AI plays a significant role in monitoring, production development, industrial applications, and analytics, among others in several business environments. Further, with the rising number of IoT-based devices, the need to effectively process the enormous real-time data generated from connected devices to reduce downtime and maintain costs drive demand in the AI in IoT market. The two technologies together are projected to offer futuristic opportunities in several industry verticals such as retail, transport, and healthcare. Moreover, IoT-based sensor data is gaining prominent attention among researchers in healthcare, information science, and bioinformatics domains, government policy and decision-makers, and enterprises as players seek to tap the potential of the colossal data stored by sensors.
Implementation of Machine Learning and Deep Learning Technologies to Develop Digital Ecosystems
The pervasiveness of IoT, owing to the integration of functions with AI, offers significant opportunities for the development of digital ecosystems. AI is an essential catalyst for IoT devices to analyze and manage the immense data generated. Thus, the implementation of AI capabilities such as machine learning, deep learning, analytics, and others to process and recognize data patterns is expected to drive the growth of the AI in IoT market during the forecast period.
Advancements in AI & IoT to Revolutionize the Retail Industry
AI and IoT are transforming the retail sector to offer better in-store experience and enhance the efficiency of retail stores. For instance, in November 2018, ESB’s Smart Energy Services business unit collaborated with IBM Research-Ireland to support retailers save energy using AI and IoT applications. This partnership mainly focuses on the high energy consumption of refrigeration units in the retail sector utilizing AI and IoT based analytics to identify and validate potential saving options for large energy consumers.
North America is to experience dynamic growth in AI in IoT market on account as the region is an early adopter of the technology. Further, the rising demand for analytical solutions among enterprises to process the massive data generated by IoT devices is expected to provide impetus to market growth in the region. For instance, in May 2019, Octo Telematics partnered with SAS to improve the analytical capabilities throughout its insurance IoT platform. This partnership aims to offer property and casualty insurance carriers deeper business insights through the power of IoT. The adoption of such analytical capabilities is expected to fuel the demand for AI in IoT during the forecast period, 2019–2026.
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In Europe, the AI in IoT market is expected to witness significant growth on account of government initiatives and funding that aim to secure IoT systems such as Security of Digital Technology at the Periphery (SDTaP) programme funded by U.K. Research and Innovation through a Strategic MA Priorities Fund. For instance, in March 2019, with an aim to lead in the field of tackling cyber threats, the U.K. launched the PETRAS (privacy, ethics, trust, reliability, acceptability, and security) National Centre of Excellence for IoT systems cybersecurity offering enhancement in research associated with IoT and security systems. The facility would focus on the threats and opportunities that arise when Edge computing is adopted with things, such as when AI and machine learning shift from being centralized systems to run at the periphery of the internet and local IoT networks.
Asia-Pacific is expected to witness considerable growth in AI in IoT market with countries in the region rapidly embracing digitalization on an accelerated pace. Additionally, the integration of IoT, AI, and blockchain, among others is expected to boost the digital revolution, as APAC is home to several tech giants that are investing millions of dollars in the research of smart devices that connect to IoT.
Some of the prominent players in the global AI in IoT market are Google, Microsoft, IBM Corporation, Amazon Web Services, Inc, Oracle , SAP, BHGE, Salesforce, Hitachi, Uptake, SAS, Autoplant Systems Pvt Ltd., Kairos, Softweb Solutions, Arundo, C3 IoT, Anagog, Imagimob, and Thingstel.
In March 2019, NVIDIA announced a collaboration with Amazon Web Services IoT on NVIDIA® Jetson™ to enable customers to deploy AI and deep learning to millions of connected devices. This platform offers AI at the edge with high-performance and power-efficient computing for applications including autonomous machines and smart cameras for industries such as retail, manufacturing, agriculture, and others.
In June 2019, Baker Hughes, a GE company, announced a joint venture agreement with C3.ai to deliver AI solutions across the oil and gas industry. This joint venture would combine BHGE’s oil and gas technology domain expertise with C3.ai’s AI software suite and solutions, creating new opportunities for the sector.
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