The Europe AI In IoT Market would witness market growth of 24.1% CAGR during the forecast period (2024-2031).
The Germany market dominated the Europe AI in IoT Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4,252.6 million by 2031. The UK market is exhibiting a CAGR of 23.1% during (2024 - 2031). Additionally, The France market would experience a CAGR of 25.1% during (2024 - 2031).
The adoption of AI in IoT is rapidly accelerating as organizations and industries recognize the significant benefits of integrating AI with IoT technologies. AI enhances IoT by enabling real-time analysis of data generated by IoT devices.
Additionally, this capability is crucial for applications that require immediate insights and responses, such as smart city traffic management or industrial process optimization. AI algorithms excel in recognizing complex patterns and trends within IoT data that traditional data processing methods might miss. This allows for more accurate predictions and informed decision-making.
European enterprises are known for adopting and developing innovative use cases for IoT, such as smart manufacturing and Industry 4.0. AI in IoT helps optimize production processes, reduce downtime, and enhance product quality, driving demand for sophisticated AI solutions. According to Eurostat, in 2021, 29 % of EU enterprises used IoT devices, mostly to keep their premises secure. In 2021, the percentage of large enterprises using the Internet of Things was 48% compared with 26% for small enterprises.
Free Valuable Insights: The Global AI In IoT Market will Hit USD 66.1 Billion by 2031, at a CAGR of 24.5%
Based on Technology, the market is segmented into Machine Learning & Deep Learning, and Natural Language Processing (NLP). Based on Component, the market is segmented into Platform, Software, and Services. Based on Vertical, the market is segmented into Manufacturing, Healthcare, BFSI, IT & Telecom, Retail & E-commerce, Energy & Utilities, Transportation & Logistics, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
By Technology
By Component
By Vertical
By Country
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