USD 4.7 billion
Global Artificial Intelligence of Things (AIoT) Market Size, Share, Growth Analysis, By Solution Type(Connectivity Management, Device Management), By Offering(Solution and Service), By Industry Vertical(Manufacturing, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45B2114 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|
Tables:
92 |
Figures:
75
Global Artificial Intelligence of Things (AIoT) Market Insights
Global Artificial Intelligence of Things (AIoT) Market size was valued at USD 4.7 billion in 2022, USD 6.56 billion in 2023 and is projected to grow USD 94.03 billion by 2031, growing at a CAGR of 39.5% in the forecast period (2024-2031).
The Internet of Things (IoT) and artificial intelligence (Al) are combined to create Artificial Intelligence of Things. This technology combines giving machines the ability to learn, think, and plan with the ability to link devices to the internet for data collection. Applications for AloT are found in many industries, such as manufacturing, healthcare, smart homes, and transportation. It improves automation, personalization, industry modernization, and people's quality of life. Thus, the need for AloT solutions is rising because of the growing number of devices being used, modifications and improvements in processing power, Al algorithms, the need for efficient operations, and data-driven insights. Several industries, including manufacturing, transportation, healthcare, and agriculture and smart homes, are actively utilizing AloT to boost productivity, improve customer experiences, cut expenses, and obtain a competitive edge.
The market is expected to grow due to factors such as increasing world digitization, growing demand for intelligent transportation systems, and growing acceptance of innovative technologies. In addition, the market is anticipated to develop over the forecast period due to the rise in IoT device usage, advances in Artificial Intelligence technology, and an increase in the demand for automation. Furthermore, the market is anticipated to see profitable growth possibilities in the future years due to the proliferation of AIoT applications in a variety of industries, including healthcare, agriculture, and retail. Furthermore, it is projected that the development of edge computing technology, which will enable real-time data processing and minimize latency, and the adoption of cloud computing, which will enable the scalability, flexibility, and affordability of AIoT systems, will provide attractive potential for market expansion.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Solution
Fastest Growth
Service
Growth Rate
39.5% CAGR
Golbal Artificial Intelligence of Things (AIoT) Market ($ Bn)
Country Share by North America (%)
Golbal Artificial Intelligence of Things (AIoT) Market By Offering (%)
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Global Artificial Intelligence of Things (AIoT) Market Segmental Analysis
The global artificial intelligence of things (AIoT) market is segmented based on solution type, offering, industry vertical and regional type. In terms of solution type, the market is trifurcated into connectivity management, device management and application management. Based on offering, the market is divided into solutions and services. In terms of industry vertical, the market is segmented into manufacturing, BFSI, healthcare, Retail, energy & utilities, transportation & logistics and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Offering
As per categorization by offering, the market is classified as solution and service. Among these, solution earned the largest share and continues to dominate the market. The combination of artificial intelligence (AI) and Internet of Things (IoT) technologies is driving a wave of innovation and adoption in the global AIoT industry. Smart decision-making, automation, and predictive analytics are made possible by this synergy across a variety of industries, including healthcare, manufacturing, and retail. Utilizing edge computing to process data closer to its source, lower latency, and improve real-time responsiveness is one popular way to satisfy the increasing need for effective, decentralized artificial intelligence of things (AIoT) applications.
Due to their scalability and diversity, service offerings have the potential to grow at a quick pace in the global AIoT market. As more companies look to use artificial intelligence of things (AIoT) solutions without making significant upfront infrastructure investments, service providers are entering the market with all-inclusive packages that include ongoing maintenance, implementation, and advising. With the help of this trend, businesses can quickly incorporate artificial intelligence of things (AIoT) capabilities into their daily operations and take use of automation and AI-driven insights to improve customer experiences, streamline workflows, and gain a competitive edge in the quickly changing digital landscape.
Analysis by Solution Type
The global AIoT market is seeing significant innovation and uptake in device management, especially with the creation of cutting-edge platforms that simplify the administration of linked devices. These solutions ensure optimal performance and security by facilitating the effective provisioning, monitoring, and maintenance of AIoT devices across various contexts. Due to its critical role in maintaining the smooth operation of AIoT ecosystems and enabling businesses to successfully leverage the potential of networked devices for increased productivity and insights, device management commands a large share of the market.
The global AIoT market is expected to have substantial expansion in connectivity and application management products as their crucial role in facilitating smooth communication and operation amongst interconnected devices. Businesses are realizing more and more how crucial it is to have strong connectivity solutions to guarantee dependable data transmission and interoperability as the number of AIoT deployments rises. To orchestrate intricate AI algorithms and applications across a variety of Internet of Things (IoT) endpoints and promote efficiency, creativity, and value generation in artificial intelligence of things (AIoT) ecosystems, advanced application management platforms are also necessary.
Golbal Artificial Intelligence of Things (AIoT) Market By Offering (%), 2022 (%)
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Global Artificial Intelligence of Things (AIoT) Market Regional Insights
In terms of market share, North America led the worldwide artificial intelligence of things market in 2022. The increasing usage of lots across a variety of sectors in the region is credited with the rise. The deployment of sensors and other devices across various industries is rapidly expanding the Internet of Things (IoT) to gather data and improve operational efficiency. Due to the rising technological improvements in the area, North America has the highest market share in the global industry. During the forecast period, artificial intelligence of things is predicted to grow rapidly throughout Asia Pacific, with China, India, and Japan being the main contributors to the growth of the regional market. The region's enormous population, booming manufacturing sector, and extensive adoption of mobile and internet technologies have all led to the growing need for AloT applications.
Over the projected timeframe, Europe is anticipated to increase at a steady rate. The region's growth can be ascribed to higher spending on advanced loT infrastructure and Al technologies. To reclaim control, security, and governance over crucial data, companies in the region primarily concentrate on projects that span the whole value chain and involve AloT, such as data security and environmental integrity, or they build regional Internet of things (loT) platforms. Like this, Latin America's market is expanding significantly because of the increased availability of data. In addition, Latin American nations like Peru, Chile, and Colombia are embracing artificial intelligence of things (AIoT) and making investments in infrastructure and education to promote the advancement of artificial intelligence of things (AIoT) technology. In addition, the market in the Middle East and Africa (MEA) is anticipated to expand in the upcoming years due to increased government financing and expenditures in digitalization.
Golbal Artificial Intelligence of Things (AIoT) Market By Geography, 2024-2031
- Largest
- Fastest
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Global Artificial Intelligence of Things (AIoT) Market Dynamics
Drivers
The Artificial Intelligence of Things Driven by Edge Computing
- The concept of edge computing promotes the creation of highly efficient, scalable, dependable, and low-latency distributed system architectures with on-device data processing. Machine learning and deep learning were first limited to cloud platforms as of the massive processing power required to perform machine learning tasks. Edge computing is essential for achieving the fast-processing speed and low latency required for intelligent loT applications.
Making Operational Decisions in Real Time
- IoT devices gather a substantial amount of data. These data are used by artificial intelligence of things (AIoT) technology to make decisions in real time. An alarm system that relates to a security camera system is a basic illustration of this. An Internet of Things (IoT) camera would normally feed video data to a central location where security guards would view the footage. When a trespasser is detected, an artificial intelligence of things (AIoT) camera can automatically sound a loud alarm to alert the security personnel.
Restraints
Issues with Compatibility and Security
- Since AloT platforms necessitate the integration and interchange of data across several devices and networks, security is a major concern. Any vulnerability or breach could result in identity theft, data loss, or financial losses, among other dire consequences. A variety of hardware, software, and standards are used by artificial intelligence of things (AIoT) platforms. Businesses may find it difficult to integrate different systems as there aren't any industry standards for artificial intelligence (AI) and Internet of things (loT) technology.
Issues with Updates and Maintenance
- Al based artificial internet of things (AIoT) solutions are being adopted by businesses for improved customer experience and predictive maintenance. Updating and maintenance are two critical issues that manufacturers in the market need to take into consideration while developing Al in Internet of Things (IoT) systems. To apply technical advancements, an Al-based Internet of Things (IoT) system must be upgraded and maintained in accordance with the shifting business requirements. Upgrading and maintaining Al-based lot systems will be difficult for businesses providing uninterrupted solutions.
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Global Artificial Intelligence of Things (AIoT) Market Competitive Landscape
The fierce competition between major global competitors vying for market supremacy characterises the competitive landscape of the global AIoT market. Innovative AIoT solutions customised for different industries are being led by companies like IBM, Microsoft, Google, Amazon, and Intel. Their substantial financial resources, technological know-how, and business alliances put them in a position to significantly impact how the Internet of Things develops, fostering global innovation and competition.
Top Player’s Company Profiles
- HPE (US)
- Sharp Global (Japan)
- NXP (Netherlands)
- Autoplant Systems India Pvt. Ltd. (India)
- AWS (US)
- Dahua Technology (China)
- SAP (Germany)
- Microsoft (US)
- IBM (US)
- Tencent Cloud (China)
- Oracle (US)
- Intel (US)
- Hitachi (Japan)
- Google (US)
- Fibocom (China)
- Cisco (US)
- WISekey International Holding Ltd. (Switzerland)
- SAS (US)
- AxiomTek (Taiwan)
Recent Developments
- In June 2023, at its worldwide headquarters in Hangzhou, Dahua Technology—a provider of AloT solutions with a focus on video—presented the Smart Building worldwide Summit. More than fifty prominent real estate executives and professionals in the field came together for the event to exchange ideas on the latest issues, upcoming trends, and distinctive experiences and methods in the business.
- In July 2023, Unlocking the potential of SG artificial intelligence of things (AIoT) for industry transformation, Fibocom, a manufacturer of loT (Internet of Things) wireless communication modules and wireless solutions, presents its cellular modules and solutions at Computex 2023. The FG132-NA series 5G RedCap module was introduced by the company, opening application opportunities for smart wearables, industrial automation, FWA, and cities.
- In March 2023, the incorporation of generative artificial intelligence Al into its artificial intelligence of things (AIoT) platform has been disclosed by WISekey International Holding Ltd., a global cybersecurity, Al, and Internet of Things (loT) firm. By using generative AI, WISeAl improves its capacity to learn from patterns and data in order to produce novel and creative data and content. The application of generative Al in the development of intelligent, scenario-adaptive autonomous devices has the potential to greatly expand the capabilities of low-power Internet of Things (loT) devices.
Global Artificial Intelligence of Things (AIoT) Key Market Trends
- Empowering IoT with AI and Edge Analytics for Enhancing Decision-Making: The use of edge analytics solutions and the growing need for lots in tandem with artificial intelligence (Al) technologies to enhance a business's decision-making process are anticipated to support market expansion. Different devices on the Internet of Things (loT) network can make decisions thanks to the combination of lot and Al. Using edge computing, decisions are made at the network's edge. Microcontrollers and a wide range of sensors are coupled in edge computing to allow for local high-level processing and decision-making.
- Driving Efficiency and Insights in Global Demand for AIoT Platform Software: The need for AloT platform software is being driven worldwide by the need for greater data management & analysis, reduced downtime, optimized risk management capabilities, and intelligent real-time process monitoring. Numerous top platform suppliers, like GE, IBM, AWS, Google, Microsoft, and others, offer many platforms with Al features like machine learning-based analytics. As AloT platform software can quickly produce insights from vast amounts of data generated by IoT devices, most organizations are implementing it.
Global 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 Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, artificial intelligence of things (AIoT) is revolutionized by edge computing, which makes it possible to process data efficiently and with minimal latency. This allows for real-time decision-making in IoT applications, including security systems, where artificial intelligence of things (AIoT) cameras can independently sound alarms in response to threats they perceive. Due to the intricacy of the integration process and the absence of industry stamaking oipendards, compatibility and security issues are prevalent in artificial intelligence of things (AIoT) platforms, raising the possibility of risks such as identity theft and data breaches. Updating and maintaining AI-driven IoT systems also poses continuous challenges for companies hoping to take advantage of technological advancements for predictive maintenance and improved customer experience.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.7 billion |
| Market size value in 2031 | USD 94.03 billion |
| Growth Rate | 39.5% |
| 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 Global 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 Global 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 Global 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 Global 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 Global 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 Global 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.
Global Artificial Intelligence of Things (AIoT) Market Report Snapshots
- Global Artificial Intelligence of Things (AIoT) Companies
- Global Artificial Intelligence of Things (AIoT) Market Size
- Global Artificial Intelligence of Things (AIoT) Market Analysis
- Global Artificial Intelligence of Things (AIoT) Geographic Analysis
- Global Artificial Intelligence of Things (AIoT) Market News
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