An AIoT (artificial intelligence of things) platform contains a combination of artificial intelligence (AI) technologies and the Internet of Things (IoT) infrastructure. The main aim of an AIoT platform is to create more efficient IoT operations, improve human-machine interactions and enhance data management and analytics. The internet of things is a network of devices that are interconnected and can communicate with each other. These devices can Include anything from smartphones and smart home appliances to industrial equipment. The aim of the IoT is to allow these devices to share data with each other and interact with each other autonomously. On the other hand, artificial intelligence is the simulation of human intelligence processes by machines, especially computer systems, and is typically used in natural language processing (NLP), speech recognition, and machine vision.
The combination of AI and IoT has the potential to create several benefits for businesses and consumers alike. An AIoT platform can help to improve efficiency and productivity for businesses, as well as reduce costs. Moreover, it can provide enhanced convenience and a better user experience for consumers. In addition, the use of AI in conjunction with the IoT can help to improve data management and analytics, as well as providing businesses with a better understanding of their products. Such an enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period.
Factors such as growth in digitalization, rise in need for intelligent transportation systems, and Increase in adoption of advanced technologies positively impact the growth of the market. In addition, rise in adoption of IoT devices, advancements in AI technology, and growth in demand for automation are expected to fuel the growth of the market during the forecast period. Furthermore, expansion of AIoT applications in various industries such as healthcare, agriculture, and retail, are expected to provide lucrative growth opportunities for the market in the upcoming years. Moreover, development of edge computing technology to enable real-time processing of data and reduce latency and adoption of cloud computing to enable scalability, flexibility, and cost-effectiveness of AIoT systems are anticipated to create lucrative opportunities for the market growth. However, data privacy & security concerns and lack of standardization in data formats, communication protocols, & network are expected to hamper the market growth.
On the basis of offering, the global AIoT platform market share was dominated by the solution segment in 2022 and is expected to maintain its dominance in the upcoming years. Owing to advances in technologies enabling AIoT platform to transform industries globally, from BFSI, to manufacturing, healthcare, and others. However, the services segment is expected to witness the highest growth, as AIoT platform services reduce the time and costs associated with optimizing systems in the initial phase of deployment.
By region, North America dominated the market share in 2022 for the AIoT platform market. The Increasing investment in advanced technologies such as cloud-based services, AI, ML, business analytics solution and IoT to improve businesses and the customer experience are anticipated to propel the growth of the AIoT platform market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the Increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
The surge in demand for automation in artificial intelligence of things (AIoT) is driven by the need for intelligent systems that can operate and make decisions independently without human intervention. This is further attributed to AIoT platform and services that are being used to automate industrial processes, such as manufacturing, by integrating AI algorithms with sensors, robots, and other devices. As a result, this enables machines to operate autonomously, reducing the need for human intervention and improving efficiency.
Moreover, automation in AIoT Increases efficiency, reduces costs, and improves accuracy. Thus, by automating routine tasks, such as data collection and analysis, companies can free up valuable time and resources to focus on more complex tasks. Automation with AIoT also helps to reduce the risk of human error and improves the reliability of data analysis. Therefore, demand for automation in AIoT Increases as more devices become connected to the internet and the amount of data generated continues to Increase. As a result, key players in the market adopted strategies such as partnership and collaboration to strengthen their market position. For instance, in May 2022, Advantech partnered with Hivecell for continued artificial intelligence of things (AIoT) development. The partnership of Advantech and Hivecell simplifies common customer challenges in digital transformation by making IoT data more attainable, scalable and manageable. Such collaborations and partnership boost the growth of AIoT market.
Rise in demand for predictive maintenance:
Rise in demand for AIoT in predictive maintenance service has Increased. This is attributed to the use of data and analytics to predict when a piece of equipment is likely to fail, allowing companies to take proactive measures to prevent downtime and reduce maintenance costs. In addition, the use of predictive maintenance in AIoT is particularly important for organizations that rely heavily on equipment or machinery, such as manufacturing or transportation companies. Thus, by leveraging data from IoT devices and applying machine learning algorithms, companies gain insights into the health and performance of their equipment in real-time, allowing them to identify potential issues before they occur.
Moreover, by being able to predict when equipment is likely to fail, companies can schedule maintenance during downtime or off-peak hours, reducing the impact on production and minimizing the risk of accidents. As a result, key players in the market adopted strategies such as product development, partnership and collaboration to enhance their services in AIoT market. For instance, in February 2023, Br Inchip Holdings Ltd producer of ultra-low power, fully digital, event-based, neuromorphic AI IP, partnered with AI Labs to provide predictive maintenance through AIoT and to collaborate on next-generation application development leveraging the Minsky AI Engine. Such partnerships and developments have fueled the growth of AIoT market.
The combination of AI and IoT has the potential to create several benefits for businesses and consumers alike. An AIoT platform can help to improve efficiency and productivity for businesses, as well as reduce costs. Moreover, it can provide enhanced convenience and a better user experience for consumers. In addition, the use of AI in conjunction with the IoT can help to improve data management and analytics, as well as providing businesses with a better understanding of their products. Such an enhanced factors are expected to provide lucrative opportunities for market growth during the forecast period.
Factors such as growth in digitalization, rise in need for intelligent transportation systems, and Increase in adoption of advanced technologies positively impact the growth of the market. In addition, rise in adoption of IoT devices, advancements in AI technology, and growth in demand for automation are expected to fuel the growth of the market during the forecast period. Furthermore, expansion of AIoT applications in various industries such as healthcare, agriculture, and retail, are expected to provide lucrative growth opportunities for the market in the upcoming years. Moreover, development of edge computing technology to enable real-time processing of data and reduce latency and adoption of cloud computing to enable scalability, flexibility, and cost-effectiveness of AIoT systems are anticipated to create lucrative opportunities for the market growth. However, data privacy & security concerns and lack of standardization in data formats, communication protocols, & network are expected to hamper the market growth.
On the basis of offering, the global AIoT platform market share was dominated by the solution segment in 2022 and is expected to maintain its dominance in the upcoming years. Owing to advances in technologies enabling AIoT platform to transform industries globally, from BFSI, to manufacturing, healthcare, and others. However, the services segment is expected to witness the highest growth, as AIoT platform services reduce the time and costs associated with optimizing systems in the initial phase of deployment.
By region, North America dominated the market share in 2022 for the AIoT platform market. The Increasing investment in advanced technologies such as cloud-based services, AI, ML, business analytics solution and IoT to improve businesses and the customer experience are anticipated to propel the growth of the AIoT platform market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the Increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
Top Impacting Factors
Surge in demand for automation.:The surge in demand for automation in artificial intelligence of things (AIoT) is driven by the need for intelligent systems that can operate and make decisions independently without human intervention. This is further attributed to AIoT platform and services that are being used to automate industrial processes, such as manufacturing, by integrating AI algorithms with sensors, robots, and other devices. As a result, this enables machines to operate autonomously, reducing the need for human intervention and improving efficiency.
Moreover, automation in AIoT Increases efficiency, reduces costs, and improves accuracy. Thus, by automating routine tasks, such as data collection and analysis, companies can free up valuable time and resources to focus on more complex tasks. Automation with AIoT also helps to reduce the risk of human error and improves the reliability of data analysis. Therefore, demand for automation in AIoT Increases as more devices become connected to the internet and the amount of data generated continues to Increase. As a result, key players in the market adopted strategies such as partnership and collaboration to strengthen their market position. For instance, in May 2022, Advantech partnered with Hivecell for continued artificial intelligence of things (AIoT) development. The partnership of Advantech and Hivecell simplifies common customer challenges in digital transformation by making IoT data more attainable, scalable and manageable. Such collaborations and partnership boost the growth of AIoT market.
Rise in demand for predictive maintenance:
Rise in demand for AIoT in predictive maintenance service has Increased. This is attributed to the use of data and analytics to predict when a piece of equipment is likely to fail, allowing companies to take proactive measures to prevent downtime and reduce maintenance costs. In addition, the use of predictive maintenance in AIoT is particularly important for organizations that rely heavily on equipment or machinery, such as manufacturing or transportation companies. Thus, by leveraging data from IoT devices and applying machine learning algorithms, companies gain insights into the health and performance of their equipment in real-time, allowing them to identify potential issues before they occur.
Moreover, by being able to predict when equipment is likely to fail, companies can schedule maintenance during downtime or off-peak hours, reducing the impact on production and minimizing the risk of accidents. As a result, key players in the market adopted strategies such as product development, partnership and collaboration to enhance their services in AIoT market. For instance, in February 2023, Br Inchip Holdings Ltd producer of ultra-low power, fully digital, event-based, neuromorphic AI IP, partnered with AI Labs to provide predictive maintenance through AIoT and to collaborate on next-generation application development leveraging the Minsky AI Engine. Such partnerships and developments have fueled the growth of AIoT market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aiot platform market analysis from 2022 to 2032 to identify the prevailing aiot platform market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the aiot platform market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report Includes the analysis of the regional as well as global aiot platform market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Solution Type
- Connectivity Management
- Device Management
- Application Management
By Offering
- Solution
- Services
By Industry Vertical
- Manufacturing
- BFSI
- Healthcare
- Retail
- Energy and Utilities
- Transportation and Logistics
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Cisco Systems Inc.
- SAS Institute Inc.
- International Business Machines Corporation
- tencent cloud
- Google LLC
- Intel Corporation
- SAP SE
- Microsoft Corporation
- Hewlett Packard Enterprise Development LP
- Oracle Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AIOT PLATFORM MARKET, BY OFFERING
CHAPTER 5: AIOT PLATFORM MARKET, BY SOLUTION TYPE
CHAPTER 6: AIOT PLATFORM MARKET, BY INDUSTRY VERTICAL
CHAPTER 7: AIOT PLATFORM MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report, titled, 'AIoT Platform Market,' The aiot platform market was valued at $4.7 billion in 2022, and is estimated to reach $129.2 billion by 2032, growing at a CAGR of 39.5% from 2023 to 2032.AIoT Platform provides automation capabilities to various industries, reducing operational costs, increasing efficiency & accuracy, and improving customer experience. Automation capabilities have become increasingly important as businesses strive to streamline their operations and increase productivity. Moreover, predictive maintenance has become increasingly important for industries such as manufacturing, energy, and transportation. In addition, AIoT can be used to optimize transportation systems, reduce traffic congestion, and improve safety on roads. With the rise in urbanization, there is an increase in demand for intelligent transportation systems that can improve the flow of traffic and reduce accidents. Overall, the AIoT market is driven by the need for intelligent and automated systems that can process and analyze vast amounts of data in real-time, enabling organizations to make informed decisions and take actions based on data-driven insights.
- On the basis of solution type, the global AIoT platform market share was dominated by the device management segment in 2022 and is expected to maintain its dominance in the upcoming years owing to the AIoT services that can help streamline device management by providing real-time insights into device performance, identifying issues and anomalies, and predicting maintenance needs. However, the application management segment is expected to witness the highest growth, as AIoT is a powerful tool for application management, enabling organizations to optimize their application portfolio and maximize the value of their digital investments.
- By region, North America dominated the market share in 2022 for the AIoT platform market. The rise in investment in advanced technologies, such as cloud-based services, AI, ML, business analytics solution, and IoT, to improve businesses and the customer experience are anticipated to propel the growth of the AIoT platform market. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology are expected to provide lucrative growth opportunities for the market in this region.
The COVID-19 pandemic significantly impacted various industries and has accelerated the adoption of AIoT platform across the world. With lockdowns and social distancing measures in place, businesses and organizations have had to rely on remote monitoring and automation solutions to manage their operations. Therefore, AIoT platforms enabled real-time monitoring of devices, processes, and environments, allowing businesses to operate with minimal human intervention. Furthermore, the disruption caused by the pandemic highlighted the importance of resilient and optimized supply chains. Market players adopted AIoT platforms that helps in tracking inventory levels, optimizing logistics routes, and predicting demand fluctuations, thereby enabling businesses to respond quickly to changing market conditions and ensuring the availability of essential goods. For instance, in August 2022, Oracle expanded artificial intelligence (AI), IoT and automation capabilities to help organizations optimize supply chain management. AI-powered lead time estimates in Oracle Supply Chain Planning help users improve the accuracy of lead time assumptions by using machine learning to highlight variances based on actual performance. Such factors have propelled the growth of AIoT platform during the pandemic.
Government initiative:
Government initiatives play a crucial role in fostering the development and adoption of AIoT platforms. Governments around the world are recognizing the potential benefits of AIoT in various sectors and are implementing strategies to support its growth. Governments often provide funding and grants to support research, development, and deployment of AIoT platforms. These funds can be allocated to startups, academic institutions, and industry collaborations to spur innovation and accelerate the adoption of AIoT technologies. For instance, in June 2020 India joined the league of leading economies including USA, UK, EU, Australia, Canada, France, Germany, Italy, Japan, Mexico, New Zealand, Republic of Korea, Singapore to launch the global partnership on artificial intelligence. It is an international and multi-stakeholder initiative to guide the responsible development and use of AI, grounded in human rights, inclusion, diversity, innovation, and economic growth. This is also the first initiative of its type for evolving better understanding of the challenges and opportunities around AI using the experience and diversity of participating countries. The initiative bridges the gap between theory and practice on AI by supporting cutting-edge research and applied activities on AI-related priorities.
KEY FINDINGS OF THE STUDY
- By component, in 2022, the solution segment was the highest revenue contributor to the market, with an 38.2% impressive CAGR. However, the services segment is estimated to reach $45,290.70 million by 2032, during the forecast period.
- By industry vertical, the manufacturing segment is estimated to reach $24,408.69 million by 2032, with an 36.8% impressive CAGR, during the forecast period. However, transportation and logistics segments are expected to witness approximately 43.4% CAGRs, respectively, during the forecast period respectively.
- Region-wise, the AIoT platform market growth was dominated by North America. However, Asia-Pacific and Europe are expected to witness a significant growth rate during the forecasted period.
Companies Mentioned
- Cisco Systems Inc.
- SAS Institute Inc.
- International Business Machines Corporation
- tencent cloud
- Google LLC
- Intel Corporation
- SAP SE
- Microsoft Corporation
- Hewlett Packard Enterprise Development LP
- Oracle Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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