AI and IoT 2024 Year in Review
Read more about M&A activity and trends in this sector
2024 HyperConnectedWorld M&A Year in Review
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Sustained M&A activity in the AI + IoT space throughout 2024 has been driven by strong industry tailwinds, with aggressive strategic players actively engaging in deal-making to strengthen their product portfolio and capabilities in this promising landscape.
AI has long become a buzzword in technology circles, and advancements in Large Language Models (“LLM”) and Generative AI are enabling the emergence of true Computer Vision in new and innovative vertical solutions. Spending on AI-enabled technologies is projected to be $227B in 2025 and forecasted to surpass $749B by 2028. Also, significant investments around AI infrastructure by big tech companies, including Microsoft, Meta, Alphabet, and Amazon, highlight the immense growth potential of AI technology.
Computer Vision leverages AI’s eminence capabilities in machine learning and neural networks to enable computers and systems to extract meaningful information from recorded and live stream video, as well as digital, thermal, and infrared images. Computer Vision applications use algorithms trained on vast amounts of data. These algorithms can recognize patterns in content and leverage these patterns to enable computers to make recommendations or take direct actions. Computer Vision is a rapidly expanding subfield of AI, experiencing increasing applications across diverse industries such as public safety, industrial manufacturing, traffic management, healthcare, retail, and agriculture, to name a few.
Key AI Trends
- Evolution of Gen AI
- Gen AI will continue to pave new ways to integrate itself into applications as its models focus on large databases to identify patterns and make original content (text, image or audio) from scratch
- Multimodal AI
- Multimodal AI, capable of handling and processing diverse data types, will revolutionize tasks like emotional recognition and robotics navigation, offering a comprehensive understanding of complex situations
- Industry-Specific AI Applications
- AI’s transition from general integration to high-performance industry specific solutions will expand its use cases across various industries including healthcare, finance, law, and manufacturing
- Rising Demand for AI Governance Platforms
- AI governance platforms ensure compliance and enforce responsible AI policies. Gartner predicts that by 2028, organizations with these platforms will have 40% fewer AI-related ethical incidents
AI + IoT M&A Activity
Strategic vs. Financial Investors
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2024 HyperConnectedWorld M&A Year in Review
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