How Has the Artificial Intelligence Of Things AIoT Platforms Market Evolved Historically and What is its Current Size?
The artificial intelligence of things aiot platforms market has seen considerable growth due to a variety of factors.
• The market size for artificial intelligence of things (AIoT) platforms has seen a significant increase in recent times. It's projected to escalate from $6.2 billion in 2024 to $8.7 billion in 2025, representing a compound annual growth rate (CAGR) of 40.3%.
This growth during the historical period is linked to higher government expenditure and initiatives aimed at fostering AIoT platform developments. Other contributing factors include the expanding use of AIoT platforms for the monitoring and analysis of connected device data, the creation of platforms for diverse industry sectors by various entities, the application of AIoT in areas like supply chain management, quality control, and energy optimization, as well as the increasing demand for intelligent devices.
What Is The Projected Growth Of The Artificial Intelligence Of Things AIoT Platforms Template Market?
The artificial intelligence of things aiot platforms market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size of artificial intelligence of things (AIoT) platforms is predicted to experience a significant hike. With a compound annual growth rate (CAGR) of 35.7%, the market size is forecasted to soar to $29.5 billion by 2029.
The surge during the forecast period is ascribed to factors such as higher government expenditure and strategic initiatives on AIoT platform improvements, advancements in edge computing technology, the escalation in 5G connectivity, improvements in customer experiences, and elevated security concerns. Noteworthy trends projected during the forecast period encompass the incorporation of AI-driven solutions within IoT projects, strategic alliances and collaborations, development of new products, business expansion into different sectors, and advancements in technological constructs.
What Are The Key Drivers Fueling Growth In The Artificial Intelligence Of Things AIoT Platforms Market?
Growing demand for smart devices is predicted to fuel the AIoT platforms market development in the coming years. Smart devices, which consist of electronic devices networked with each other or to various wireless protocols such as Bluetooth, Zigbee, Wi-Fi, or 5G, have the capacity to function interactively and independently to a certain degree. These AIoT platforms enhance smart devices by employing artificial intelligence (AI) to analyze and respond to data produced by these devices. For example, a report published in March 2024 by the UK's official website, GOV.UK, titled Smart Meter Statistics in Great Britain: Quarterly Report to end December 2023, revealed that by the close of 2023, 61 percent of functional meters were categorized as smart and advanced meters, inclusive of those operating in conventional mode. This was a 6-percentage point climb compared to the figures seen at the conclusion of 2022. Hence, the burgeoning demand for smart devices is fueling the expansion of the AIoT platform market.
What Are The Principal Market Segments In The Global Artificial Intelligence Of Things AIoT Platforms Industry?
The artificial intelligence of things (AIoT) platforms market covered in this report is segmented –
1) By Component: Software Or Platform, Services, Professional, Managed
2) By Deployment: On-premises, Cloud
3) By Industry Vertical: Manufacturing, Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
Subsegments:
1) By Software Or Platform: AI Algorithms, IoT Platforms, Data Analytics Software, Edge Computing Software
2) By Services: Consulting Services, Integration Services, Maintenance And Support Services
3) By Professional: System Design And Development, Implementation Services, Training And Education Services
4) By Managed: Managed Security Services, Managed Data Services, Managed Network Services
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What New Trends Are Influencing The Artificial Intelligence Of Things AIoT Platforms Market?
Major corporations active in the AIoT Platforms sector are cultivating innovative technologies to maintain their market standing, such as the AIoT Platform Stack. The AIoT platform stack comprises hardware, software, and resources that aid developers in creating and launching AI software for the Internet of Things (IoT). MediaTek Inc., a semiconductor manufacturer based in Taiwan, unveiled the Genio Platform for AIoT devices in May 2022 as an example. This comprehensive platform stack facilitates manufacturers in bringing groundbreaking smart gadgets to the global market, catering to all types, from top-notch to entry-level. The Genio lineup features powerful and energy-efficient chipsets, an open AIoT SDK for software development, and a developer's portal complete with resources and tools.
Who Are the Key Players In The Artificial Intelligence Of Things AIoT Platforms Market?
Major companies operating in the artificial intelligence of things (AIoT) platforms market report are:
• Alphabet Inc.
• Microsoft Corporation
• Huawei Technologies Co. Ltd.
• Tencent Cloud
• Hitachi Ltd.
• Amazon Web Services Inc.
• Siemens AG
• General Electric Company
• Intel Corporation
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Xiaomi Technology Co. Ltd.
• Robert Bosch GmbH
• SAP SE
• Fujitsu Ltd.
• ABB Ltd.
• Hewlett Packard Enterprise Company
• Sharp Corporation
• NXP Semiconductors N.V.
• SAS Institute Inc.
• PTC Inc.
• Axiomtek Co. Ltd.
• Litmus Automation Inc.
• Autoplant Systems India Private Limited
What Are The Regional Insights Into The Artificial Intelligence Of Things AIoT Platforms Market?
North America was the largest region in the AIoT platforms market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence of things (aiot) platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
