What is the global market size of Artificial Intelligence of Things (AIoT) Market?

Global Artificial Intelligence of Things (AIoT) Market size was valued at USD 4.7 billion in 2022, USD 6.56 billion in 2023 and is projected to grow USD 94.03 billion by 2031, growing at a CAGR of 39.5% in the forecast period (2024-2031).

Who are the key vendors in the Global Artificial Intelligence of Things (AIoT) Market?

The fierce competition between major global competitors vying for market supremacy characterises the competitive landscape of the global AIoT market. Innovative AIoT solutions customised for different industries are being led by companies like IBM, Microsoft, Google, Amazon, and Intel. Their substantial financial resources, technological know-how, and business alliances put them in a position to significantly impact how the Internet of Things develops, fostering global innovation and competition. 'HPE (US)', 'Sharp Global (Japan)', 'NXP (Netherlands)', 'Autoplant Systems India Pvt. Ltd. (India)', 'AWS (US)', 'Dahua Technology (China)', 'SAP (Germany)', 'Microsoft (US)', 'IBM (US)', 'Tencent Cloud (China)', 'Oracle (US)', 'Intel (US)', 'Hitachi (Japan)', 'Google (US)', 'Fibocom (China)', 'Cisco (US)', 'WISekey International Holding Ltd. (Switzerland)', 'SAS (US)', 'AxiomTek (Taiwan)'

What is the key driver of Global Artificial Intelligence of Things (AIoT) Market?

The concept of edge computing promotes the creation of highly efficient, scalable, dependable, and low-latency distributed system architectures with on-device data processing. Machine learning and deep learning were first limited to cloud platforms as of the massive processing power required to perform machine learning tasks. Edge computing is essential for achieving the fast-processing speed and low latency required for intelligent loT applications.

What is the key market trend for Global Artificial Intelligence of Things (AIoT) Market?

The increasing incidence of neurological disorders such as multiple sclerosis, diabetic neuropathy, carpal tunnel syndrome etc. is a major factor driving the increasing demand for anesthetics. This demographic shift is poised to be a key driver for market growth over the forecast period owing to an aging population susceptible to stroke and other neurological diseases. Advances in pharmaceuticals devices, such as transcutaneous electrical stimulation (TENS) devices and ultrasound devices.

Which region accounted for the largest share in Global Artificial Intelligence of Things (AIoT) Market?

In terms of market share, North America led the worldwide artificial intelligence of things market in 2022. The increasing usage of lots across a variety of sectors in the region is credited with the rise. The deployment of sensors and other devices across various industries is rapidly expanding the Internet of Things (IoT) to gather data and improve operational efficiency. Due to the rising technological improvements in the area, North America has the highest market share in the global industry. During the forecast period, artificial intelligence of things is predicted to grow rapidly throughout Asia Pacific, with China, India, and Japan being the main contributors to the growth of the regional market. The region's enormous population, booming manufacturing sector, and extensive adoption of mobile and internet technologies have all led to the growing need for AloT applications.

Artificial Intelligence of Things (AIoT) Market Size, Share, Growth Analysis, By Component(Hardware, Software, and Services), By Deployment(On-Premise and Cloud), By Application(Video Surveillance, Inventory Management, Predictive Maintenance, Supply Chain Management), By End-user(B2B, B2G, and B2C), By Industry Vertical(Retail, Agriculture, Logistics, BFSI), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45B2114 | Region: Global | Published Date: June, 2024
Pages: 197 | Tables: 128 | Figures: 77

Artificial Intelligence of Things (AIoT) Market News

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.

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Global Artificial Intelligence of Things (AIoT) Market size was valued at USD 65.50 Billion in 2022 and is poised to grow from USD 82.01 Billion in 2023 to USD 495.09 Billion by 2031, growing at a CAGR of 25.2% during the forecast period (2024-2031).

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. 'IBM (US) ', 'Sharp Global (Japan) ', 'AWS (US) ', 'Microsoft (US) ', 'Oracle (US) ', 'HPE (US) ', 'Cisco (US) ', 'Intel (US) ', 'Tencent Cloud (China) ', 'NXP (Netherlands) ', 'SAS (US) ', 'Hitachi (Japan) ', 'SAP (Germany) ', 'AxiomTek (Taiwan) ', 'Autoplant Systems India Pvt. Ltd. (India) ', 'Williot (Israel) ', 'Terminus Group (China) ', 'Robert Bosch GmbH (Germany) ', 'Semifive (South Korea) ', 'Falkonry (US)'

AIoT is playing a key role in redefining digital homes and building sustainable communities. This has led to increased consumption of sustainable energy and water in smart cities, leading to market growth. This solution enables automated planning, intelligent decision-making, and improved productivity.

Increasing Technological Automation and Robotics in AIoT To Increase Service Demand: AIoT is changing industrial automation and robotics. AI-powered robots can communicate and cooperate with each other, adapt to changing environments, and perform complex tasks with minimal human intervention. This trend is driving growth in sectors such as manufacturing and logistics. Furthermore, AIOT enhances robots by enabling intelligent systems. IoT devices embedded in robots collect data from their environment, such as sensor readings, environmental conditions, and device performance. Artificial intelligence (AI) algorithms can process this data to make informed decisions, adapt to changing environments, and perform tasks more efficiently. Smart robots can integrate with humans and other robots, increasing productivity and flexibility in industrial applications.

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.

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Artificial Intelligence of Things (AIoT) Market News

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What is the global market size of Artificial Intelligence of Things (AIoT) Market?

Who are the key vendors in the Artificial Intelligence of Things (AIoT) Market?

What is the key driver of Artificial Intelligence of Things (AIoT) Market?

What is the key market trend for Artificial Intelligence of Things (AIoT) Market?

Which region accounted for the largest share in Artificial Intelligence of Things (AIoT) Market?

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