Artificial Intelligence Of Things (AIoT) Global Market Report 2024 - By Share, Size, Report, Industry Analysis, Forecast To 2033

The artificial intelligence of things (aiot) market size has grown exponentially in recent years. It will grow from $7.52 billion in 2023 to $9.98 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The growth in the historic period can be attributed to iot proliferation, ai advancements, data growth, aiot security concerns.

The artificial intelligence of things (aiot) market size is expected to see exponential growth in the next few years. It will grow to $31.05 billion in 2028 at a compound annual growth rate (CAGR) of 32.8%. The growth in the forecast period can be attributed to 5g network expansion, edge computing growth, aiot in healthcare, aiot in smart cities. Major trends in the forecast period include aiot analytics, aiot in retail, aiot in energy management, aiot in transportation.

Market Overview -
Artificial Intelligence of Things (AIoT) is the integration of AI technologies with Internet of Things (IoT) infrastructure to improve data management and analytics, IoT operations and human-machine interactions. The primary objective of this technology is to utilize the benefits of IoT by relying on Artificial Intelligence to improve decision-making processes by quickly and precisely giving operational insights.

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Impact Of Increasing Cloud Adoption On The Aiot Market
The increase in cloud adoption is expected to propel the growth of the AIoT market. A cloud is a distributed server group that houses infrastructure and software and can be accessed online. Cloud-based AIoT uses cloud computing platforms to manage and process data from IoT devices. It signifies that cloud is used to store and process IoT device data, while AI is utilized to analyze and make decisions based on that data. For instance, in February 2022, according to Canalys, a Singapore-based technology market analyst firm, the global cloud infrastructure services expenditure increased by 35% to US$191.7 billion, up from US$142.0 billion in 2020. Further, in August 2023, according to AAG IT Services & Cyber Security, a UK-based provider of IT support and digital transformation services, around 60% of corporate data was stored in the cloud in 2022 and it is estimated that the global data stored on the cloud will reach 200 zettabytes by 2025. Therefore, the increase in cloud adoption drives the growth of the AIoT market.

Competitive Landscape -
Major players in the artificial intelligence of things (aiot) market are Google LLC, Microsoft Corporation, Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., General Electric Co, Intel Corporation, International Business Machines Corporation, Tencent Cloud Service Pte., Cisco Systems Inc., Oracle Corporation, SAP SE, Fujitsu Ltd., ABB Ltd., The Hewlett Packard Enterprise Company, Nvidia Corporation, Sharp Corporation, NXP Semiconductors N.V., SAS AB, General Vision Inc., C3.ai Inc., DataRobot Inc., Echelon Corporation, Autoplant Systems India Pvt Ltd., Brighterion Inc., ITRex Group, Clarifai Inc., AIBrain Inc., Milesight Technology USA.

Advancements In Aiot Integration And Data Processing Transforming The Market
Major companies operating in the AIoT sector are focused on improving the integration of AI and IoT, enhancing data processing capabilities and expanding the range of applications across different industries to strengthen their position in the market. These developments seek to capitalize on the power of AI and IoT to create more efficient and intelligent systems. For instance, in January 2022, Origin Wireless Inc., a South Africa-based technology company and nami.AI, a Singapore-based AIoT company, collaboratively launched a new AIoT platform that employs Wi-Fi access points to bring sensing capabilities to the smallest of smart devices, allowing them to distinguish between humans, pets, robot vacuums, pets and appliances.

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Key Segments -
The artificial intelligence of things (aiot) market covered in this report is segmented -
1) By Offering: Solutions; Services
2) By Deployment: On-Premises; Cloud
3) By Vertical: Banking, Financial Services and Insurance (BFSI); Manufacturing; Healthcare; Energy And Utilities; Retail; Transportation And Logistics; Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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