The generative ai in iot global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative AI In IoT Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The generative AI in IoT market size has grown exponentially in recent years. It will grow from $1.24 billion in 2023 to $1.58 billion in 2024 at a compound annual growth rate (CAGR) of 28%. The growth in the historic period can be attributed to increased IoT device adoption, demand for enhanced security, need for improved operational efficiency, advancements in AI technology, growing data volumes, increased focus on predictive maintenance, evolution of cloud computing.
The generative AI in IoT market size is expected to see exponential growth in the next few years. It will grow to $4.27 billion in 2028 at a compound annual growth rate (CAGR) of 28.2%. The growth in the forecast period can be attributed to rising complexity of IoT systems, integration of AI with edge computing, expansion of smart cities initiatives, increased investment in AI research and development, advancements in natural language processing, growing emphasis on personalization, enhanced AI regulation and standards. Major trends in the forecast period include advancement in AI algorithms, integration of generative AI with 5g technology, growth of autonomous systems, expansion of AI-powered analytics, emergence of edge AI solutions, increase in AI-driven personalization features, focus on energy efficiency.
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Scope Of Generative AI In IoT Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI In IoT Market Overview
Market Drivers –
The escalating demand for anomaly detection in IoT networks is expected to propel the growth of generative AI in the IoT market going forward. Anomaly detection in IoT networks refers to the process of identifying unusual patterns or behaviors in data collected from Internet of Things devices. The increasing demand for anomaly detection in IoT networks is due to the need for enhanced security, early problem detection, and the ability to maintain the reliability and efficiency of connected systems. generative AI in IoT networks enhances anomaly detection by using advanced algorithms to identify unusual patterns and behaviors, thereby improving security, reducing downtime, optimizing system performance, and supporting proactive maintenance and decision-making. For instance, in April 2023, according to a report by Check Point, an Israel-based software security provider, the first two months of 2023 witnessed a 41% increase in the average number of weekly attacks per organization targeting IoT devices compared to 2022. On average, 54% of organizations experience attempted cyber-attacks on IoT devices each week. Therefore, an escalating demand for anomaly detection in IoT networks is driving the generation of AI in the IoT market.
Market Trends –
Major companies operating in the generative AI in IoT market are focusing on developing technologically advanced solutions, such as AI IoT security assistants, to enhance operational efficiency, simplify complex tasks, and address the cybersecurity skills gap by leveraging generative AI technology. AI-driven security assistants enhance cybersecurity by providing real-time analysis of security events, automating threat identification, and generating actionable insights to mitigate risks. For instance, in May 2024, Fortinet Inc., a US-based cybersecurity company, launched its first generative AI IoT security assistant as part of its expanded GenAI network and security operations capabilities. This new service integrates FortiAI, Fortinet’s advanced context-aware AI assistant, to enhance network and security management. The AI assistant supports natural language queries, enabling IT and security teams to perform tasks such as GenAI-assisted scripting, IoT vulnerability detection, and simplified threat analysis. This solution addresses the cybersecurity skills gap and streamlines operations by making complex tasks more accessible and faster to execute.
The generative AI in iot market covered in this report is segmented –
1) By Technology Providers: Established AI Technology Companies, IoT Platform Providers, Cloud Service Providers, Specialized Generative AI Startups
2) By Deployment Mode: On Device, Cloud Based
3) By Application: Anomaly Detection, Predictive Maintenance, Adaptive Control, Resource Optimization, Personalized Services, Contextual Decision Making
4) By Industry Vertical: Manufacturing, Healthcare, Transportation, Agriculture, Other Industries
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Regional Insights –
North America was the largest region in the generative AI in IoT market in 2023. The regions covered in the generative AI in IoT market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in IoT market are Google LLC, Microsoft Corporation, Dell Technologies Inc., Bosch Group, Huawei Technologies Co. Ltd., Amazon Web Services Inc. (AWS), Siemens AG, General Electric Company (GE), Intel Corporation, Accenture plc, International Business Machines Corporation (IBM), Cisco Systems Inc., Qualcomm Incorporated, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, Fujitsu Limited, NVIDIA Corporation, Keysight Technologies Inc, Fortinet, Inc, Hitachi Vantara LLC, PTC Inc., Palantir Technologies Inc., Temenos AG, C3.AI inc.< /b>
Table of Contents
1. Executive Summary
2. Generative AI In IoT Market Report Structure
3. Generative AI In IoT Market Trends And Strategies
4. Generative AI In IoT Market – Macro Economic Scenario
5. Generative AI In IoT Market Size And Growth
…..
27. Generative AI In IoT Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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