Pune, Nov. 03, 2023 (GLOBE NEWSWIRE) -- “The Artificial Intelligence of Things (AIoT) Market is expected to experience a compound annual growth rate (CAGR) of 31.2% between 2023 and 2030, increasing from its 2022 value of USD 29.3 billion to reach USD 257.23 billion by 2030, as reported by SNS Insider.”
Market Overview
The concept of Artificial Intelligence of Things (AIoT) represents the convergence of two breakthrough technologies, Artificial Intelligence (AI) and the Internet of Things (IoT). AIoT has gained significant traction in recent years, reshaping the landscape of technology-driven innovation. This transformative fusion not only holds immense potential but also offers an array of growth drivers that fuel its market expansion.
Market Analysis
Connectivity management is the linchpin of the AIoT ecosystem. With the proliferation of IoT devices, the need for efficient data transmission and processing has become paramount. AIoT harnesses the power of AI to manage the vast network of IoT devices, optimizing data transfer, reducing latency, and enhancing security. The seamless connectivity offered by AIoT not only bolsters efficiency but also elevates user experience, making it a significant driver for the artificial intelligence of things (AIoT) market's growth. The manufacturing sector has experienced a remarkable transformation through AIoT integration. AI-powered algorithms enhance predictive maintenance, ensuring machinery operates at its peak efficiency and reducing downtime. This results in cost savings and increased productivity. The healthcare sector is experiencing a revolution through AIoT applications. The integration of AI and IoT in healthcare has given rise to smart medical devices, remote patient monitoring, and predictive analytics for disease prevention.
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Key Company Profiles Listed in this Report are:
The major players are Intel, AWS, NXP, Google, Cisco, IBM, Tencent Cloud, Sharp Global, Oracle, Microsoft, HPE, SAS, Uptake, Williot, SAP, AxiomTek, Cognosos, Terminus Group, Falkonry, Hitachi, Sightmachine, Autoplant Systems India Pvt. Ltd., Semifive, and others players
Artificial Intelligence of Things (AIoT) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2022 | US$ 29.3 Bn |
| Market Size by 2030 | US$ 257.23 Bn |
| CAGR | CAGR of 31.2% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Key Takeaway from Artificial Intelligence of Things (AIoT) Market Study
- The connectivity management segment is at the forefront of the AIoT revolution. It encompasses the crucial task of managing the connectivity and communication between IoT devices. As the number of IoT devices continues to grow exponentially, efficient and secure connectivity management becomes paramount.
- The Manufacturing segment is another force to be reckoned with in the artificial intelligence of things (AIoT) market landscape. The integration of AI into manufacturing processes has ushered in the era of smart factories, often referred to as Industry 4.0. AIoT plays a pivotal role in this transformation by enhancing efficiency, productivity, and quality control in manufacturing.
Recent Developments
- CPQD, a renowned Brazilian technology institute, has unveiled "Pailot," a key platform aimed at harnessing the potential of AIoT. With Pailot, CPQD aims to bridge the gap between artificial intelligence and the Internet of Things, catering to the increasing demand for smart solutions.
- DeRUCCI, a leading name in the furniture industry, has introduced its "Smart AIoT Sleep Line." The Smart AIoT Sleep Line from DeRUCCI combines advanced artificial intelligence with the Internet of Things to create an intelligent sleeping environment. This comprehensive solution includes smart mattresses, sleep tracking devices, and AI-powered sleep optimization algorithms.
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Market Dynamics Analysis
The dynamics of the artificial intelligence of things (AIoT) market are characterized by a complex interplay of drivers, restraints, challenges, and potential threats. On the driver's side, the relentless pursuit of automation and efficiency in various industries is a major force propelling the growth of AIoT. Businesses are increasingly recognizing the value of integrating AI with the Internet of Things (IoT) to gain actionable insights, streamline operations, and enhance customer experiences. Additionally, the surge in data generated by IoT devices provides a wealth of information to train AI algorithms, further fuelling the market's expansion. On the flip side, restraints include concerns about data privacy, security, and interoperability among different AIoT devices and platforms. Challenges emerge from the need for standardized protocols, regulatory compliance, and the complexity of implementing AIoT solutions. Furthermore, potential threats encompass cyberattacks and the misuse of AIoT technology for malicious purposes, which underline the importance of robust cybersecurity measures. In this rapidly evolving landscape, staying ahead requires a delicate balance between harnessing the potential of AIoT and mitigating its associated risks.
Artificial Intelligence of Things (AIoT) Market Segmentation
By Deployment
- Edge IoT
- Cloud-Based
By Application
- Real-Time Machinery Condition Monitoring
- Supply Chain Management
- Predictive Maintenance
- Inventory Management
- Energy Consumption Management
- Robust Asset Management
- Video Surveillance
By Industry
- Retail
- Agriculture
- Logistics
- BFSI
- Automotive & Transport
- Healthcare
- Oil & Gas
Key Regional Developments
The adoption and growth of AIoT vary across regions, driven by factors like technological infrastructure, regulatory policies, and economic conditions. Developed regions such as North America and Europe are at the forefront of AIoT implementation, owing to their robust infrastructure and early technology adoption. In contrast, emerging economies in Asia-Pacific exhibit significant growth potential, driven by increasing investments in IoT and AI technologies. Furthermore, each region has its own set of challenges and opportunities, making it essential to analyze regional dynamics when entering the artificial intelligence of things (AIoT) market.
Impact of Recession on Artificial Intelligence of Things (AIoT) Market Growth
The artificial intelligence of things (AIoT) market has exhibited resilience during times of economic uncertainty, making it a compelling investment even in the face of a recession. As organizations seek operational efficiency and cost savings, AIoT technologies become more attractive. AIoT's ability to optimize processes, enhance productivity, and reduce operational costs positions it as a strategic asset in times of economic downturn. Furthermore, its applications in healthcare, manufacturing, and smart cities offer solutions that are essential during challenging times, making it a technology that remains relevant and in demand, recession or not.
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Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Artificial Intelligence of Things (AIoT) Market Segmentation, By Deployment
9. Artificial Intelligence of Things (AIoT) Market Segmentation By Application
10. Artificial Intelligence of Things (AIoT) Market Segmentation By Industry
11. Regional Analysis
12. Company Profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion
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