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AI in IoT Market to Generate $91.7 billion by 2032, Registering at a CAGR of 24.8%

02-23-2024 04:50 AM CET | IT, New Media & Software

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
AI in IoT Market

AI in IoT Market

The ai in iot market was valued at $10.3 billion in 2022, and is estimated to reach $91.7 billion by 2032, growing at a CAGR of 24.8% from 2023 to 2032.

The retail and e-commerce sector is expected to experience the fastest growth in the coming years. The driving need for smart inventory management and supply chain optimization in retail and e-commerce sectors to monitor product-related queries is driving the AI in IoT solutions demand in this sector.

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The integration of artificial intelligence (AI) with Internet of Things (IoT) solutions has indeed revolutionized various industries by providing automation capabilities that enhance operational efficiency, reduce costs, and improve user experiences. Let's delve into some key points regarding the impact of AI in IoT across different sectors:

AI-powered IoT solutions enable automation of tasks, predictive maintenance, and optimization of resource utilization. This leads to streamlined operations and reduced operational costs across industries such as manufacturing, logistics, and agriculture.

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AI in IoT is utilized to optimize transportation systems by analyzing real-time data from sensors and traffic cameras. This helps in reducing traffic congestion, improving route planning, and enhancing overall safety on roads, contributing to more efficient and sustainable urban mobility.

AI algorithms integrated with IoT devices enable organizations to process and analyze large volumes of data in real-time. This facilitates data-driven decision-making, allowing businesses to gain valuable insights and respond promptly to changing market conditions.

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In the media and entertainment sectors, AI-powered IoT solutions are leveraged to deliver personalized content, recommendations, and experiences to consumers. This enhances customer engagement and satisfaction, ultimately driving revenue growth for businesses.

AI in IoT has also revolutionized communication operations on various devices, including smartphones, tablets, and computers. It enables seamless connectivity, collaboration, and remote work capabilities, empowering organizations to adapt to flexible working arrangements and improve productivity.

AI-powered IoT systems contribute to improving safety and security across various domains, including smart cities, healthcare, and industrial facilities. These systems can detect anomalies, identify potential risks, and mitigate threats in real-time, thereby enhancing overall safety levels.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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