The North America AI In IoT Market would witness market growth of 23.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America AI in IoT Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $17,539.1 million by 2031. The Canada market is experiencing a CAGR of 26.1% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 25.3% during (2024 - 2031).
Integrating Artificial Intelligence (AI) with the Internet of Things (IoT) has resulted in various innovative applications across various industries. These applications leverage AI's capabilities to process and analyze the vast amounts of data generated by IoT devices, leading to more intelligent and automated systems.
Additionally, AI-driven IoT solutions can analyze data from vehicle sensors to predict potential mechanical failures before they occur. This helps schedule maintenance proactively and reduce unexpected breakdowns. AI-powered IoT systems in smart buildings analyze data from energy meters, HVAC systems, and lighting controls to optimize energy consumption and reduce costs.
The e-commerce boom drives demand for sophisticated supply chain management solutions. AI-powered IoT systems help optimize inventory management, track shipments in real time, and predict demand patterns, improving efficiency and reducing costs. AI in IoT enables personalized shopping experiences by analyzing customer behaviour and preferences. For e-commerce platforms in Mexico, this means better recommendations, targeted promotions, and improved customer service through smart chatbots and virtual assistants. According to the International Trade Administration (ITA), the domestic e-commerce industry was valued at USD 26.2 billion in 2022, representing a 23 percent increase over 2021.
Free Valuable Insights: The AI In IoT Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
By Technology
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By Country
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