Business

IoT Continues as a Key Corporate Priority Amidst AI Dominance

According to the latest 148-page State of IoT – Spring 2024 report, IoT remains a top-three corporate technology priority, with AI taking the lead. Across surveys by PWC, KPMG, and BCG, respondents consistently ranked  as second or third in terms of investment prioritization for emerging technologies, with AI securing the top spot unanimously.

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The Symbiotic Relationship between AI and IoT

Recent research indicates that the growth of AI serves as a significant catalyst for the $236-billion market. Companies are increasingly showing interest in both AI and within their operations, as evidenced by a notable 61% increase in the mention of these technologies in the same earnings calls since Q3 2022, as per  Analytics’ analysis of company earnings calls.

Insights from IoT Analytics: A Comprehensive Overview

The Spring 2024 State of IoT report, comprising nearly 40 market trends, reflects the collaborative efforts of  Analytics’ research analyst team and industry experts. It encompasses  market data, recent developments, and the activities of  companies. Notably, the report suggests that AI is not the sole driver of market growth, with 10 significant trends highlighted.

Continued Growth Trajectory for the  Market

Despite a cautious downward revision in the forecasted Compound Annual Growth Rate (CAGR) from 19% to 17% until 2030, Analytics remains optimistic about the  market’s trajectory. This outlook, as articulated by CEO Knud Lasse Lueth, underscores the resilience and potential of the  sector amidst economic fluctuations and geopolitical tensions.

Macroeconomic Insights: Navigating Economic Uncertainty

The macro environment outlook for Spring 2024 suggests a gradual easing of inflation rates globally. While economic growth projections remain below historical averages, positive signs emerge, such as the normalization of supply chains and upbeat business sentiment around IoT.

Key Trends Shaping the  Landscape

The report identifies 10 noteworthy trends shaping the IoT landscape, ranging from semiconductor companies investing in embedded chipset security to the emergence of data fabric as an advanced evolution of data lakes. These trends underscore the dynamic nature of the sector and its potential to drive innovation across various industries.

Conclusion: Embracing Innovation amidst Uncertainty

In conclusion, the State of  – Spring 2024 report offers a comprehensive overview of the landscape, highlighting the symbiotic relationship between AI and , key market trends, and macroeconomic insights. As businesses navigate economic uncertainty, embracing innovation and leveraging emerging technologies like AI and  will be crucial for driving growth and staying competitive in the evolving digital landscape.

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