USD 65.50 billion
Artificial Intelligence of Things (AIoT) Market Size, Share, Growth Analysis, By Offering, Technology(Machine Learning, NLP, Generative AI, Robotics), Application(Condition Monitoring, SCM, Predictive Maintenance, Inventory Management, Others), End User, and 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 Insights
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).
Manufacturing is a system of artificial intelligence (AI) and the internet of things (IoT). This technology connects devices to the Internet to collect data and provides devices with learning, reasoning and programming capabilities. AIoT applications span a range of industries including transportation, smart homes, manufacturing and healthcare. It enhances individualization, automation, modernization of services and quality of life for individuals.
Thus, widespread adoption of IoT devices, changes and improvements in computing power, AI algorithms, demand for efficiencies, data-based insights all create increased demand for AIoT solutions. Enhanced consumer Experience, AIoT are some of the areas where they are aggressively being used to reduce costs, gain competitive advantage with the continuous growth of IoT and AI, the market has been compressed for future growth, delivering more potential operations and modernizing more businesses within the estimated timeframe.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Software
Fastest Growth
Services
Growth Rate
25.2% CAGR
Global Artificial Intelligence of Things (AIoT) Market ($ Bn)
Country Share for North America Region (%)
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Artificial Intelligence of Things (AIoT) Market Segmental Analysis
Global Artificial Intelligence of Things (AIoT) Market is segmented by component, deployment, application, end-user, industry vertical, and region. Based on component, the market can be segmented into Hardware, Software, and Services. Based on deployment, the market is segmented into On-Premise and Cloud. Based on application, the market is segmented into Video Surveillance, Inventory Management, Predictive Maintenance, Supply Chain Management, and Others. Based on end-user, the market is segmented into B2B, B2G, and B2C. Based on industry vertical, the market is segmented into Retail, Agriculture, Logistics, BFSI, Automotive & Transport, Healthcare, Manufacturing, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Offering
Solution is the dominant segment in the market. Increased demand for IoT in combination with AI technologies to improve enterprise decision-making processes and adoption of edge analytics solutions is expected to support market growth. By combining Internet of Things (IoT) and AI, the devices that make up the IoT network can make decisions. Decisions are made at the edge of the grid, using edge computing. In edge computing, multiple microcontrollers and sensors are integrated to enable high-level processing and local decision-making.
The software segment will hold a huge market value of more than USD 5 billion in 2022. Platform software globally. Leading platform providers such as IBM, AWS, Google, Microsoft, and GE offer IoT platforms with AI capabilities such as ML-based analytics. Most companies are using AIoT platform software because of its ability to quickly gain insights into the amount of data generated by IoT devices.
Analysis by Deployment
Cloud computing is the dominant segment in the market. With the incorporation of AIoT, cloud computing ushered in a new era of digital automation in technology. Cloud-based deployment can be more cost-effective as the cloud provider handles data storage and processing while saving businesses money on hardware and software costs.
Moreover, Edge-based AIoT is predicted to grow at the highest CAGR during the forecast period. This system can provide responses in real-time, as there is no need to send data to the cloud and back to the IoT device. Thus, it is essential for the applications that require immediate response, such as self-driving vehicles or predictive maintenance.
Global Artificial Intelligence of Things (AIoT) Market Size By Offering (%)
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Artificial Intelligence of Things (AIoT) Market Regional Insights
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.
Asia-Pacific is expected to witness the fastest growth in artificial intelligence during the forecast period, with China, India and Japan leading the regional market growth. Internet and mobile technologies were widely adopted in the region, people growing numbers and processes contributed to increased demand for AIoT applications deployments.
Global Artificial Intelligence Of Things (AIoT) Market Size By Geography
- Largest
- Fastest
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Artificial Intelligence of Things (AIoT) Market Dynamics
Artificial Intelligence of Things (AIoT) Market Drivers
Increasing the Demand for Sustainable Smart Cities to Encourage Market Development
- 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.
Enhanced Decision Making and Automation
- AI algorithms can analyze large amounts of data generated by IoT sensors in real time, to ensure accuracy and timely decisions. This capability is especially valuable in applications such as predictive maintenance, smart cities, and industrial automation, where faster informed decision making can result in significant cost savings, improved productivity and better efficiency.
Restraints
Issues Related to Data Security and Privacy Concerns
- The combination of AI and IoT devices raises serious security and privacy concerns. AIOT systems collect and analyze vast amounts of data, including personal and sensitive information. Ensuring data privacy, creating security against unauthorized access, and managing the security of AIoT networks are important challenges for the market.
Data Privacy and Security Concerns
- One of the most important limitations of the market is data privacy and security concerns. These concerns may hinder the widespread adoption of AIoT solutions, as organizations and consumers are reluctant to adopt technologies that pose potential risks to their data privacy and security. The integration of AI and IoT requires the storage, transmission and analysis of vast amounts of sensitive data, which can be vulnerable to cyberattacks and breaches.
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Artificial Intelligence of Things (AIoT) Market Competitive Landscape
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.
Start-ups are also appearing and competing with established companies with innovative and unique solutions for the AIoT, frequently with an emphasis on certain sectors, applications, or industries. These new players that are entering company spaces are bringing new ideas and products, thus creating new business opportunities and rivalry in the larger field of AIoT. Competitive pressure of market will further increase as the market expands as it comes, players will strive to seek more market share for value increased opportunity of various new industries and application.
Artificial Intelligence of Things (AIoT) Market Top Player’s Company Profiles
- 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)
Artificial Intelligence of Things (AIoT) Market Recent Developments
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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.
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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.
Artificial Intelligence of Things (AIoT) Key Market Trends
- 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.
Artificial Intelligence of Things (AIoT) Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, the market is currently in the growth phase and is expected to grow further in the coming years. The growth in market can be significantly attributed to the rise in the usage of IoT devices and the escalating demand for intelligent and IoT connected solutions, not forgetting the constant advancement in AI technologies that are now being infused into the IoT solutions. Competitive analysis conducted by a research firm is useful based on this in that it helps in getting clues on where key players are really distinguishing themselves, and where the opportunities for disruption may exist.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 65.50 Billion |
| Market size value in 2031 | USD 495.09 Billion |
| Growth Rate | 25.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Artificial Intelligence of Things (AIoT) Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Artificial Intelligence of Things (AIoT) Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Artificial Intelligence of Things (AIoT) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Artificial Intelligence of Things (AIoT) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Artificial Intelligence of Things (AIoT) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Artificial Intelligence of Things (AIoT) Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Artificial Intelligence of Things (AIoT) Market Report Snapshots
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