Generative AI In IoT Market Segments 2024-2033 | Size, Share And Insights

"The Business Research Company recently released a comprehensive report on the Global Generative AI In IoT Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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, 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.

Generative AI In IoT Market 2024 Key Insights:

• 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%.
• Escalating Demand For Anomaly Detection In Iot Networks Fuels Growth In generative AI Solutions
• Industry's First generative AI Iot Security Assistant To Enhance Network And Security Operations
• North America was the largest region in the generative AI in IoT market in 2023

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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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