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The Global AIoT Platforms Market Size is valued at USD 5.07 billion in 2023 and is predicted to reach USD 61.7 billion by the year 2031 at a 37.04% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- The increasing developments in artificial intelligence, an increase in smart city programs, and the popularity of computing at the network’s periphery drive market growth.
- The widespread implementation of Internet of Things devices and the growing use of surveillance and security systems to detect real-time threats is expected to fuel industry expansion.
- North America dominated the market and accounted for a global revenue share in 2023.
- The data privacy concern and high cost of implementation expenses will likely slow the market's growth.
The integration of IoT technology has become crucial for a multitude of organizations seeking to undergo digital transformation. IoT enables businesses to enhance their operations and develop innovative business models. As a result, many enterprises and service providers recognize IoT as the principal driver of digital transformation, providing them with the means to improve operational efficiency. This increasing awareness of IoT's potential as a critical component of business success has led to a rise in its adoption.
The expanded adoption of digital technologies and the internet has recently expanded the global artificial intelligence industry. Additionally, technology giants' substantial investments in research and development continue to advance technological breakthroughs across various sectors. The artificial intelligence ops platform market is being propelled by multiple factors, such as the surge in IT connectivity, heightened demand for image recognition systems, and a rise in data volume, which has triggered a greater need for analytics solutions.
Conversely, system disruptions due to virus attacks and limited government initiatives to promote artificial intelligence in IT solutions hinder the market's growth. Major market players are seizing opportunities to acquire advanced technologies. Moreover, the increasing intelligence of devices leads to greater complexity in systems and escalating data volumes. This is driving the adoption of artificial intelligence for IT operations (AIOps).
Recent Developments:
- In January 2024, IBM announced that its Watson AI and data platform now supports the widely used open-source Mixtral-8x7B large language model from Mistral AI. This move is part of IBM’s ongoing effort to enable clients to innovate using both IBM’s foundation models and those from other open-source providers.
- In February 2024, Oracle introduced new features and made the Oracle Cloud Infrastructure Generative AI service generally available. These developments simplify the process by which businesses may benefit from cutting-edge generative AI.
- In February 2024, Microsoft is helping thousands of businesses, both large and small, to use artificial intelligence to their advantage. This will allow them to revolutionize their operations, encourage creativity, and boost their bottom line. Regarding artificial intelligence (AI), industry leaders depend on Microsoft for their extensive knowledge, size, and capabilities, such as Copilot across Microsoft products and Azure Open AI, to help them realize their AI dreams.
Competitive Landscape:
Some of the AIoT Platforms market players are:
- IBM (US)
- Sharp Global (Japan)
- Google(US)
- 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)
- Cognosos (US)
- Relayr(US)
- Terminus Group (China)
- Semifive(South Korea)
- Uptake (Chicago)
- Falkonry(US)
- Sightmachine (US)
- Other Market Players
Market Segmentation:
The AIoT Platforms market is segmented based on offerings and End-Users. Offerings segment includes solutions and services. The Solutions segment comprises Device Management, Application Management, Connectivity Management. Whereas, Services category comprises Professional Services and Managed Services. By End-Users, the AIoT Platforms market is segmented into BFSI, manufacturing, healthcare, energy & utilities, retail, transportation & logistics, and other applications.
Based On End-Users, The Healthcare Segment Is A Major Contributor To The AIoT Platforms Market
The Healthcare category is expected to hold a major share of the global AIoT Platforms market. By leveraging high-frequency data from Internet of Things (IoT) sensors and computer vision (AI), healthcare organizations can enhance human performance on tasks such as diagnostic or therapeutic decisions, thereby supporting clinicians in treating diseases. Incorporating IoT and AI technologies can also revolutionize routine physical assessments of mobility and balance, streamlining the process while ensuring quantifiable, consistent, and reproducible results. Despite the critical role of refrigerators in storing vaccines such as the COVID-19 vaccine, hospitals, clinics, pharmaceuticals, and academic institutes often lack real-time visibility into their refrigerators' condition and performance. There is a growing need for IoT-based predictive maintenance in vaccine logistics to address this issue to ensure their safe storage and transportation.
The Services Segment Witnessed Growth At A Rapid Rate
The services segment is projected to grow rapidly in the global AIoT Platforms market. AIOT can be applied to connected device data monitoring and analysis to anticipate when maintenance or repairs will be required, minimizing costs and downtime. Lighting, temperature, security, and energy use are just a few systems in houses and buildings that may be controlled and automated with AIOT. Supply chain management, quality assurance, and predictive maintenance are just a few examples of manufacturing and industrial processes that AIOT can be utilized to optimize. These are the main elements behind the market's expansion.
The North America AIoT Platforms Market Holds A Significant Revenue Share In The Region
The North America, AIoT Platforms market is expected to report the most increased market share in revenue shortly. The rapid adoption of AI and IoT technologies across diverse industries, such as automotive and transportation, manufacturing, retail, and healthcare, is a major driving force behind the market growth in this region. North America is a key region for research into developing AI and IoT applications across new end-user industries. In addition, Europe is projected to grow rapidly in the global AIoT Platforms market. The development of platforms for different verticals is being carried out by several organizations, ranging from tech start-ups to industry giants. Significant R&D investments and the continued digital transformation in developed economies are also driving the adoption of platforms in the region.
AIoT Platforms Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 5.07 Bn |
|
Revenue forecast in 2031 |
USD 61.7 Bn |
|
Growth rate CAGR |
CAGR of 37.04% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Offerings And End-Users |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
IBM (US), Sharp Global (Japan), Google(US), 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), Cognosos (US), Relayr(US), Terminus Group (China), Semifive(South Korea), Uptake (Chicago), Falkonry(US) and Sightmachine (US) . |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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