The growing complications in gathered data are necessitating the adoption of artificial intelligence (AI). Even a field such as the internet of things (IoT) will require the implementation of AI. The vast amount of data generated and to be processed in connected devices through internet of things is expected to be cumbersome. Artificial intelligence based solutions will make IoT more efficient, thus planting the seed for the global AI in IoT market. The coming years are expected to be the turning years for this market. The AI in IoT market will be influenced by AI’s capacity to provide tools and frameworks for automating processes and real time decisions.
Global AI in IoT Market: Notable Developments
The global AI in IoT market is evolving at a brisk pace, bolstered by the swift advances in technology. Here are some notable developments that could impact the AI in IoT market in the coming years:
- Amazon’s Web Services IoT
Amazon has introduced Web Services IoT with its ‘Amazon Echo’. It is essentially and managed cloud platform enabling devices to securely access other devices and cloud applications. Spotify, Fitbit and Uber are some of their prominent partners in this venture. The product’s popularity is expected to grow, boosting the global AI in IoT market.
- London City Airport Initiative
The first one of its kind to use cross-technology networks to improve passager experience and operations in a safe environment is the London City Airport. Connected IoT devices allow passenger crew to monitor passenger travel through the terminal, predict requirements, alert boarding gate personnel to line up before large queues, let them know when to leave the transportation gates, make coffee orders ready to be served by ticket holders at points of boarding, and especially speed-up the check-in and check-in process and take off or lose tracks of missing baggage. This is one of the prime examples in the global AI in IoT market.
- Bosch Partners with Tesla and BMW for Autonomous Cars
For supporting and connecting industrial and smart city applications, Bosch introduced its cloud server in Germany. The Bosch IoT software suite has over five million devices linked. In addition, the company has plunged into the auto domain and partnered with Tesla and BMW to produce autonomous vehicle prototypes.
Key players in the global AI in IoT market are IBM, Salesforce, Microsoft, Google, and Oracle.
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Global AI in IoT Market Dynamics
A key factors fuelling the global AI in IoT market is the pressing need for real-time analysis and monitoring of vast amounts of data. Consumers and customers are looking for a unique experience, which a factor that vendors in the AI in IoT market are expected to leverage on. This is expected to generate high demand for AI solutions in IoT related processes and devices.
Large and small enterprises are witnessing a radical volume of data streaming in from IoT devices. The need to reduce maintenance costs in these processes is another key factor contributing to the growth of the global AI in IoT market in forthcoming years.
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Growing Private and Public Investments to Bolster Asia Pacific Market
The region of North America is likely to hold command in the global AI in IoT market in the coming years. The region offers high potential for vendors to grow on account of high investments made by government authorities in the sector. North America is additionally blessed with the presence of leading players, fuelling the AI in IoT market in the region.
Asia Pacific is expected to register a high growth in the global AI in IoT market. A number of private and public sector enterprises are allocating resources towards the development of this field, fuelling the market in this region.
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