AIoT Platforms Market Size to Expand Lucratively by 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "AIoT Platforms Market Size, Share & Trends Analysis Report By offerings (Device Management, Application Management, Connectivity Management, Deployment and Integration, Support and Maintenance, Training and Consulting) and application (BFSI, Manufacturing, Healthcare, Energy & Utilities, Retail, Transportation & Logistics)- Market Outlook And Industry Analysis 2031"

The AIoT Platforms Market is estimated to reach over USD 62.03 billion by 2031, exhibiting a CAGR of 36.75% during the forecast period.

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The combination of (AI) and (IoT) can accelerate the benefits of digital transformation across various market segments, including consumer, enterprise, industrial, and government. According to Mind Commerce, the Artificial Intelligence of Things (AIoT) is a game-changer for both technologies, as AI enhances IoT through machine learning and decision-making capabilities. At the same time, IoT adds value to AI through connectivity and data exchange. Although current AIoT solutions are limited, their integration within businesses and industries is expected to result in more advanced and valuable cross-industry solutions, focused on optimizing system and network operations and improving data analytics and decision-making processes. As IoT networks become increasingly ubiquitous across different industries, there will be a surge in unstructured machine data.

Furthermore, the growth of human-oriented and machine-generated data will create significant opportunities for AI to support unstructured data analytics solutions. The use of machine learning and other AI tools will enable advanced data analytics, providing valuable insights from raw data. While current solutions may be simplistic, the AIoT market is anticipated to foster industry integration, leading to more advanced and valuable cross-industry solutions. Edge computing combines microcontrollers with a vast array of sensors to enable high levels of local processing and decision-making, thereby improving the decision-making process. Additionally, the features such as data analysis, big data analytics, and analytical model management are expected to drive the market's growth.

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List of Prominent Players in the AIoT Platforms Market:
• 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)
• Relayr(US)
• Terminus Group (China)
• Semifive(South Korea)
• Uptake (Chicago)
• Falkonry(US)
• Sightmachine (US)

Market Dynamics:
Drivers-
The tremendous growth of the artificial intelligence of things (AIoT) market is largely fueled by the adoption of this technology in various industrial sectors, including oil and gas, chemical, and other industries. The adoption of AIoT in these sectors is due to the presence of high-value assets, large volumes of operational data, and processes that depend on numerous parameters, leading to the growth of the global market. Furthermore, the increasing demand for IoT combined with AI technologies to enhance the decision-making process of companies and the adoption of edge analytics solutions are expected to augment the market's growth further.

Challenges:
Artificial Intelligence of Things (AIoT) market growth may be hindered by the need for a skilled workforce and more awareness about new technologies. Various factors, including the increasing complexities and dynamic nature of IT architecture and the growing number of changes in IT operations, limit market growth. Furthermore, more skilled professionals and rapid changes in IT operations are needed.

Regional Trends:
The North America AIoT Platforms market is expected to register a major market share. The adoption of artificial intelligence of things (AIoT) by the manufacturing and automobile industries and the presence of major solution providers are driving the growth of the AIoT platforms market in North America. The region's major manufacturing industries include food, beverage, and tobacco manufacturing, motor vehicles and parts, fabricated metal products, machinery, and others, many of which have adopted AIoT technology. Besides, the Europe region had a substantial share of the market. The increasing demand for artificial intelligence of things (AIoT) in this region is the presence of major solution providers. These companies focus on projects that cover the entire value chain of AIoT and provide global solutions related to data security, eco-consistency, and the development of regional IoT platforms to ensure control, security, and governance of critical data for companies. This leads to increased demand for AIoT in the region.

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Recent Developments:
• Viettel Group and NVIDIA signed a strategic partnership agreement in June 2022 to advance technological research and solutions utilizing artificial intelligence (AI) for both Viettel and Vietnam.
• Microsoft unveiled pre-orders for its latest Surface products, namely the Surface Laptop 5 and Surface Pro 9, in November 2022. During the launch, the company also revealed its vision for the future of Windows PC, which involves leveraging innovative AI technology and the intersection of the PC and cloud to unlock novel experiences.

Segmentation of AIoT Platforms Market-

By Offerings-
• Solutions
o Device Management
o Application Managemnet
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
• Other Applications

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
• Southeast 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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This release was published on openPR.