The global Artificial Intelligence (AI) in the IoT market is expected to grow at a CAGR of 27.86% during the forecast period, driven by the need to efficiently process vast volumes of real-time data generated from IoT devices, the growing demand for performance management appliances, and the need to reduce downtime and maintenance costs. The retail industry is leveraging cloud AI in IoT-based services to augment customer experience programs and generate more customer-oriented products. Companies are shifting to the cloud from on-premise AI, owing to faster delivery time with low latency and cost-effectiveness.
