IoT in Energy Market Share Expected to reach USD 703.52 billion by 2031 | Top Players Such as - HPE, Bosch and Schneider Electric

According to the report published by Allied Market Research, The IoT in Energy Market Share Expected to reach USD 703.52 billion by 2031 | Top Players Such as - HPE, Bosch and Schneider Electric. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

An increase in the adoption of IoT devices, growth in demand for automation and efficiency, and surge in investment in Industry 4.0 technologies are the major factors that drive the growth of the global AI in IoT market. However, a lack of skilled experts in AI infrastructure and certain privacy concerns impede the growth of the market. Furthermore, advancements in AI technologies and smart city projects are anticipated to provide lucrative growth opportunities for the market in the upcoming years.

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The global IoT in Energy Market Size was valued at USD 109.19 billion in 2021, and is projected to reach at USD 703.52 billion by 2031, growing at a CAGR of 20.6%% from 2021 to 2031.

The IoT in energy market is segmented on the basis of component, network technology, organization size, application, and region. By component, it is bifurcated into solutions and services. On the basis of network technology, it is segregated into cellular network, satellite network and radio network. Depending on application, it is segregated into oil & gas, coal mining, smart grid and others. By organization size, it is categorized into small to medium enterprises (SMEs) and large-scale enterprises. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the platform segment held the highest market share in 2022, accounting for nearly three-fifths of the AI in IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. The increasing usage of internet devices generates a vast amount of data from connected devices, sensors, and other devices which has propelled the demand for AI in IoT platforms in several sectors. However, the service segment is projected to manifest the fastest CAGR of 29.5% from 2023 to 2032, as AI in IoT service helps to reduce the time and costs associated with optimizing systems in the initial phase of deployment.

Based on industry vertical, the manufacturing segment held the highest market share in 2022, accounting for nearly one-fourth of the AI in IoT market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to the fact that the adoption of AI in IoT tools has become an integral part of the manufacturing sector to sustain in the competitive market. However, the retail and e-commerce segment are projected to manifest the highest CAGR of 32.4% from 2023 to 2032. The growth in penetration of IoT devices in this sector is expected to provide lucrative opportunities for the market.

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Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the AI in IoT market revenue. The increase in the usage of AI in IoT solutions in businesses is anticipated to propel the growth of the market in this region. However, Asia-Pacific is expected to witness the fastest CAGR of 29.2% from 2023 to 2032 and is likely to enhance the market growth during the forecast period, owing to the increase in penetration of digitalization and higher adoption of cloud-based solutions.

This report gives an in-depth profile of some key market players in the IoT in energy market include HCL Technologies, Bosch, Cisco, Google Inc., Hewlett-Packard, IBM Corporation, Intel Corporation, Sap Se, and Schneider Electric. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which propel growth of the IoT in energy market globally.

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Covid-19 Scenario

● The COVID-19 pandemic has had a significant impact on the AI in IoT industry. While some sectors experienced challenges, others witnessed opportunities for growth and innovation. One of the positive impacts of the pandemic on the AI in IoT market was the increased demand for remote monitoring and automation solutions.

● In addition, the pandemic accelerated digital transformation initiatives across industries, further fueling the adoption of IoT solutions. As businesses looked to adapt to the changing landscape, they increasingly turned to IoT-enabled applications and services to optimize operations, improve supply chain resilience, and enhance customer experiences. This surge in IoT implementation created enhancements opportunities for AI in IoT platform providers, solution developers, and service providers.

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