Cloud Computing in Industrial IoT AI Global Market Report 2024

The cloud computing in industrial iot AI market size has grown rapidly in recent years. It will grow from $82.39 billion in 2023 to $98.34 billion in 2024 at a compound annual growth rate (CAGR) of 19.4%. The growth observed during the historic period can be attributed to several factors, including demographics reflecting an aging population, an increase in neurological disorders, advancements in cognitive science, heightened awareness surrounding mental health, and the adoption of personalized medicine approaches.

The cloud computing in industrial iot AI market size is expected to see rapid growth in the next few years. It will grow to $194.73 billion in 2028 at a compound annual growth rate (CAGR) of 18.6%. The projected growth in the forecast period can be attributed to several factors, including integration with electronic health records (EHR), a focus on early intervention strategies, expansion of remote patient monitoring, the increasing prevalence of mental health challenges, and global health initiatives. Major trends anticipated in the forecast period include the adoption of digital therapeutics, technological advancements in AI and virtual reality (VR), trends in digital health and telemedicine, collaboration with research institutions, and the gamification of cognitive training methods.

The growth of cloud computing adoption is anticipated to drive the expansion of cloud computing in the industrial IoT AI market in the foreseeable future. Cloud computing refers to the delivery of computing services over the internet, offering rapid innovation, flexible resources, and cost-effective solutions by granting users access to servers, storage, software, and other resources on demand. In the industrial IoT AI domain, cloud computing enhances demand by providing scalable infrastructure, real-time analytics, and efficient data storage for seamless integration. Cloud architectures and services supporting the Internet of Things (IoT) can store and process data generated by AI platforms on IoT devices, facilitating smooth connectivity, data management, and advanced analytics. For example, Eurostat reported in December 2023 that 45.2% of EU (European Union) enterprises acquired cloud computing services, primarily for hosting email systems, storing electronic files, and other tasks. The adoption rate among large businesses was even higher, with 77.6% purchasing cloud computing services in 2023, reflecting a 6-percentage point increase from 2021. Thus, the growing adoption of cloud computing is fueling the expansion of cloud computing in the industrial IoT AI market.

Key players in the cloud computing in the industrial IoT AI market are intensifying their efforts to develop innovative technological solutions, such as cloud-based development environment platforms, to enhance their competitive position. A cloud-based development environment platform serves as a centralized platform for software development teams to collaborate, build, test, and deploy applications. For instance, Renesas Electronics Corporation launched the AI Workbench in December 2023, a cloud-based virtual environment enabling developers to design, simulate, and test software across various applications. This virtual development environment empowers automotive AI engineers to leverage Renesas' scalable automotive SoCs (system-on-chip) and microcontrollers for designing, simulating, and testing software. Built on the Microsoft Azure Cloud, the platform will be supported by other cloud vendors, allowing customers to seamlessly integrate AI Workbench functionality into their development workflow.

In June 2023, Accenture acquired Flutura to bolster its industrial AI services for clients in energy, chemicals, metals, mining, and pharmaceutical industries. Flutura, based in India, specializes in providing cloud computing solutions in industrial IoT.

Major companies operating in the cloud computing in industrial iot AI market report are Google LLC (Alphabet), Microsoft Corp., Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc. (AWS), Siemens AG, General Electric, Intel Corp., IBM Corp., Cisco Systems Inc., Oracle Corp., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Fujitsu Ltd., Salesforce Inc., Cority Software Inc., DXC Technologies, IROOTECH (Sany Group), Rockwell Automation, Wolters Kluwer N.V., Iron Mountain Inc., Advantech, PTC ThingWorx, LosantIOT Inc., Fogwing Cloud (Factana Computing Pvt)

North America was the largest region in the cloud computing in industrial IoT AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud computing in industrial iot AI market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cloud computing in industrial IoT AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The cloud computing in industrial IoT AI market consists of revenues earned by entities by providing services such as centralized data storage, real-time analytics, artificial intelligence integration, and cloud-based infrastructure for industrial applications. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The cloud computing in industrial IoT AI market also includes sales of servers, storage devices, and networking equipment. 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).

Cloud computing in Industrial IoT (Internet of Things) AI involves leveraging remote servers to store, process, and analyze data for industrial applications while integrating artificial intelligence capabilities. It is utilized for IoT data storage, processing, and management, facilitating secure sharing of industrial data between organizations, storing data in cloud storage for future processing, and offering advanced analytics capabilities for predictive maintenance, anomaly detection, and process optimization in industrial operations.

The primary types of cloud computing in Industrial IoT AI include hybrid, private, and public models. Hybrid cloud computing combines on-premises infrastructure or a private cloud with third-party public cloud services, allowing data and applications to transition between the two environments seamlessly. Various sensors are employed, including optical sensors, pressure sensors, proximity sensors, and temperature sensors. Additionally, different service models such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) are utilized across various industries including energy, healthcare, manufacturing, mining and agriculture, oil and gas, and transportation.

The cloud computing in industrial IoT AI market research report is one of a series of new reports that provides cloud computing in industrial IoT AI market statistics, including cloud computing in industrial IoT AI industry global market size, regional shares, competitors with a cloud computing in industrial IoT AI market share, detailed cloud computing in industrial IoT AI market segments, market trends and opportunities, and any further data you may need to thrive in the cloud computing in industrial IoT AI industry. This cloud computing in industrial IoT AI 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 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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