USD 65.50 billion
Report ID:
SQMIG45B2114 |
Region:
Global |
Published Date: June, 2024
Pages:
197
|Tables:
128
|Figures:
77
Artificial Intelligence of Things (AIoT) Market size was valued at USD 82.01 Billion in 2023 and is poised to grow from USD 102.68 Billion in 2024 to USD 619.85 Billion by 2032, growing at a CAGR of 25.2% during the forecast period (2025-2032).
Manufacturing is a system of artificial intelligence (AI) and the internet of things (IoT). This technology connects devices to the Internet to collect data and provides devices with learning, reasoning and programming capabilities. AIoT applications span a range of industries including transportation, smart homes, manufacturing and healthcare. It enhances individualization, automation, modernization of services and quality of life for individuals.
Thus, widespread adoption of IoT devices, changes and improvements in computing power, AI algorithms, demand for efficiencies, data-based insights all create increased demand for AIoT solutions. Enhanced consumer Experience, AIoT are some of the areas where they are aggressively being used to reduce costs, gain competitive advantage with the continuous growth of IoT and AI, the market has been compressed for future growth, delivering more potential operations and modernizing more businesses within the estimated timeframe.
Global Market Size
USD 65.50 billion
Largest Segment
Software
Fastest Growth
Services
Growth Rate
25.2% CAGR
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Global Artificial Intelligence of Things (AIoT) Market is segmented by component, deployment, application, end-user, industry vertical, and region. Based on component, the market can be segmented into Hardware, Software, and Services. Based on deployment, the market is segmented into On-Premise and Cloud. Based on application, the market is segmented into Video Surveillance, Inventory Management, Predictive Maintenance, Supply Chain Management, and Others. Based on end-user, the market is segmented into B2B, B2G, and B2C. Based on industry vertical, the market is segmented into Retail, Agriculture, Logistics, BFSI, Automotive & Transport, Healthcare, Manufacturing, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Offering
Solution is the dominant segment in the market. Increased demand for IoT in combination with AI technologies to improve enterprise decision-making processes and adoption of edge analytics solutions is expected to support market growth. By combining Internet of Things (IoT) and AI, the devices that make up the IoT network can make decisions. Decisions are made at the edge of the grid, using edge computing. In edge computing, multiple microcontrollers and sensors are integrated to enable high-level processing and local decision-making.
The software segment will hold a huge market value of more than USD 5 billion in 2022. Platform software globally. Leading platform providers such as IBM, AWS, Google, Microsoft, and GE offer IoT platforms with AI capabilities such as ML-based analytics. Most companies are using AIoT platform software because of its ability to quickly gain insights into the amount of data generated by IoT devices.
Analysis by Deployment
Cloud computing is the dominant segment in the market. With the incorporation of AIoT, cloud computing ushered in a new era of digital automation in technology. Cloud-based deployment can be more cost-effective as the cloud provider handles data storage and processing while saving businesses money on hardware and software costs.
Moreover, Edge-based AIoT is predicted to grow at the highest CAGR during the forecast period. This system can provide responses in real-time, as there is no need to send data to the cloud and back to the IoT device. Thus, it is essential for the applications that require immediate response, such as self-driving vehicles or predictive maintenance.
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North America dominated the global artificial intelligence of things (AIoT) market with a 35.6% share in 2022. This growth is attributed to the rising adoption of IoT across industries in the region. Additionally, AIoT platforms provide the infrastructure and tools needed to effectively manage data. Predictive analytics is also driving the market in this area.
Asia-Pacific is expected to witness the fastest growth in artificial intelligence during the forecast period, with China, India and Japan leading the regional market growth. Internet and mobile technologies were widely adopted in the region, people growing numbers and processes contributed to increased demand for AIoT applications deployments.
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Artificial Intelligence of Things (AIoT) Market Drivers
Increasing the Demand for Sustainable Smart Cities to Encourage Market Development
Enhanced Decision Making and Automation
Restraints
Issues Related to Data Security and Privacy Concerns
Data Privacy and Security Concerns
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The global market is fragmented with potential entrants and existing players from various industries competing for a share. Established players include leading international technology corporations, specialist AIoT solution providers, as well as a new generation of startups focused on creating sustainable markets and unique value propositions. Players with the potential to transform the marketplace are primarily drawn from the technology sector given their stature in cloud computing, AI and IoT space in a bid to offer optimal AIoT solutions. Moreover, major dedicated AIoT players are also advancing fast and providing divergent optimized hardware platform and software tools for AIoT use cases.
Start-ups are also appearing and competing with established companies with innovative and unique solutions for the AIoT, frequently with an emphasis on certain sectors, applications, or industries. These new players that are entering company spaces are bringing new ideas and products, thus creating new business opportunities and rivalry in the larger field of AIoT. Competitive pressure of market will further increase as the market expands as it comes, players will strive to seek more market share for value increased opportunity of various new industries and application.
Artificial Intelligence of Things (AIoT) Market Top Player’s Company Profiles
Artificial Intelligence of Things (AIoT) Market Recent Developments
In April 2024, Powerfleet completed the acquisition of MiX Telematics to become the outstanding global AIoT SaaS provider for mobile assets. The rationale that the authors provide for the merger is about optimizing how data is collected, processed, and used in business. Its current CEO, Steve Towe, expects that the firm’s recurring revenue streams will grow at a faster pace in the near future and that its profitability will post-up after the merger is complete. The new board of directors comprise of Michael Brodsky who is the Chairman of the board, Steve Towe the CEO of the company, Ian Jacobs of MiX Telematics.
In March 2024, eFishery had a merger with DycodeX, an Artificial intelligence Internet-Of-Things (IoT) company. This acqui-hire now adds DycodeX’s specialism in AI & IoT solutions to eFishery’s stable, and according to the announcement, the DycodeX team will be integrated into eFishery’s AIoT business unit. The company currently uses machine learning technology in its feeder manufactured products, but its future pipeline includes ten new products over the next few years, such as generative AI applications employing IoT platforms specifically for aquaculture to drive this sector’s advancement.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the market is currently in the growth phase and is expected to grow further in the coming years. The growth in market can be significantly attributed to the rise in the usage of IoT devices and the escalating demand for intelligent and IoT connected solutions, not forgetting the constant advancement in AI technologies that are now being infused into the IoT solutions. Competitive analysis conducted by a research firm is useful based on this in that it helps in getting clues on where key players are really distinguishing themselves, and where the opportunities for disruption may exist.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 82.01 Billion |
Market size value in 2032 | USD 619.85 Billion |
Growth Rate | 25.2% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Artificial Intelligence of Things (AIoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence of Things (AIoT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence of Things (AIoT) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Artificial Intelligence of Things (AIoT) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG45B2114
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