Artificial Intelligence of Things (AIoT) Global Market Report 2024

The global artificial intelligence of things (aiot) market has grown exponentially in recent years. It will grow from $7.52 billion in 2023 to $9.98 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The growth in the historic period can be attributed to iot proliferation, ai advancements, data growth, aiot security concerns.

The global artificial intelligence of things (aiot) market is expected to see exponential growth in the next few years. It will grow to $31.05 billion in 2028 at a compound annual growth rate (CAGR) of 32.8%. The growth in the forecast period can be attributed to 5g network expansion, edge computing growth, aiot in healthcare, aiot in smart cities. Major trends in the forecast period include aiot analytics, aiot in retail, aiot in energy management, aiot in transportation.

The surge in cloud adoption is expected to be a driving force behind the growth of the AIoT market. Cloud, a network of distributed servers housing infrastructure and software accessible online, is integral to cloud-based AIoT. This approach leverages cloud computing platforms to handle and process data originating from IoT devices. In essence, it involves utilizing the cloud for storing and processing data from IoT devices, while AI is harnessed to analyze this data and make informed decisions. For instance, Canalys, a technology market analyst firm based in Singapore, reported in February 2022 that global expenditure on cloud infrastructure services increased by 35%, reaching $191.7 billion, up from $142.0 billion in 2020. Furthermore, AAG IT Services & Cyber Security, a UK-based provider of IT support and digital transformation services, estimated that approximately 60% of corporate data was stored in the cloud in 2022, with projections indicating that global data stored in the cloud will reach a staggering 200 zettabytes by 2025. Hence, the upward trend in cloud adoption propels the growth of the AIoT market.

The burgeoning utilization of Internet of Things (IoT) devices is set to be a major catalyst for the expansion of the artificial intelligence of things (AIoT) market in the near future. IoT, or the Internet of Things, constitutes an interconnected ecosystem of devices capable of communication among themselves and with cloud platforms. The AIoT market complements IoT by enabling real-time analysis and decision-making at the device level, effectively amalgamating IoT's connectivity capabilities with AI-driven insights. This synergy positions AIoT as an ideal solution to address specific challenges through intelligent, distributed systems. As per IoT Analytics GmbH, a comprehensive data analysis platform for IoT, AI, cloud computing, and Industry 4.0 based in Germany, the global count of interconnected IoT devices is anticipated to increase by 16%, reaching 16.7 billion operational endpoints by 2023. Consequently, the escalating utilization of Internet of Things (IoT) devices is propelling the artificial intelligence of things (AIoT) market.

The concern regarding data privacy and security stands as the primary challenge that constrains the growth of the artificial intelligence of things (AIoT) market. The integration of AI and IoT technologies necessitates the management and processing of sensitive data, making it susceptible to unauthorized access and cyberattacks. As the size of networks grows in direct correlation with the number of interconnected devices, the potential attack vectors also increase. For example, in May 2021, KPMG International Limited, a professional services network headquartered in the Netherlands, conducted a survey of 2,000 U.S. citizens on corporate data collection practices. The results revealed that 86% of respondents exhibited heightened concerns about data confidentiality, while 78% expressed worries about the volume of data being collected. Consequently, apprehensions related to data privacy and security are limiting the expansion of the artificial intelligence of things (AIoT) market.

Prominent companies within the AIoT sector are dedicated to enhancing the integration of AI and IoT, bolstering data processing capabilities, and broadening the spectrum of applications across diverse industries, all with the aim of fortifying their market presence. These advancements aim to harness the potential of AI and IoT in creating more efficient and intelligent systems. For example, in January 2022, Origin Wireless Inc., a technology company based in South Africa, collaborated with nami.AI, a Singapore-based AIoT company, to introduce a new AIoT platform. This platform employs Wi-Fi access points to provide sensing capabilities to even the smallest smart devices, enabling them to differentiate between humans, pets, robot vacuums, and appliances.

In July 2022, Renesas Corporation, a semiconductor manufacturing company based in Japan, acquired Reality AI for an undisclosed sum. This acquisition empowers Renesas to enrich its toolkit and software capabilities for AI applications and enhances its in-house capacity to develop highly optimized endpoint solutions encompassing both hardware and software. The acquisition also strengthens the utilization of machine learning algorithms for Renesas' artificial Internet of Things (AIoT) applications. Reality AI, a U.S.-based provider, specializes in embedded AI and AIoT solutions.

Major players in the artificial intelligence of things (aiot) market are Google LLC, Microsoft Corporation, Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., General Electric Co, Intel Corporation, International Business Machines Corporation, Tencent Cloud Service Pte., Cisco Systems Inc., Oracle Corporation, SAP SE, Fujitsu Ltd., ABB Ltd., The Hewlett Packard Enterprise Company, Nvidia Corporation, Sharp Corporation, NXP Semiconductors N.V., SAS AB, General Vision Inc., C3.ai Inc., DataRobot Inc., Echelon Corporation, Autoplant Systems India Pvt Ltd., Brighterion Inc., ITRex Group, Clarifai Inc., AIBrain Inc., Milesight Technology USA.

North America was the largest region in the artificial intelligence of things (AIoT) market in 2023. The regions covered in artificial intelligence of things (AIoT) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the artificial intelligence of things (AIoT) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

AIoT offerings primarily come in two categories, solutions and services. An AIoT solution encompasses an integrated package of technologies that organizations can acquire to address specific challenges or create fresh value within their operations. These deployments can be either on-premises or cloud-based, catering to a range of industries such as banking, financial services, insurance (BFSI), manufacturing, healthcare, energy and utilities, retail, transportation and logistics, and more.

This report provides artificial intelligence of things (AIoT) market statistics, including artificial intelligence of things (AIoT) industry global market size, regional shares, competitors with an artificial intelligence of things (AIoT) market share, detailed artificial intelligence of things (AIoT) market segments, market trends and opportunities and any further data you may need to thrive in the artificial intelligence of things (AIoT) industry. This artificial intelligence of things (AIoT) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The artificial intelligence of things (AIoT) market consists of revenues earned by entities by providing services such as edge analytics, remote healthcare, precision agriculture, predictive maintenance and industrial automation. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence of things (AIoT) market also includes sales of autonomous vehicles, autonomous delivery robots and traffic monitors. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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