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IoT and AI market will face a 10x growth by 2026

Sep 21, 2020

The value of data is stimulating the IoT advanced analytics market, with the emergence of ML and AI solutions

IoT AI

IoT and AI market will face a 10x growth by 2026. Source: pixabay.com

According to ABI Research, the IoT ML and AI market will reach $1.09 billion this year and grow to $10.6 billion in 2026.

The report states that Edge ML/AI is more prevalent in manufacturing and industrial segments. That’s because there’s a need to assess, transform, and augment data as it is being generated through functions of quick pattern recognition, labeling, and protocol optimization.

Amazon Web Services, Azure, Google, SAS, and C3.ai are reportedly dominating the scene for their end-to-end IoT portfolios and combined native and third-party ML/AI toolkits.

The IoT Edge Advanced Analytics Market is essentially operationalized ML and AI products and services targeted at Operational Technology teams to understand and extract insights. and AI frameworks are also enabling advanced analytics in the cloud, where algorithmic models (predictive, prescriptive, correlations, etc.) are deployed on pre-processed and organized datasetsrnrn
Kateryna Dubrova, Research Analyst at ABI Research

The research highlights that edge and cloud are merging into a singular edge-cloud paradigm, while the vendors have clear positions on deployment choice.

The IoT edge marketplace is expected to take off within a couple of years and become an integral part of the IoT ecosystem.

We’ve reported that by?2027, the global blockchain IoT market is expected to?reach?$9,070 million, compared to $37.4 million in 2018, boosting at a CAGR of 60.6%.

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