AIoT Platforms Market By Offering (Services, Solutions), Vertical (Manufacturing, Healthcare, Retail), & Region for 2024-2031

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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AIoT Platforms Market Valuation – 2024-2031

Rising adoption of IoT devices such as, manufacturing, healthcare, transportation, and smart cities is propelling the adoption of AIoT Platforms. Growing demand for personalized customer experiences is driving the market size to surpass USD 6.61 Billion valued in 2024 to reach a valuation of around USD 62 Billion by 2031.

In addition to this, increasing governments and municipalities funding globally in smart infrastructure and cities to improve urban planning, transportation systems is spurring up the adoption of AIoT Platforms. Growth in development of innovative solutions that address the evolving needs of industries and businesses across various sectors is enabling the market grow at a CAGR of 37.7% from 2024 to 2031.

AIoT Platforms MarketDefinition/ Overview

AIoT platforms serve as the foundation for deploying and managing AI-driven applications within IoT ecosystems. These platforms leverage machine learning, deep learning, and other AI techniques to analyze vast amounts of data generated by IoT devices in real-time. By combining AI capabilities with IoT connectivity, AIoT platforms enable intelligent decision-making, predictive analytics, and automation across various industries and use cases.

Imagine AIoT platforms as smart assistants that can look at data coming in from all sorts of sensors. Think of them watching over your expensive factory machines – they can actually predict when something's about to break down! This helps keep things running smoothly, avoids costly repairs, and keeps production on track. They're also revolutionizing healthcare! Using data from wearable tech and medical sensors, these platforms enable remote patient monitoring and offer personalized treatment. We're talking about catching problems early and managing diseases more effectively. And get this – they're even transforming how we manage supply chains. By using IoT sensors and GPS trackers, these platforms can track everything from inventory levels to shipment locations. AI algorithms then crunch all that data to make our supply chains super efficient.

Future AIoT platforms will leverage edge computing capabilities to perform AI inferencing and data processing at the network edge, closer to IoT devices. This enables real-time decision-making, reduces latency, and minimizes bandwidth usage in IoT deployments.

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How will Growing Emphasis on Data-driven Decision-making Increase Adoption of AIoT Platforms?

In today’s data-driven economy, organizations recognize the value of leveraging data to gain insights, make informed decisions, and drive business outcomes. AIoT platforms enable organizations to harness the wealth of data generated by IoT devices, derive actionable insights, and unlock new opportunities for innovation, growth, and value creation.

Also, AIoT platforms are being tailored to address specific industry verticals and use cases, such as predictive maintenance in manufacturing, remote patient monitoring in healthcare, and smart grid optimization in utilities. Industry-specific AIoT solutions offer customized features, algorithms, and integrations that meet the unique requirements and challenges of each sector, driving adoption across diverse industries.

In addition to this, the rise of edge computing architectures, which process data closer to the source of generation, is driving the adoption of AIoT platforms at the network edge. By deploying AI models directly on edge devices or edge servers, organizations can perform real-time analytics, reduce latency, and conserve bandwidth, making AIoT solutions more scalable, responsive, and efficient.

Furthermore, organizations are increasingly turning to AIoT platforms to improve operational efficiency, reduce costs, and enhance productivity. By automating routine tasks, optimizing resource utilization, and streamlining processes, AIoT platforms enable organizations to achieve operational excellence and gain a competitive edge in their respective markets.

Will Complexity and Integration Challenges of AIoT Platforms Restrain Its Application?

Implementing AIoT platforms involves integrating diverse technologies, including AI, IoT, edge computing, and cloud computing, which can be complex and challenging. Organizations may face interoperability issues, compatibility constraints, and integration complexities when deploying AIoT solutions across their existing infrastructure, leading to delays, cost overruns, and performance issues.

Also, AIoT platforms process and analyze vast amounts of sensitive data collected from IoT devices, raising concerns about data privacy, security, and compliance. Organizations must address data protection regulations, safeguard against cyber threats, and ensure secure data transmission and storage to build trust and confidence in AIoT solutions among users, customers, and stakeholders.

In addition to this, the initial investment required to implement AIoT platforms, including hardware, software, infrastructure, and personnel training, can be significant. Additionally, organizations must consider the ongoing costs associated with maintenance, upgrades, licensing fees, and scalability as they scale their AIoT deployments. The total cost of ownership (TCO) of AIoT platforms may deter smaller organizations or those with limited budgets from adopting these solutions.

Furthermore, introducing AIoT platforms into organizations may encounter resistance to change from employees, stakeholders, and organizational culture. Resistance may stem from concerns about job displacement, loss of control, lack of trust in AI technologies, or fear of the unknown. Addressing resistance to change requires effective change management strategies, communication, and stakeholder engagement to foster a culture of innovation and collaboration.

Category-Wise Acumens

Which Factors Contribute to Dominance of Services Segment in AIoT Platforms Market?

Services segment is dominating AIoT Platforms market. Organizations often require expert guidance and strategic consulting services to navigate the complex landscape of AIoT technologies. Consulting firms offer advisory services to help organizations assess their AIoT needs, develop implementation roadmaps, evaluate vendor solutions, and align AIoT initiatives with business objectives.

Also, many organizations require customized AIoT solutions tailored to their specific use cases, industry requirements, and business processes. Solution providers offer custom development services to design, develop, and deploy bespoke AIoT platforms that address unique challenges and deliver tangible business value, such as predictive maintenance, asset tracking, or smart automation.

In addition to this, Building internal capabilities and upskilling employees is essential for organizations to leverage AIoT technologies effectively. Training providers offer educational programs, workshops, and certification courses to equip individuals with the skills and knowledge needed to develop, deploy, and manage AIoT platforms, including AI algorithms, IoT protocols, data analytics, and cybersecurity.

Furthermore, security is paramount in AIoT deployments to protect against cyber threats, data breaches, and privacy violations. Security vendors offer services to assess, mitigate, and manage security risks in AIoT platforms, including vulnerability assessments, penetration testing, threat detection, and compliance audits to ensure adherence to industry regulations and standards.

Which Factors Contributing Manufacturing Segment Growth in AIoT Platforms Market?

Manufacturing segment dominating in AIoT Platforms market by contributing largest share. Manufacturing has been at the forefront of Industry 4.0, characterized by the integration of IoT, AI, machine learning, and automation technologies into production processes. AIoT platforms play a central role in enabling smart factories and digital manufacturing initiatives, facilitating data-driven decision-making, process optimization, and predictive maintenance.

Also, AIoT platforms empower manufacturers to implement predictive maintenance strategies by analyzing sensor data from connected machines and equipment in real-time. By predicting equipment failures and maintenance needs before they occur, manufacturers can minimize downtime, reduce maintenance costs, and extend the lifespan of critical assets, enhancing overall operational efficiency and productivity.

In addition to this, AIoT platforms enable manufacturers to enhance product quality and consistency through real-time monitoring, analytics, and feedback loops. By analyzing data from IoT sensors and production processes, manufacturers can identify defects, deviations, and inefficiencies early in the manufacturing lifecycle, enabling proactive intervention, process optimization, and continuous improvement.

Furthermore, AIoT platforms provide manufacturers with end-to-end visibility into their supply chains, from raw material sourcing to distribution and logistics. By integrating IoT data from suppliers, warehouses, and transportation networks, manufacturers can track inventory levels, monitor shipment status, and optimize supply chain operations to minimize disruptions, reduce lead times, and improve customer satisfaction.

Gain Access into AIoT Platforms Market Report Methodology

Country/Region-wise Acumens

Will Presence of Tech Giants and Startups in North America Mature AIoT Platforms Market?

North America is home to leading tech giants such as Google, Microsoft, IBM, Amazon, and Oracle, which offer comprehensive AIoT platforms and cloud services to enterprises worldwide. Additionally, the region boasts a vibrant startup ecosystem, with numerous startups and scale-ups innovating in AIoT technologies and offering specialized platforms and solutions tailored to specific industries and use cases.

Also, North America attracts significant investment and funding for AIoT startups and initiatives, with venture capital firms, corporate investors, and government agencies investing in innovation hubs, research centers, and technology accelerators focused on AIoT technologies. This investment climate fosters entrepreneurship, collaboration, and growth in the AIoT Platforms market.

In addition to this, the North American market exhibits strong demand for AIoT platforms due to factors such as the need for predictive maintenance solutions in manufacturing, personalized healthcare services, smart infrastructure projects, and innovative IoT applications in consumer and enterprise markets. This demand is driven by a combination of market dynamics, regulatory requirements, and evolving customer preferences.

Will Emerging Technology Hubs in Asia Pacific Enhance Adoption of AIoT Platforms?

Asia Pacific boasts vibrant technology ecosystems and innovation hubs in cities such as Beijing, Shanghai, Bangalore, Singapore, Seoul, and Tokyo. These hubs attract talent, investment, and entrepreneurship in AI, IoT, cloud computing, and related technologies, fostering a conducive environment for AIoT startups, research institutions, and industry collaborations to thrive and innovate.

Also, many cities and urban centers in Asia Pacific are implementing smart city initiatives to improve urban infrastructure, transportation systems, public services, and environmental sustainability. AIoT platforms are integral to smart city deployments, enabling real-time monitoring, analysis, and optimization of IoT data from sensors, cameras, and connected devices to enhance city governance, safety, and quality of life.

In addition to this, Asia Pacific’s diverse industries, including manufacturing, healthcare, automotive, electronics, and agriculture, have unique AIoT use cases and applications tailored to their specific requirements and challenges. AIoT platforms in Asia Pacific address industry-specific needs such as predictive maintenance, supply chain optimization, precision agriculture, telemedicine, and smart manufacturing, driving adoption and innovation across sectors.

Competitive Landscape

Okay, so the AIoT (Artificial Intelligence of Things) Platforms market is a real battleground right now. You've got the big tech companies going head-to-head with fresh startups and smaller, specialized players, all fighting for a piece of the pie in this crazy-fast growing space. A bunch of startups and companies that are scaling up are shaking things up, too! They're focusing on really specific areas like predictive maintenance or smart cities, using AI algorithms, edge computing, and IoT sensors to create cool new apps for things like healthcare analytics and industrial automation. Plus, everyone's teaming up through partnerships, mergers and acquisitions, and just general collaboration. They're all trying to get bigger, come up with new ideas faster, and grab those new opportunities popping up in the AIoT market. Speaking of players, here are some of the big names in the AIoT Platforms market

  • Google LLC
  • Microsoft Corporation
  • IBM Corporation
  • Amazon Web Services, Inc.
  • Oracle Corporation
  • Cisco Systems, Inc.
  • SAP SE
  • Huawei Technologies Co., Ltd.
  • Intel Corporation
  • General Electric Company
  • Siemens AG
  • Dell Technologies, Inc.
  • PTC, Inc.
  • Hitachi, Ltd.
  • NVIDIA Corporation
  • Bosch Software Innovations GmbH
  • Software AG
  • HPE (Hewlett Packard Enterprise)
  • Alibaba Cloud
  • ai, Inc.

Latest Developments

  • In March 2022, Cisco Meraki has introduced a smart automation button, MT30, an indoor air quality sensor, MT14, and new MV analytics capabilities to address smart workspace needs and future enterprise needs for protection.
  • In June 2022, Intel and Vingroup are collaborated to develop smart city and smart building solutions, focusing on 5G-enabled technology for Vinhomes’ projects and deploying smart factory IoT solutions for VIinES batteries and VinFast EV manufacturing.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2021-2031

Growth Rate

CAGR of ~37.7% from 2024 to 2031

Base Year for Valuation

2024

Historical Period

2021-2023

Forecast Period

2024-2031

Quantitative Units

Value in USD Billion

Report Coverage

Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis

Segments Covered
  • Offering
  • Vertical
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
Key Players

Google LLC, Microsoft Corporation, IBM Corporation, Amazon Web Services, Inc., Oracle Corporation, Cisco Systems, Inc., SAP SE, Huawei Technologies Co., Ltd., Intel Corporation, General Electric Company, Siemens AG, Dell Technologies, Inc., PTC, Inc., Hitachi, Ltd., NVIDIA Corporation, Bosch Software Innovations GmbH, Software AG, HPE (Hewlett Packard Enterprise), Alibaba, CloudC3.ai, Inc.

Customization

Report customization along with purchase available upon request

AIoT Platforms Market, By Category

Offering

  • Solutions
  • Device Management
  • Application Management
  • Connectivity Management
  • Services
  • Professional Services
  • Managed Services

Vertical

  • Banking, Financial Services, & Insurance (BFSI)
  • Manufacturing
  • Healthcare
  • Energy & Utilities
  • Retail
  • Transportation & Logistics

Region

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

We'll dig into the market using both the numbers (that's the quantitative stuff) and the softer stuff like consumer behavior (qualitative!). You'll get market size data in USD Billion for every little piece we break it down into. We'll point out which region and segment are set to really take off and which ones already rule the roost. Plus, we'll look at how much of the product/service each region is gobbling up and what's driving the market there. Expect a competitive rundown showing who's on top, what new stuff they're launching, who's partnering with whom, and who's buying who, all in the last five years. Each major player gets a deep divecompany overview, insights, product comparisons, and a good old SWOT analysis. We'll also give you the lay of the land – where the market's headed, what's fueling the growth, and what bumps in the road to watch out for, both in new and established markets. And, we're even throwing in Porter's Five Forces analysis to give you all the angles. Want to understand how value flows through the market? We've got a Value Chain analysis for that. Get ready for a market dynamics scenario, highlighting growth opportunities coming down the pike. Oh, and did we mention 6 months of analyst support after you buy?

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Pivotal Questions Answered in the Study

Growing emphasis on data-driven decision-making is propelling the demand for adoption of AIoT platforms market.
The AIoT platforms market is estimated to grow at a CAGR of 37.7% during the forecast period.

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