Generative AI in IoT Market Report 2024

This Generative AI In IoT market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 the increased adoption of IoT devices, rising demand for enhanced security, a need for improved operational efficiency, advancements in AI technology, growing data volumes, a heightened focus on predictive maintenance, and the 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 the increasing complexity of IoT systems, the integration of AI with edge computing, the expansion of smart city initiatives, rising investment in AI research and development, advancements in natural language processing, a growing emphasis on personalization, and enhanced AI regulations and standards. Major trends during this period include advancements in AI algorithms, integration of Generative AI with 5G technology, growth of autonomous systems, expansion of AI-powered analytics, emergence of edge AI solutions, increased AI-driven personalization features, and a focus on energy efficiency.

The growing need for anomaly detection in IoT networks is anticipated to drive the expansion of Generative AI in the IoT market. Anomaly detection involves identifying unusual patterns or behaviors in data collected from Internet of Things devices. This increasing demand arises from the necessity for enhanced security, early problem detection, and maintaining the reliability and efficiency of connected systems. Generative AI enhances anomaly detection in IoT networks by utilizing advanced algorithms to spot unusual patterns and behaviors, thereby improving security, reducing downtime, optimizing system performance, and supporting proactive maintenance and decision-making. For instance, a report by Check Point, an Israel-based software security provider, revealed in April 2023 that the average number of weekly attacks on IoT devices per organization increased by 41% in the first two months of 2023 compared to 2022. On average, 54% of organizations faced attempted cyberattacks on IoT devices weekly. Thus, the rising demand for anomaly detection in IoT networks is fueling the growth of Generative AI in the IoT market.

Companies in the Generative AI in IoT market are focusing on developing advanced solutions, such as AI IoT security assistants, to enhance operational efficiency, simplify complex tasks, and address the cybersecurity skills gap with Generative AI technology. AI-driven security assistants improve cybersecurity by providing real-time analysis of security events, automating threat identification, and generating actionable insights to mitigate risks. For example, in May 2024, Fortinet Inc., a US-based cybersecurity firm, introduced its first Generative AI IoT security assistant as part of its expanded GenAI network and security operations capabilities. This service integrates FortiAI, Fortinet’s advanced context-aware AI assistant, to enhance network and security management. The AI assistant supports natural language queries, allowing IT and security teams to perform tasks such as GenAI-assisted scripting, IoT vulnerability detection, and simplified threat analysis. This solution helps address the cybersecurity skills gap and streamlines operations by making complex tasks more accessible and quicker to execute.

In June 2023, Accenture Plc., an Ireland-based professional services firm, acquired Flutura Limited for an undisclosed amount. This acquisition aims to bolster Accenture’s industrial AI services, particularly for clients in the energy, chemicals, metals, mining, and pharmaceutical sectors. Accenture seeks to enhance its capabilities by offering advanced AI solutions that improve operational efficiency, optimize performance, and drive innovation in these industries. Flutura Limited, an India-based company, specializes in industrial artificial intelligence for IoT.

Major companies operating in the Generative AI in iot market are 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, Accenture plc, 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.

North America was the largest region in the Generative AI in IoT market in 2023. The regions covered in the Generative AI in iot market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the Generative AI in iot market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative artificial intelligence (AI) in the Internet of Things (IoT) involves using advanced AI models to create, predict, and optimize data and processes within IoT ecosystems. This integration enhances efficiency, lowers operational costs, and fosters the development of innovative IoT solutions tailored to specific industry needs.

The main types of technology providers in this field include established AI technology companies, IoT platform providers, cloud service providers, and specialized Generative AI startups. Established AI technology companies offer well-developed AI solutions that integrate with IoT systems to improve data processing, predictive analytics, and automation. Deployment modes for these technologies include on-device and cloud-based solutions. Application areas cover anomaly detection, predictive maintenance, adaptive control, resource optimization, personalized services, and contextual decision-making. Industry verticals benefiting from these advancements include manufacturing, healthcare, transportation, agriculture, and others.

The Generative AI in IoT market research report is one of a series of new reports that provides Generative AI in IoT market statistics, including Generative AI in IoT industry global market size, regional shares, competitors with an Generative AI in IoT market share, detailed Generative AI in IoT market segments, market trends and opportunities, and any further data you may need to thrive in the Generative AI in IoT industry. This Generative AI in IoT market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Generative AI in IoT market consists of revenues earned by entities by providing services such as predictive maintenance, automation, workflow optimization, and advanced data analytics for improved decision-making. The market value includes the value of related goods sold by the service provider or included within the service offering. The Generative AI in IoT market also includes sales of products such as intelligent sensors, AI-driven edge devices, automated control systems, and smart monitoring solutions to enhance operational efficiency and data-driven decision-making. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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