Delray Beach, FL, Oct. 24, 2024 (GLOBE NEWSWIRE) -- The AIoT Market size is expected to grow from USD 18.37 billion in 2024 to USD 79.13 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 27.6% during the forecast period, according to a new report by MarketsandMarkets™.
The seamless integration of AI into IoT systems, which businesses increasingly recognize as vital for improving efficiency and staying competitive in today’s fast-paced digital world, is expected to drive the market.
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AIoT Market Dynamics:
Drivers:
- Exponential growth of data from IoT devices
- Demand for automation and enhanced operational efficiency
- Rising need to provide improved user experiences and personalization
Restraints:
- High costs of implementation
- Limited interoperability and fragmented standards
Opportunities:
- Increasing investments in Internet of Things (IoT)
- Growing need for advanced security solutions
List of Key Companies in AIoT Market Companies:
- IBM (US)
- Cisco (US)
- AWS (US)
- Google (US)
- Microsoft (US)
- Oracle (US)
- HPE (US)
- Intel (US)
- Softweb Solutions (US)
- Hitachi (Japan)
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Moreover, the emergence of Generative AI technologies adds to this urgency, with many companies identifying them as essential for their future strategies. As the regulatory framework for the use of AI becomes more defined, especially for corporations, these provisions are regarded as safeguards and structures that promote sustainable management. Moreover, these tendencies bring a crucial situation for adopting AIoT, as companies integrating such technologies will not only create better experiences for end-users but also optimize their internal operations, all in preparation for the cut-throat competition presented by the AIoT market.
By offering, the service segment is projected to register the highest CAGR during the forecast period.
In the AloT market, services are needed to implement and deploy AloT solutions, which can be classified into professional and managed services. To ensure that the application of AloT solutions in businesses is smooth, Professional services include training and consulting, deployment and integration, and support and maintenance. For instance, AWS offers a broad consultation service to help with the system architecture, management, and security. At the same time, Microsoft has consulting services for the Azure IoT solutions for system setup and development. Oracle and SAP also provide specific consulting on implementing the AloT and maximizing IoT data. For instance, in April 2024 SAP came up with dedicated services on IoT, emerging for the digital economy, connecting loT data to ERP fundamentals for improving operational effectiveness.
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Based on deployment type, the cloud-based AIoT segment holds the largest market size during the forecast period.
Based on cloud-based AIoT, data collection and processing from IoT devices are used. Tying the loT devices to the cloud is crucial since this environment best suits processing and storing data in numerous applications and products. AloT architecture of cloud-based systems is divided into four layers: the device layer, connectivity layer, user communication layer, and cloud layer. The device layer includes sensors, beacons, cars, embedded devices, and tags. The connectivity layer, including field and cloud gateways, is essential in interacting between cloud storage and the controllers, intelligent devices, and sensors. The cloud layer is central to AloT because it provides the environments, including Al engines, data visualization tools, APIs, data storage, and analytics for information processing. At the same time, the user communication layer enables interaction through the mobile application and web portal.
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