Westford, USA, June 07, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Artificial Intelligence of Things (AIoT) Market will attain a value of USD 495.09 Billion by 2031, with a CAGR of 25.2% over the forecast period (2024-2031). Numerous factors are causing the need to use IoT to rise, notable among them being the expanding use of IoT devices, changes and improvements in algorithms connected with artificial intelligence and computing power alongside the rise of demand for operational efficiencies and data-oriented insights. Continuous AI and IoT advancements may indicate that the artificial intelligence of things market size will increase within some years ahead. This will present numerous business opportunities and revolutionise a number of industries.
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Artificial Intelligence of Things (AIoT) Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 82.01 Billion |
| Estimated Value by 2031 | $ 495.09 Billion |
| Growth Rate | Poised to grow at a CAGR of 25.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Offering, Technology, Application and Industry Vertical |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Empowering IoT with AI and edge analytics for enhancing decision-making |
| Key Market Opportunities | Real-time operational decision-making |
| Key Market Drivers | The artificial intelligence of things driven by edge computing |
Superior Data Processing, Real-Time Decision-Making and Predictive Maintenance under Software Offering result in High Market Share
The global artificial intelligence of things (AIoT) market is dominated by leading software solutions because of their strong machine learning algorithms, smooth integration with IoT devices, and sophisticated analytics capabilities. Better data processing, real-time decision-making, and predictive maintenance are achieved through promoting wider acceptance of these elements, hence strengthening their position as the industry leader.
Effective Device Management Enhancing Security of Device Management and Making it Dominating Segment
The vital role that device management plays in guaranteeing the smooth operation and upkeep of IoT devices is what propels its dominance in the global AIoT market. Sophisticated device management ensures that upgrades and monitoring are done in real-time, security is enhanced, and overall performance maximized; enhancing reliability and efficiency in AIoT systems; thus, encouraging more universal adoption and an increased market size.
Regional Innovation at Developing Fresh AIoT Approaches Allows North America to Dominate
North America, one of the technologically most advanced regions in the world, has often set the global standard for IoT growth. In the context of IoT, the region develops novel solutions for collective problems in a highly innovative and skilled manner. Owing to the presence of significant solution providers within the region and the increasing acceptance of AIoT in industry and automotive sectors, it is anticipated that North America will spearhead growth in the global Artificial Intelligence of Things market.
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Artificial Intelligence of Things (AIoT) Market Insight
Drivers:
- Making Operational Decisions in Real Time
- Increasing Demand for Development of Sustainable Smart Cities to Propel Market Growth
- Artificial Intelligence of Things Driven by Edge Computing
Restraints:
- Issues with Compatibility and Security
- Updates and Maintenance Restraints
- Concerns about Data Security and Privacy may Limit Market Expansion
Prominent Players in Artificial Intelligence of Things (AIoT) Market
- Tencent Cloud (China)
- Oracle (US)
- Intel (US)
- Hitachi (Japan)
- Google (US)
- Fibocom (China)
- Cisco (US)
- WISekey International Holding Ltd. (Switzerland)
- SAS (US)
- AxiomTek (Taiwan)
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Key Questions Answered in Global Artificial Intelligence of Things (AIoT) Market Report
- What is the anticipated market size for Artificial Intelligence of Things (AIoT) globally by 2031, and what is the anticipated compound annual growth rate (CAGR) for the 2024–2031 projection period?
- What are the main advantages that encourage the use of AIoT technologies, and what effects do they have on different industries?
- What variables lead to North America's predicted leadership in the global AIoT market, and why is this expected to happen?
This report provides the following insights:
- Analysis of key drivers (Creation of highly efficient, scalable, low-latency distributed system architectures, edge computing’s faster-processing speed, gathering a substantial amount of data and maintaining the security of AIoT networks), restraints (Any vulnerability or breach identity theft, businesses finding AIoT difficult to integrate and updating & maintenance issues for manufacturers), opportunities (AIoT technologies using data for real-time decision-making, increasing integration of AI & IoT technologies and unlocking new possibilities for faster & more secure data transfer), and challenges (Integrating AI & IoT technologies requires expertise in both domains and lack of standardized frameworks & regulations for AIoT) .influencing the growth of artificial intelligence of things (AIoT) market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the artificial intelligence of things (AIoT) market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the artificial intelligence of things (AIoT) market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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