the global AI in IoT market include Intel Corporation, SAP SE, Advantech Co., Ltd., Siemens AG, ABB, Ltd., Cisco Systems, Inc., Huawei Technologies Co., Ltd., IBM Corporation, Amazon Web Services Inc., AT&T Inc., Microsoft Corporation, Salesforce, Inc., Texas Instruments Incorporated, Mitsubishi Electric Corporation, among others. With diverse offerings, these companies strive to meet the varied needs of clients around the world while seeking to strengthen their respective positions in this dynamic business landscape.
Key Questions Answered
What is the projected global market size of AI in IoT by 2028?
Among the various solution segments, which segment has taken the leading position?
Which end user segment exhibits dominant control and influence?
Which region segment possesses the largest market share?
Who are the key players with the largest market share in the AI in IoT market?
What is the estimated global market size for the AI in IoT market in 2023?
What are the main factors driving the growth of the AI in IoT market?
What is the expected incremental growth of the AI in IoT market during the forecast period?
| Report Coverage | Details |
|---|---|
| Market Size | USD 62.7 billion in 2022 |
| CAGR (2023-2028) | 7.99% |
| Base Year | 2022 |
| Forecast Period | 2023-2028 |
| Pages | 82 |
| Segments | Solution, End User, Region |
| Regions Covered | Europe, North America, Asia-Pacific, Latin America, Middle East and Africa (MEA) |
| Key Players | ABB Ltd., Advantech Co. Ltd., Amazon Web Services Inc., AT&T Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., IBM Corporation, Intel Corporation, Microsoft Corporation, Mitsubishi Electric Corporation, Salesforce Inc., SAP SE, Siemens AG, Texas Instruments Incorporated |
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 4
Part 1. Key Findings 7
Part 2. Scope and Methodology 10
Report Scope 10
Solution 10
End-User 11
Region 11
Research Methodology 11
Part 3. AI in IoT Market Overview 13
Summary 13
Introduction 13
Part 4. Market Dynamics 15
Growth Drivers and Future Trends 15
Restraints and Challenges 16
Opportunities 17
Part 5. Global AI in IoT Market by Solution 18
Summary 18
Software 20
Services 23
Platform 26
Part 6. Global AI in IoT Market by End-User 29
Part 7. Global AI in IoT Market by Region 33
Part 8. Competitive Analysis 38
Competition Overview 38
Intel Corporation 39
Business Overview 39
Contact Information 41
SAP SE 41
Business Overview 41
Contact Information 44
Advantech Co., Ltd. 44
Business Overview 44
Contact Information 46
Siemens AG 46
Business Overview 46
Contact Information 49
ABB, Ltd. 49
Business Overview 49
Contact Information 52
Cisco Systems, Inc. 52
Business Overview 52
Contact Information 55
Huawei Technologies Co., Ltd. 55
Business Overview 55
Contact Information 57
IBM Corporation 57
Business Overview 57
Contact Information 62
Amazon Web Services Inc. 62
Business Overview 62
Contact Information 62
AT&T Inc. 63
Business Overview 63
Contact Information 65
Microsoft Corporation 65
Business Overview 65
Contact Information 69
Salesforce, Inc. 69
Business Overview 69
Contact Information 71
Texas Instruments Incorporated 71
Business Overview 71
Contact Information 74
Mitsubishi Electric Corporation 74
Business Overview 74
Contact Information 79
Disclaimer 80
FIGURES AND TABLES
Global AI in IoT Market, Net Growth, 2020-2028 (USD Billion)
Global AI in IoT Market by Solution, 2020-2028 (USD Billion)
Global AI in IoT Market by Solution, CAGR Historic and Forecast, 2020-2028
Global AI in IoT Market by Type, 2020-2028 (USD Billion)
Global AI in IoT Market by Type, CAGR Historic and Forecast, 2020-2028
Global AI in IoT Market by Type, 2020-2028 (USD Billion)
Global AI in IoT Market by Type, CAGR Historic and Forecast, 2020-2028
Global AI in IoT Market by Type, 2020-2028 (USD Billion)
Global AI in IoT Market by Type, CAGR Historic and Forecast, 2020-2028
Global AI in IoT Market by End-User, 2020-2028 (USD Billion)
Global AI in IoT Market by End-User, CAGR Historic and Forecast, 2020-2028
Global AI in IoT Market Share by Region, 2022
Global AI in IoT Market by Region, 2020-2028 (USD Billion)
Global AI in IoT Market by Region, CAGR Historic and Forecast, 2020-2028
Intel Corporation Financial Overview (USD Million)
Intel Corporation Revenue, by Segment, 2022
Intel Corporation Revenue, by Region, 2022
SAP SE Financial Overview (EUR Million)
SAP SE Revenue, by Segment, 2022
SAP SE Revenue, by Region, 2022
Advantech Co., Ltd. Financial Overview (TWD Million)
Advantech Co., Ltd. Revenue, by Segment, 2022
Advantech Co., Ltd. Revenue, by Region, 2022
Siemens AG Financial Overview (EUR Million)
Siemens AG Revenue, by Segment, 2022
Siemens AG Revenue, by Region, 2022
ABB, Ltd. Financial Overview (USD Million)
ABB, Ltd. Revenue, by Type, 2022
ABB, Ltd. Revenue, by Segment, 2022
ABB, Ltd. Revenue, by Product, 2022
ABB, Ltd. Revenue, by Region, 2022
Cisco Systems, Inc. Financial Overview (USD Million)
Cisco Systems, Inc. Revenue, by Segment, 2022
Cisco Systems, Inc. Revenue, by Region, 2022
Huawei Technologies Co., Ltd. Financial Overview (CNY Million)
Huawei Technologies Co., Ltd. Revenue, by Customer Group, 2022
Huawei Technologies Co., Ltd. Revenue, by Industry, 2022
Huawei Technologies Co., Ltd. Revenue, by Region, 2022
IBM Corporation Financial Overview (USD Million)
IBM Corporation Revenue, by Segment, 2022
IBM Corporation Software Revenue, by Segment, 2022
IBM Corporation Consulting Revenue, by Segment, 2022
IBM Corporation Infrastructure Revenue, by Segment, 2022
IBM Corporation Revenue, by Region, 2022
Amazon Web Services Inc. Financial Overview (USD Million)
AT&T Inc. Financial Overview (USD Million)
AT&T Inc. Revenue, by Type, 2022
AT&T Inc. Revenue, by Segment, 2022
AT&T Inc. Revenue, by Region, 2022
Microsoft Corporation Financial Overview (USD Million)
Microsoft Corporation Revenue, by Type, 2022
Microsoft Corporation Revenue, by Segment, 2022
Microsoft Corporation Revenue, by Region, 2022
Salesforce, Inc. Financial Overview (USD Million)
Salesforce, Inc. Revenue, by Segment, 2022
Salesforce, Inc. Revenue, by Region, 2022
Texas Instruments Incorporated Financial Overview (USD Million)
Texas Instruments Incorporated Revenue, by Segment, 2022
Texas Instruments Incorporated Revenue, by Region, 2022
Mitsubishi Electric Corporation Financial Overview (JPY Billion)
Mitsubishi Electric Corporation Revenue, by Segment, 2022
Mitsubishi Electric Corporation Infrastructure Revenue, by Segment, 2022
Mitsubishi Electric Corporation Industry and Mobility Revenue, by Segment, 2022
Mitsubishi Electric Corporation Life Revenue, by Segment, 2022
Mitsubishi Electric Corporation Business Platform Revenue, by Segment, 2022
Mitsubishi Electric Corporation Revenue, by Region, 2022
Companies Mentioned
A selection of companies mentioned in this report includes:
ABB, Ltd.
Advantech Co., Ltd.
Amazon Web Services Inc.
AT&T Inc.
Cisco Systems, Inc.
Huawei Technologies Co., Ltd.
IBM Corporation
Intel Corporation
Microsoft Corporation
Mitsubishi Electric Corporation
Salesforce, Inc.
SAP SE
Siemens AG
Texas Instruments Incorporated
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