Market intelligence study for the AI in IoT market

Machine learning and deep learning technology are set to flourish at a 5.7% CAGR in the global AI in IoT market. According to a report by Future Market Insights, the global market for AI in IoT is estimated at US$6.2 billion in 2022 and is projected to reach US$142.4 billion by 2032. During the forecast period from 2022 to 2032, the market is expected to reach a CAGR of 6.2%. It's projected to grow steadily over the next few years as billions of devices, services, and systems connect, which is expected to be primarily driven by the adoption of low-cost sensors that can convert physical data into digital content. The report says the growing demand for smart cities and IoT solutions in developing regions has increased the value of AI in the IoT market.