WESTFORD, Mass., July 3, 2024 /PRNewswire/ — According to SkyQuest, the global Internet of Things (IoT) in Energy Market size was valued at USD 25.2 billion in 2022 and is poised to grow from USD 28.1 billion in 2023 to USD 68.2 billion by 2031, growing at a CAGR of 11.7% in the forecast period (2024-2031).

Growing use of automation in the energy industry is forecasted to bolster the demand for internet of things (IoT) in energy over the coming years. Deployment of smart meters and rising demand for smart grid integration are also predicted to create new opportunities for internet of things (IoT) in energy providers in the future. The global internet of things (IoT) in energy market is segmented into component, network technology, organization size, application, and region.
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Internet Of Things (IoT) In Energy Market Overview: 
Report Coverage
Details
Market Revenue in 2023
$ 28.1 Billion
Estimated Value by 2031
$ 68.2 Billion
Growth Rate
Poised to grow at a CAGR of 11.7%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Component, Application and Technology
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
High use of smart meters in the energy sector
Key Market Opportunities
Development of satellite networks to improve IoT connectivity for energy applications
Key Market Drivers
Grid modernization is estimated to bolster the demand for internet of things (IoT) in energy
Segments covered in Internet of Things (IoT) In Energy Market are as follows:
ComponentPlatform, Solutions and ServicesApplicationOil & Gas, Smart Grid, and Cool MiningTechnologyCellular Network, Satellite Network, Radio Network and OthersRequest Free Customization of this report:https://www.skyquestt.com/speak-with-analyst/internet-of-things-in-energy-market
Most Internet of Things (IoT) Devices in Energy Sector Connect through Cellular Network
Most IoT devices and components can be connected using a cellular network as cellular infrastructure is already established. Cellular networks offer connectivity for mobile IoT devices and systems used in the energy sector. Growing demand for better connectivity for automation of the energy industry is projected to help this segment account for a substantial share of the global internet of things in the energy market. The advent of 5G technology is also estimated to create new opportunities for internet of things in energy providers in this segment going forward.
An increasing number of IoT and telecommunication network providers are focusing on developing satellite constellations, especially for IoT devices. Low earth orbit (LEO) satellites are being extensively used to establish new communication networks for IoT in energy and other applications. High demand for resilient and reliable connectivity will also help this segment generate new business opportunities in the future.
Smart Grid Applications Lead Internet of Things (IoT) in Energy Adoption Owing to High Investments in Grid Modernization
Smart technologies are being integrated into multiple energy applications to satisfy surging demand for energy and efficient energy management as well. The use of smart meters and the high demand for automation in modern energy grids will also create new opportunities for internet of things in energy companies in the future. High demand for predictive maintenance capabilities in smart grids will also create new opportunities for internet of things (IoT) in energy market players going forward.
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Platforms Remain Essential for IoT Adoption in Energy Industry
Platforms play a crucial role in the functional operation of IoT devices and systems, which is why this segment is projected to account for a dominant market share. Device connectivity is also projected to be highly dependent on platforms, which is why all internet of things (IoT) in energy companies should focus on this segment to bolster market growth in the long run.
Increasing digitization of the energy industry is expected to create several new opportunities for internet of things (IoT) in energy providers going forward. From start-ups to leading internet of things (IoT) in energy companies all have an equal chance of maximizing their business scope in the future. 
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific. 
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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WESTFORD, Mass., July 3, 2024 /PRNewswire/ — According to SkyQuest, the global Mobile Artificial Intelligence (AI) Market size was valued at USD 13.4 billion in 2022 and is poised to grow from USD 17 billion in 2023 to USD 114.36 billion by 2031, growing at a CAGR of 26.9% in the forecast period (2024-2031).

Mobile artificial intelligence (AI) refers to the operation of AI models simply on-device without the need for external servers or internet connectivity. Advancements in semiconductor technology and artificial intelligence technology are highly crucial in determining the future of mobile artificial intelligence (AI) market going forward. Targeting the right segment is highly important for any mobile artificial intelligence (AI) market player to maximize their business potential and this is why segmental analysis is highly vital for informed decision-making. The global mobile artificial intelligence (AI) market is segmented into technology node, application, and region.
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Mobile Artificial Intelligence (AI) Market Overview: 
Report Coverage
Details
Market Revenue in 2023
$ 17 billion
Estimated Value by 2031
$ 114.36 million
Growth Rate
Poised to grow at a CAGR of 26.9%
Forecast Period
2024–2031
Forecast Units
Value (USD Million)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology Node and Application
Geographies Covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights
Development of novel blockchain AI solutions that give benefits of both technologies involved
Key Market Opportunities
Advancements in AI Platforms is Propelling Sales
Key Market Drivers
High Sales of Smartphones Driving Market Growth
Segments covered in Mobile Artificial Intelligence (AI) Market are as follows:
Technology Node7 nm, 10nm, 20-28nm, OthersApplicationSmartphones, Cameras, Drones, Automobile, Robotics, AR/VR, Others (Smart Boards, Laptops, PCs)Request Free Customization of this report:
https://www.skyquestt.com/speak-with-analyst/mobile-artificial-intelligence-market
Better Speed and Low Power Consumption Allows 10nm Processors to Be Highly Popular
Growing demand for mobile AI devices around the world has boosted the need for better and more advanced processors and semiconductors. 10 nm technology has emerged as a preferred one when it comes to mobile artificial intelligence (AI) devices owing to its faster performance and better efficiency as compared to other technology nodes. The low cost of 10 nm AI chips also allows them to be used in budget-friendly smartphones and thereby contributes to a higher market share of this segment as well. Mobile artificial intelligence (AI) companies should invest in this segment to maximize their revenue generation potential in the long run.
Meanwhile, 7 nm technology is anticipated to be the most lucrative segment for companies targeting the future market. Investing in the development of faster, smarter, and more efficient 7 nm technology will pay off big time for mobile artificial intelligence (AI) market players in the long run. Growing transistor density in 7 nm chips for advanced AI applications will also create new opportunities for market players via this segment through 2031 and beyond.
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Smartphones Take the Lead in Terms of Mobile Artificial Intelligence (AI) Adoption
There probably isn’t a more popular or widely used mobile device than smartphones. The robust popularity of smartphones and their unbelievably high sales have made them a key application for mobile AI companies around the world. AI-enabled smartphones are the new trend, and this is why more and more smartphone companies are investing in the development of novel mobile AI solutions. Increasing integration of smartphone features with AI is opening a wide window of opportunity for all mobile artificial intelligence (AI) companies.
Reality is changing and mobile artificial intelligence will have a key role in this change going forward. Virtual reality, augmented reality, and mixed reality technologies are blurring the lines between virtual and real worlds. Empowering these devices with mobile AI solutions will create a whole new level of immersion that could redefine the world’s digital experience. Integration of multiple advanced technologies is a key trend that will further offer new application scope for mobile artificial intelligence (AI) companies.
Mobile AI companies have significant opportunities for growth as AI becomes increasingly integrated into various aspects of life. To maximize long-term returns on investment, these companies should prioritize advancing 10nm technology for smartphones.
Related Report:
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact:Mr. Jagraj SinghSkyquest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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CHICAGO, July 3, 2024 /PRNewswire/ — The Natural Language Understanding (NLU) Market is estimated to grow from USD 19.2 billion in 2024 to USD 62.9 billion in 2029, at a CAGR of 26.8% during the forecast period, according to a new report by MarketsandMarkets™. The growth of the natural language understanding market is driven by an increasing consumer demand for personalized and intuitive interactions, enhanced productivity, shorter call durations in contact centers, a rising need for impactful brand messaging, and the rapid expansion of unstructured text data.

Browse in-depth TOC on “Natural Language Understanding (NLU) Market”
400 – Tables 70 – Figures350 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2029
Base year considered
2023
Forecast period
2024–2019
Forecast units
USD Billion
Segments Covered
Offering (Solutions [Platform and Software tools & frameworks], Solutions by Deployment Mode  [Cloud and On-premises] and Services [Professional Services {Training & Consulting, System Integration & Implementation, Support & Maintenance} and Managed Services]), Type (Rule-Based, Statistical, Hybrid), Application (Chatbots & Virtual Assistants, Customer Experience Management, Text Analysis, Sentiment analysis, IVR & message routing, Data capture, Machine translation and Other Applications) and Verticals (BFSI, Healthcare & Life Sciences, Retail & Ecommerce, IT&ITeS, Transportation & logistics, Government & Public sector, Media & Entertainment, Manufacturing, Telecommunication and Other verticals [Travel & Hospitality, Automotive, Energy & Utilities and Education]).
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies covered
Key players are Microsoft (US), Google (US), IBM (US), AWS (US), Meta (US), SAS Institute, Oracle (US), Salesforce (US), OpenAI (US), SoundHound AI (US), IQVIA (US), LivePerson (US), Haptik (India), Kapiche (Australia), Rasa (US), MindMeld (US), Hugging Face (US), Conversica (US), Expert.ai (Italy), Verbio Technologies (Spain), Wolfram (US), Cortical.io (Austria), Omilia (Cyprus), Cognigy (Germany), Plasticity (US), Afforai (US), Tune AI (US), Vebrit.ai (US), Synthesys (UK), Picovoice (Canada), Symbl.ai (US), Tisane Labs (Singapore), Prosa.ai (Indonesia), Abacus.AI (US), Forethought (US).
By offering, the services segment to account for higher CAGR during the forecast period.
The demand for services in the NLU market is rapidly increasing, making it the fastest-growing segment. These services include consulting, training, system integration and implementation, and support & maintenance, all aimed at helping organizations effectively deploy NLU solutions. As businesses look to customize NLU solutions to their unique requirements, integrate them with current systems, and enhance their performance, specialized services are becoming essential. Furthermore, with the continuous growth in unstructured data complexity, there is a rising need for services that can assist in data preprocessing, annotation, and quality assurance to maintain the accuracy and reliability of NLU models.
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By Vertical, BFSI is expected to hold the largest market size for the year 2024.
The vertical market in the Natural Language Understanding (NLU) Market is set to be dominated by the Banking, Financial Services, and Insurance (BFSI) sector. This sector holds the largest share due to various factors specific to the BFSI industry. These factors include the growing demand for personalized customer experiences, improved fraud detection and risk assessment capabilities, and the necessity for efficient communication channels. NLU technologies empower BFSI institutions to automate customer interactions through chatbots and virtual assistants, offering real-time assistance, personalized recommendations, and seamless transaction experiences. Sentiment analysis tools are also utilized by NLU that provide financial institutions with the ability to comprehend customer feedback and sentiment, enabling them to customize products and services accordingly. NLU plays a vital role in compliance and regulatory reporting by analyzing and extracting insights from extensive amounts of unstructured data, such as legal documents and customer communications.
By Application, machine translation is projected to grow at the highest CAGR during the forecast period.
The machine translation application segment is experiencing rapid growth in the Natural Language Understanding (NLU) Market due to the increasing demand for seamless communication across languages and cultures. As businesses expand globally and engage with diverse audiences, there is a growing need for accurate and effective translation solutions that can overcome language barriers. Machine translation applications utilize advanced NLU techniques, such as neural machine translation (NMT) and deep learning algorithms, to provide high-quality translations that are more accurate and proficient. The emergence of multilingual digital platforms and global collaboration efforts has further propelled the adoption of machine translation applications, leading to innovation and advancements in NLU technology.
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Asia Pacifc is expected to grow at the highest CAGR during the forecast period.
The NLU growth in Asia Pacifc region is driven by several key factors, including the exponential increase in the digital population and the widespread adoption of smartphones across diverse demographics. Moreover, governments in this region are actively promoting the adoption of Artificial Intelligence (AI) technologies, creating a conducive environment for the expansion of NLU solutions. As a result, there has been a surge in the development and deployment of Natural Language Processing (NLP) applications such as chatbots for enhanced customer service, voice assistants for seamless interaction, and machine translation tools facilitating cross-language communication. This trend reflects the region’s dynamic embrace of advanced technologies and signals a promising trajectory for the NLU market in the Asia-Pacific.
Top Key Companies in Natural Language Understanding (NLU) Market:
The major NLU solutions and service providers Microsoft (US), Google (US), IBM (US), AWS (US), Meta (US), SAS Institute, Oracle (US), Salesforce (US), OpenAI (US), SoundHound AI (US), IQVIA (US), LivePerson (US), Haptik (India), Kapiche (Australia), Rasa (US), MindMeld (US), Hugging Face (US), Conversica (US), Expert.ai (Italy), Verbio Technologies (Spain), Wolfram (US), Cortical.io (Austria), Omilia (Cyprus), Cognigy (Germany), Plasticity (US), Afforai (US), Tune AI (US), Vebrit.ai (US), Synthesys (UK), Picovoice (Canada), Symbl.ai (US), Tisane Labs (Singapore), Prosa.ai (Indonesia), Abacus.AI (US), Forethought (US). These companies have used both organic and inorganic growth strategies such as product launches, acquisitions, and partnerships to strengthen their position in the NLU market.
Browse Adjacent Markets: Artificial Intelligence (AI) Market Research Reports & Consulting
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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