IoT AI services to reach £2.6 billion in revenue by 2026

AI and Machine Learning

Fin is a former junior editor at TechForge.

Artificial intelligence (AI) and machine learning (ML) services within the IoT sphere are expected to grow by 40% annually, reaching $3.6 billion (£2.6bn) in revenue by 2026.

The latest from global tech advisory firm ABI Research’s new report, the findings indicate that the value in the technology stack is shifting beyond hardware and middleware to analytics and value-added services.

In fact, whilst COVID-19 negatively impacted lots of industries, it seems to have accelerated growth in the IoT data analytics market.

“Since industries are transitioning to ‘remote everything’, out-of-the-box solutions for remote monitoring, asset management, asset visibility, and predictive maintenance are in high demand and exemplify market acceleration,” explained Kateryna Dubrova, research analyst at ABI Research.

“Vendors, such as DataRobot, are now easing access to ML and AI tool sets through different deployment options at the edge, on-premises, and the cloud, and through consumption using Platform as a Service (PaaS), and Software as a Service (SaaS),” she added.

Companies such as AWS, C3, and Google have been successful in promoting their products and analytics capabilities by creating centralized repositories for COVID-19 data.

Currently, these data lakes are public and are not monetized. However, ABI Research expects that these companies will attempt to create products using this data for sale to the healthcare market in the future.

From a technology perspective, the data lakes could be the first step for creating and testing data visibility, and streaming analytics services. COVID-19 has showcased the public cloud’s healthcare industry ambitions expanding into pharmaceutical, biomedicine, and telemedicine.

Whilst big data and data analytics may not have had the remedy for the virus, IoT-data enabled technologies have proved essential in lessening public anxiety, for monitoring patients, and in preparing infrastructure for new outbreaks.

This importance helps to explain the industry’s expected growth as AI-based solutions in IoT continue to develop.

Want to find out more from executives and thought leaders in this space? Find out more about the Digital Twin World event, taking place on 19th-20th October 2021, which will explore augmenting business outcomes in more depth and the industries that will benefit.

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