◆英語タイトル：AI in IoT Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
Artificial Intelligence (AI) in the IoT market is expected to grow at a CAGR of 27.3% during the forecast period (2021-2026). Both technologies, when blended, create intelligent machines that simulate rational behavior and supports in decision making with little or no human interference. The growing emphasis on effective management of data generated from IoT devices to gain valuable insights and real-time monitoring to curate an enhanced customer experience are the key growth drivers for the market.
- Additionally, the majority of the companies are shifting to cloud from on-premise AI, owing to faster delivery time with low latency and real-time tracking, which is likely to foster the studied market growth during the forecast period. For instance, with Amazon Echo, Amazon has introduced Web Services IoT, which is a managed cloud platform and lets devices connect securely access cloud applications and other devices. They have several partners, such as Fitbit, Uber, Spotify, and others.
- The retail sector is leveraging cloud AI in IoT based services mainly to enhance their customer experience programs and develop more customer-oriented products. For instance, in a smart retail environment, a camera system equipped with computer vision capabilities can use facial recognition to identify customers when they walk through the door. If the system detects the majority of customers walking into the store are Millennials, it can push out product advertisements or in-store specials that appeal to that demographic, therefore driving up sales.
- Lack of skilled workforce, along with growing concerns regarding data security, are some of the major factors restraining the studied market growth. However, during the spread of Coronavirus, the ability for organizations to access scalable, dependable, and highly secure computing power whether for vital healthcare work, to help students continue learning, or to keep unprecedented numbers of employees online and productive from home are some of the critical factors owing to the growth of the market in this situation. Hospital networks, pharmaceutical companies, and research labs are using AI-enabled IoT devices to care for patients, explore treatments, and mitigate the impacts of COVID-19 in many other ways. All of the above factors have accelerated the growth rate of the market in the short run and are expected to augment it further in the long term.
Key Market Trends
Manufacturing Industry is Expected to Witness Significant Growth
- Manufacturers are increasingly taking steps to achieve 100% automated data management systems. AI-enabled IoT applications for manufacturing can also efficiently deal with operations such as monitoring and optimizing equipment performance, production quality control, and human-to-machine interaction. Faster and efficient manufacturing and supply chain operations allow reducing product cycle time significantly.
- For instance, In June 2019, Microsoft and the BMW Group announced “a new community initiative” to enable faster, more cost-effective innovation in the manufacturing sector. The goal is to significantly accelerate the future Industrial IoT developments, shorten time to value, and drive production efficiencies while addressing common industrial challenges. The underlying platform will continue to evolve, along with manufacturing requirements, to incorporate innovations, including areas of analytics, artificial intelligence, and digital feedback loops.
- Moreover, With the high rate of adoption of sensors and connected devices and the enabling of M2M communication, there has been a massive increase in the data points that are generated in the manufacturing industry. These data points could be of various kinds, ranging from a metric describing the time taken for a material to pass through one process cycle or a more advanced one, such as the calculation of the material stress capability in the automotive industry.
- Various vendors in the market are also offering professional services specific to the manufacturing industry. IBM offers its IoT professional services under Watson, including consulting and boasts prominent clients in manufacturing space. For example, Mahindra & Mahindra Ltd, an automobile manufacturer in India, has adopted connected engineering solutions from IBM.
North America is Expected to Hold Major Share
- The growth in the region in AI in the IoT market is associated with an increase in the numbers of early adopters of the technology. Other factors influencing the growth of the market are the presence of most of the major players in the region, higher cloud adoption rate among the end-user, which is also driving the investment in the studied market. The market players in the area are even viewing strategic partnerships and collaborations among various significant players in the market as a lucrative path towards market expansion.
- In March 2019, US-based 8×8 Inc. integrated its 8×8 contact center with Google Cloud’s new contact center AI. This solution combines multiple AI products to enhance the customer service experience, as well as the productivity of contact centers.
- Moreover, 5G enabled IoT connections is expected to further raise the market demand in the United States. As per IoT Association, the United States leads in terms of smart home adoption, with the highest intelligent home device ratio per household and the most significant consumer propensity to own devices across two or three use cases (security, energy, and appliances).
- Additionally, the country expects Billions of devices connected to the internet, devices, and sensors of the internet of things. With the onset of 5G networks, more bandwidth and faster internet speeds can be utilized by Google and Facebook, for instance, to develop more advanced services soon.
The AI in IoT Market is highly competitive owing to the presence of a large number of players in the market operating in domestic as well as in the international market. The market appears to be fragmented. Owing to the increase in the applications of AI in the IoT market, major players in the market are adopting strategies like product innovation, partnership, mergers, and acquisitions. Some of the key developments are:
- In October 2019, SAP SE and Verizon partnered to create enterprise solutions that use Verizon’s network and platform capabilities integrated with SAP software and services, particularly the SAP Leonardo Internet of Things (IoT) solution, SAP Edge Services, and analytics, computing and data management capabilities.
- In March 2020, Azure IoT Introduces seamless integration with Cisco IoT. This partnership between Cisco and Azure IoT is expected to simplify customer deployments significantly. It gives customers the ability to securely connect their assets and simply ingest and send IoT data to the cloud. Cisco IoT Gateways will now be pre-integrated to take advantage of the latest in cloud technology from Azure.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness – Porter’s Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitutes
4.3.5 Intensity of Competitive Rivalry
4.4 Market Drivers
4.4.1 Rising Big Data Volume
4.4.2 Effective Management of Data Generated From IoT Devices to Gain Valuable Insights
4.5 Market Restraints
4.5.1 Lack of Skilled Workforce and Data Security Concerns
4.6 Assessment of Impact of Covid-19 on the Industry
4.7 Technology Evolution and Trends
4.7.1 Machine Learning and Deep Learning
4.7.2 Natural Language Processing
5 MARKET SEGMENTATION
5.1 By Component
188.8.131.52 Application Management
184.108.40.206 Connectivity Management
220.127.116.11 Device Management
18.104.22.168 Managed Services
22.214.171.124 Professional Services
126.96.36.199 Data Management
188.8.131.52 Network Bandwidth Management
184.108.40.206 Real-Time Streaming Analytics
220.127.116.11 Remote Monitoring
18.104.22.168 Other Softwares (Security, Edge Solution)
5.2 By End user Vertical
5.2.1 Banking, Financial Services, and Insurance
5.2.2 IT and Telecom
5.2.3 Energy and Utilities
5.2.6 Others (Transport & Mobility, Government, Retail)
5.3.1 North America
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles*
6.1.1 Amazon Web Services
6.1.2 International Business Machines Corporation
6.1.3 Autoplant Systems India Pvt. Ltd.
6.1.4 SAP SE
6.1.5 Google LLC
6.1.6 Microsoft Corporation
6.1.7 Oracle Corporation
6.1.8 Salesforce.com, Inc.
6.1.9 PTC Inc.
6.1.11 General Electric
6.1.12 Hitachi ID Systems
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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