2024 AI and IoT Technology Market Review: Insights from BCC Research

“This research review highlights the transformative impact of artificial intelligence (AI) and the Internet of Things (IoT) across industriindustries, showcasing significant market growth, technological advances, and the potential for these technologies to revolutionize operations, enhance efficiency, and drive innovation.”

BOSTON, July 21, 2025 /PRNewswire/ — BCC Research announces the release of its “2024 AI & IoT Technology Research Review“. This report highlights the transformative impact of artificial intelligence (AI) and the Internet of Things (IoT) across industries, showcasing significant market growth and technological advances.

Highlights:

• Artificial Intelligence (AI) Market:
• The market is projected to grow from $148.8 billion in 2023 to $1.1 trillion by the end of 2029.
• Compound Annual Growth Rate (CAGR): 39.7.3%.

• AI in Oil and Gas Market:
• The market is projected to grow from $2.8 billion in 2023 to $5.1 billion by the end of 2028.
• CAGR: 12.9%.

• Artificial Intelligence (AI) in Life Sciences Market:
• The market is projected to grow from $9.8 billion in 2024 to $33.5 billion by the end of 2029.
• CAGR: 27.9%.

Research Coverage and Insights:

This research review of 2024 AI and IoT technologies focuses on how these technologies propel digital transformation, improve operational effectiveness, and open new commercial prospects globally.

• Revolutionizing Industries: AI and IoT enhance automation, optimize operations, and improve efficiency across various sectors.
• Significant Investments: The global AI market is witnessing substantial investment as businesses recognize its potential to drive innovation, streamline processes, and create new revenue opportunities.
• Oil and Gas Sector: AI technologies are being integrated to optimize exploration, predictive maintenance, and resource management, helping companies improve operational efficiency and reduce costs.
• Life Sciences Impact: AI transforms drug discovery, patient monitoring, and healthcare analytics. In cancer research, AI-driven solutions enhance early detection, diagnosis, and personalized treatment plans, leading to better patient outcomes.
• Precision Medicine: Integrating AI into clinical and molecular diagnostics advances precision medicine by enabling faster and more accurate disease detection.
• Industrial IoT (IIoT): The IIoT market expands as businesses leverage connected devices and smart automation to optimize manufacturing, logistics, and supply chain operations.
• Digital Transformation: Advances in AI and IoT are driving digital transformation across industries, enabling businesses to enhance decision-making, reduce costs, and maintain a competitive edge in the global market.

Research Summary:

The 2024 Research Review of AI and IoT technology exemplifies the type of quantitative market data, analysis, and guidance that BCC Research has provided since 1971. This review includes highlights from the following reports published by BCC Research in 2024:

• IFT189C Global Artificial Intelligence (AI) Market: Investments vs Potential
• IFT305A AI in Oil and Gas: Global Markets and Technologies
• BIO255A Artificial Intelligence (AI) in Lifesciences Market
• BIO196B Artificial Intelligence (AI) in Cancer
• BIO261A AI in Clinical and Molecular Diagnostics Market
• IFT299A Industrial IoT (IIoT): Global Markets

This Research Review provides a consolidated overview of market insights from these recent reports. The full reports referenced in this review offer additional depth on each topic, offering further context and more detailed analysis.

For further information on any of these reports or to make a purchase, contact info@bccresearch.com.   

About BCC Research

BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts’ goal is to help you make informed business decisions free of noise and hype.

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