Pune, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Artificial Intelligence of Things Market Size Analysis:
“The S&S Insider report indicates that the Artificial Intelligence of Things (AIoT) market was valued at USD 28.15 billion in 2023. It is projected to reach USD 369.18 billion by 2032, growing at a compound annual growth rate (CAGR) of 33.13% from 2024 to 2032.”
AIoT is in the works of making significant improvements in the capabilities of connected devices and that’s why the AIoT market is growing quickly. This has led to widespread adoption of AIoT solutions by multiple industries such as manufacturing, healthcare, automotive, and energy, owing to increasing demand for automation, predictive analytics, and real-time data processing. Helping with operational Efficiency, cost reductions, and improving customers experience For instance, predictive analytics is revolutionizing maintenance and quality management in manufacturing, and AIoT-enabled healthcare systems facilitate remote patient monitoring and personalized health management. The market growth is driven by several factors such as the advancement in AI technologies and the proliferation of IoT devices. However, with the capability of AI algorithms expanding, decision-making becomes more accurate, and the responsibilities of connected devices are increasing. The proliferation of IoT devices will also enable wider data collection and greater scope for applications. In addition, the rollout of 5G networks around the world, which offer faster and more reliable connectivity, is a key driver fuelling the market by improving the performance and scalability of IoT applications. As a result of 5G, enabling more efficient real-time processing and decision-making, as a result, the market expansion becomes even faster.
We see growing adoption of AIoT applications like predictive maintenance, smart homes, and connected healthcare. For example, in manufacturing, predictive maintenance using IoT sensors can help spot potential failures before they happen, leading to less downtime and lower costs. AIoT offers better energy management, security, and automation in smart homes. AIoT driven systems in healthcare also facilitate remote patient monitoring resulting in better patient outcomes and lesser healthcare costs. This will continue to grow in these applications and drive further development in the market. The AIoT will transform the way economies grow and governments across the world are recognizing this and are now investing substantially in smart cities, industrial IoT solutions, and AIoT-based infrastructure projects. Such investments, particularly in market momentum and innovation, are key to solidifying the AIoT technologies as a key enabler of growth and development in different vertical markets of the future.
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Major Players Analysis Listed in this Report are:
- IBM – Watson IoT Platform
- Intel – Intel AI-powered IoT Solutions
- Cisco Systems – Cisco IoT Cloud Connect
- Microsoft – Azure IoT Suite
- Google – Google Cloud IoT
- Amazon Web Services (AWS) – AWS IoT Core
- Qualcomm – Qualcomm AI and IoT solutions
- NVIDIA – Jetson AI platform for edge computing
- Samsung Electronics – SmartThings
- Siemens – MindSphere IoT platform
- Honeywell – Honeywell Connected Plant
- General Electric (GE) – Predix Platform
- Hitachi – Lumada IoT platform
- Palo Alto Networks – IoT Security Platform
- Bosch – Bosch IoT Suite
- Schneider Electric – EcoStruxure IoT-enabled solutions
- Dell Technologies – Dell Edge Gateway 5000
- Arm – Arm Pelion IoT Platform
- SAP – SAP Leonardo IoT
- Rockwell Automation – FactoryTalk Analytics
Artificial Intelligence of Things Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 28.15 Bn |
| Market Size by 2032 | US$ 369.18 Bn |
| CAGR | CAGR of 33.13% from 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| 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 Growth Drivers | • Cities adopting AIoT for traffic management and waste handling see improved efficiency, as in Singapore, where smart traffic systems improved flow by 20%. • AIoT solutions help industries reduce downtime and maintenance costs, with predictive maintenance lowering equipment downtime by up to 50%. • High-speed, low-latency 5G networks enable rapid data transmission essential for real-time AIoT applications like autonomous driving. |
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Segmentation Analysis
By Application
Video surveillance dominated the market in 2023, primarily due to the growing adoption of AI-driven systems that improve security and aid business decision-making. These systems can detect and track suspicious activities, playing a crucial role in crime prevention and criminal identification. Furthermore, AI-powered video analytics provide valuable insights into customer behavior and traffic patterns, enabling businesses to refine their operations and strategies.
Predictive maintenance is expected to experience the fastest growth, with the highest compound annual growth rate (CAGR) projected for the coming years. This maintenance strategy leverages data and analytics to anticipate when assets might fail, allowing companies to take preventive measures. By doing so, predictive maintenance minimizes downtime, reduces maintenance costs, and enhances the safety and security of assets.
Artificial Intelligence of Things Market Segmentation:
By Application
- Video Surveillance
- Robust Asset Management
- Inventory Management
- Energy Consumption Management
- Predictive Maintenance
- Real-Time Machinery Condition Monitoring
- Supply chain Management
By Deployment
- Cloud-based
- Edge AIoT
By Vertical
- Healthcare
- Automotive & Transportation
- Retail
- Agriculture
- Manufacturing
- Logistics
- BFSI
- Others
Regional Analysis
In 2023, North America accounted for the largest share of the global Artificial Intelligence of Things (AIoT) market, with a 36.7% share. This dominance is primarily attributed to the region's extensive adoption of IoT technologies across various industries. The increasing use of sensors and devices for data collection and operational optimization has been critical to this growth. AIoT platforms play a central role in managing and analyzing the ever-growing data, with predictive analytics helping businesses to anticipate trends, detect anomalies, and generate real-time insights. These capabilities not only enhance customer experiences but also streamline operations and fuel innovation, reinforcing North America's leadership in the AIoT market.
The Asia-Pacific region is expected to witness substantial growth in the AIoT market during the forecast period. Countries such as China, India, and Japan are poised to be key contributors to this expansion, driven by the widespread adoption of internet and mobile technologies, a large and growing population, and a robust manufacturing sector. These factors are propelling the rising demand for AIoT applications in the region.
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Recent Developments
In January 2024, Intel introduced a new chipset tailored for AIoT applications, combining AI with edge computing for real-time analytics in industrial IoT environments. This chipset is focused on automating factory processes and optimizing supply chain efficiency.
In March 2024, Samsung Electronics had expanded its AIoT ecosystem by enhancing its smart home products. The company's latest AI-enabled refrigerators and washing machines now feature sensors that adjust energy usage based on user behavior, contributing to more efficient energy consumption.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Artificial Intelligence of Things Market Segmentation, By Application
8. Artificial Intelligence of Things Market Segmentation, by Deployment
9. Artificial Intelligence of Things Market Segmentation, by Industry
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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