AIoT Platforms Market Unlocking the Power of Things: How AIoT Platforms are Revolutionizing the Market

AIoT Platforms Market to reach over USD 61.7 billion by the year 2031 - Exclusive Report by InsightAce Analytic

"AIoT Platforms Market" in terms of revenue was estimated to be worth $5.07 billion in 2023 and is poised to reach $61.7 billion by 2031, growing at a CAGR of 37.04% from 2024 to 2031 according to a new report by InsightAce Analytic.

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Latest Drivers Restraint and Opportunities Market Snapshot:

Key factors influencing AIoT platforms market are:
• Extensive use of Internet of Things devices
• Increasing population
• Rising need for automation

The following are the primary obstacles to AIoT platforms market's expansion:
• High expenses for implementation
• Rising issues with information security and privacy
• Scarcity of employees with the necessary technical skills

Future expansion opportunities for AIoT platforms market include:
• Developments in artificial intelligence
• Increasing investment in infrastructure
• Rising need for automation

Market Analysis:

The rising demand for digital infrastructure, the increasing need for smart transportation systems, and the widespread use of cutting-edge innovation drive the AIoT platform's market expansion. Moreover, the market is anticipated to experience development during the forecast period due to factors such as an increase in the demand for automation, an increase in IoT device utilization, and improvements in AI technology. Additionally, the growth of 5G networks, online computing, and connected devices is propelling the platform's adoption of AIoT, propelling the industry forward.

List of Prominent Players in the AIoT Platforms Market:

• Relayr(US)
• Terminus Group (China)
• Semifive(South Korea)
• Uptake (Chicago)
• Falkonry(US)
• Sightmachine (US)

• IBM (US)
• Sharp Global (Japan)
• Google (US)
• AWS (US)
• Microsoft (US)
• Oracle (US)
• HPE (US)
• Cisco (US)
• Intel (US)
• Tencent
• Cloud (China)
• NXP (Netherlands)
• SAS (US)
• Hitachi (Japan)
• SAP (Germany)
• AxiomTek(Taiwan)
• Autoplant Systems India Pvt. Ltd.(India)
• Williot (Israel)
• Cognosos (US)

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Recent Advancements in Generative AI
The field of generative AI is witnessing significant developments, with major players making advancements in:
• Open-source adoption: In February 2024, IBM announced that its Watson AI platform now supports the open-source Mixtral-8x7B big language model from Mistral AI. This move empowers users to leverage both IBM's foundation models and those from other open-source providers.

• Enhanced accessibility: Oracle expanded the general availability of its Oracle Cloud Infrastructure Generative AI service in January 2024, along with introducing additional capabilities. This makes it easier for companies to integrate state-of-the-art generative AI into their operations.

• Large-scale deployments: Vodafone and Microsoft signed a 10-year agreement in January 2024 to offer generative AI, along with digital, enterprise, and cloud services, to over 300 million users in Europe and Africa. This collaboration signifies a major step towards large-scale adoption of generative AI solutions.

These advancements highlight the growing momentum in generative AI, with a focus on open-source adoption, improved accessibility, and large-scale deployments. This bodes well for the future of generative AI and its potential to revolutionize various industries.

AIoT Platforms Market Dynamics:
Market Drivers: Widespread Deployment of IoT Devices
The rising demand for AIoT platforms is driven by an increasing number of businesses and consumers using Internet of Things devices, and massive volumes of data are generated. Through the use of artificial intelligence, these data are analyzed by

AI-powered platforms, which in turn drive innovation and efficiency. The Internet of Things (IoT) platform helps businesses save money and run more efficiently. Additionally, AIoT systems are in high demand due to the proliferation of smart city projects worldwide. These initiatives are essential for maintaining and optimizing different parts of urban infrastructure. In addition, promising expansion opportunities are anticipated from the proliferation of AIoT applications in retail, agriculture, and healthcare sectors, bolstering the expansion of AIoT platforms and industries.

Challenges: Rising Issue of Safety of Data and Privacy-Related Problems
Security and privacy are major issues with the combination of AIoT platforms. The vast quantities of data collected and processed by AIoT platforms, including personally identifiable information, make them an attractive target for cybercriminals. Essential market problems include safeguarding data privacy, preventing illegal access, and preserving the security of AIoT networks. So, crucial obstacles limiting AIoT platforms' market expansion include safeguarding AIoT platforms from cyber threats, guaranteeing user data privacy, and restricting market growth.

North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North American AIoT platforms market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the widespread use of AI and IoT technologies in several industries, including transportation and automotive, manufacturing, retail, and healthcare.

Furthermore, the region's rising need for AIoT applications is driven by several factors, including its vast population, extensive adoption of mobile and technology related to the internet, and strong manufacturing industries. The application of AIoT to improve the user interface and experience will help the market expand. Also, the market for North American AIoT platforms is expanding due to the increasing use of cutting-edge technology by significant key players in this region.

Segmentation of AIoT Platforms Market-
By Offerings-
• Solutions
o Device Management
o Application Management
o Connectivity Management
• Services

o Professional Services
 Deployment and Integration
 Support and Maintenance
 Training and Consulting
o Managed Services

By Application-
• BFSI
• Manufacturing
• Healthcare
• Energy & Utilities
• Retail
• Transportation & logistics
• Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America

Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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