The AIoT market is projected to grow from USD 18.37 billion in 2024 to USD 79.13 billion by 2030, at a CAGR of 27.6% during the forecast period.
The need for AIoT solutions is predicted to grow due to the exponential growth of data generated from IoT devices. As the number of connected IoT devices continues to rise exponentially, there’s an urgent requirement for solid frameworks that can manage and analyze all the data created effectively. The other key factor for enhancing the AIoT market is the need for automation and efficient running of activities. In the modern world, most companies are more orientated towards implementing AIoT systems in their marketing strategies to increase operations’ efficiency while decreasing costs. The need to enhance user experience and provide personalization plays an essential role within the growing AIoT market. Making it possible for businesses to respond quickly and in a more personalized manner to their customers’ needs when combined with IoT gadgets is appealing to many businesses in this age.
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Based on offerings, the platforms segment holds the largest market size during the forecast period.
In the AloT market, platforms help develop and deploy Al solutions, enhancing IoT systems’ performance and functionality. These platforms perform several different roles and are also divided into various subcategories. IoT device management is the management platform that manages the entire life cycle of usage from installation and operations to maintenance and upgrades of the loT devices. This process aims to ensure that the designed figures are used effectively and safely for the period they have been intended to serve. IoT application enablement platforms are the platforms that collect the requirements needed for the development and monetization of AloT applications. This enables the interface of various devices and information, which makes it easier for application developers to create and manage applications that deal with the data generated from IoT devices. IoT connectivity management platforms and services are designed to manage data flow within the network and between loT devices and the cloud. A loT cloud is defined as a service that provides a flexible architecture for the storage, management, and analysis of large quantities of loT data for better and quicker business decisions. IoT advanced analytics use big data analytics and Al techniques to scrutinize performance data retrieved from loT devices to provide actionable information that can help improve operations.
Based on deployment type, edge-based AIoT is projected to register the highest CAGR during the forecast period.
Edge-based AloT implementations exploit the advantage of processing data closer to the loT devices or at the extremities, thereby reducing the dependency on high bandwidths and the latencies experienced during data analysis. AloT systems with edge characteristics are managed into three major layers: the collection terminal, connectivity, and edge layer, each performing its designated functions. Certain hardware components in the collection terminal layer include sensors, vehicles, embedded systems, tags, and active mobile components wired to gateways through the existing electricity lines. In this case, the connectivity layer also possesses field gateways that connect with the collection terminal layer using these power transmission lines. Finally, the edge layer includes functionalities such as data warehouses, data processing resources, and even insight generators within the system.
Based on region, North America holds the second-largest market size during the forecast period.
North America has been relatively predominant in technological advancement, widespread usage with other industries, and significant investment in the AIoT segment. This region is expected to occupy the 2nd largest market share of the global AIoT market based on its technology prowess. The manufacturing, healthcare, and transport sectors are expected to be the main sectors that will help drive the adoption of IoT technology. For instance, manufacturing industries use AIoT solutions such as predictive maintenance and supply chain management to propel the market. Likewise, AIoT’s primary concern in healthcare is virtual patient care delivery and personalized medicine.
Market Players
The major vendors covered in the AIoT market include IBM (US), Cisco (US), AWS (US), Google (US), Microsoft (US), Oracle (US), HPE (US), Intel (US), Hitachi (Japan), SAP (Germany), Tencent Cloud (China), Sharp Global (Japan), SAS (US), PTC (US), Telit Cinterion (UK), Robert Bosch (Germany), Axiomtek (Taiwan), Softweb Solutions (US), Wiliot (Israel), Relayr (US), Terminus Group (China), C3 IoT (US), Clearblade (US), Semifive (South Korea), Falkonry (US), Uptake (US), Butlr (US).
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