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The global AI in IoT market is expected to generate $91.7 billion by 2032, witnessing a CAGR of 24.8% from 2023 to 2032. Growing investment in industry 4.0 technologies, an increase in the adoption of IoT devices, growth in demand for automation and efficiency, and surge in investment in Industry 4.0 technologies are the major factors that drive the growth of global AI in IoT market. However, a lack of skilled experts in AI infrastructure and certain privacy concerns impede the growth of the market. The COVID-19 pandemic has had a significant impact on the AI in IoT industry, with some sectors experiencing challenges and others witnessing opportunities for growth and innovation.