AI in IoT Market Size

AI in IoT Market size was over USD 73.38 billion in 2023 and is projected to exceed USD 174.7 billion by 2036, growing at over 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of AI in IoT is assessed at USD 77.43 billion. The growth of the market can be attributed to the rising need to process large volumes of data generated from IoT devices, increasing adoption of cloud-based services across enterprises, and growing user base of AI-enabled IoT devices in various industry verticals such as retail, manufacturing, healthcare and BFSI. As of 2021, more than 90% of enterprises already use a cloud service, and almost 30% of all IT budgets are allocated for cloud computing. Along with these, as the number of small and medium sized organizations across the globe are increasing, there is a high requirement for reducing maintenance cost and downtime among these enterprises, which is projected to offer abundant growth opportunities to the market in the forthcoming years. Furthermore, surge in competition in industrial IoT is giving rise to new innovations to AI-enabled IoT products, which in turn is expected to drive AI in IoT market growth in the near future.