The global artificial intelligence in big data analytics and IoT is expected to witness growth with a CAGR of 29.9% during the forecast period. The internet of things (IoT) is a technology of connecting machines and using the data generated by those machines. The data generated by IoT is further analyzed by artificial intelligence (AI). The advantages provided by AI in big data analytics and IoT such as improved efficiency and productivity, and increased customer satisfaction, are major factors that are driving the demand for the market in recent years.
Artificial Intelligence in IoT provides benefits such as improved customer experience, reduced time and cost, and enhanced operational efficiency and productivity, which are driving the market for artificial intelligence in big data analytics and IoT. IoT is used by enterprises to gather big data about customers in real-time. Further, this harnessed data is used by organizations to develop services or products that can meet changing customer needs. Artificial intelligence plays a significant role in automating this data so that a rapid response can be generated to meet the changing customer need. Further, increasing customer expectations are also driving the growth of the artificial intelligence in big data analytics and IoT market in recent years.
At the same time, rules and regulations framed by governments are propelling the growth of the artificial intelligence in big data and IoT market. For instance, in March 2017, Canada announced the launch of Pan-Canadian Artificial Intelligence Strategy which will be led by Canadian Institute of Advance Research (CIFAR), a nonprofit research institute that receives funding from the Canada government. However, the lack of professional experts can restraint the growth of the market. But, the unmanageable volume of data generated across various industries is creating opportunities for the market.
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The major key players operating in the artificial intelligence in big data analytics and IoT market are Amazon.com, Inc., Google Inc., IBM Corporation, Microsoft Corporation, CISCO Systems Inc., Intel Corporation, Infineon Technologies AG, NVIDIA Corporation, Veros Systems Inc., Apple Inc., and others. Companies operating in this artificial intelligence in big data and IoT market are concentrating on research and development, along with acquisitions and mergers, and innovations in products, in order to strengthen their market shares. For instance, in April 2018, Microsoft announced its collaboration with C3 IoT, a developer of enterprise software solutions, to speed up adoption of AI and IoT in enterprises. The Microsoft-C3 IoT collaboration will offer more intelligent business solutions to customers in order to increase customer value.