The Latin America, Middle East and Africa AI In IoT Market would witness market growth of 27.4% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA AI in IoT Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,345.4 million by 2031. The Argentina market is showcasing a CAGR of 28.4% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 27% during (2024 - 2031).
AI in IoT enables personalized experiences by analyzing user data and preferences. Smart home devices, for example, can adjust settings based on user behaviour, creating a more customized living environment. In retail, AI-driven IoT systems provide insights into customer behaviour and preferences, allowing businesses to offer tailored recommendations and promotions, thereby improving customer engagement.
Moreover, AI enhances the scalability of IoT systems by enabling intelligent data processing and management across large networks of devices. This is particularly beneficial for expanding smart city infrastructure or large-scale industrial applications. AI-powered IoT systems can adapt to changing conditions and requirements. For example, smart energy grids can adjust to varying energy demands and incorporate renewable energy sources more effectively.
Investments in logistics drive the need for better supply chain visibility. AI-powered IoT solutions provide real-time tracking and monitoring of shipments, improving transparency and efficiency in the logistics network. According to the UAE government, the Middle East logistics sector is expected to reach USD 66.3 billion by 2020. The sector saw the highest amount of funding raised in the MENA region in 2019. The UAE's growing logistics sector requires advanced fleet management solutions.
Free Valuable Insights: The Worldwide AI In IoT Market is Projected to reach 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Technology
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