Chicago, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The AIoT Platforms Market is estimated at USD 5.0 billion in 2023 and is projected to reach USD 24.9 billion by 2028, at a CAGR of 37.7% from 2023 to 2028, according to a new report by MarketsandMarkets™
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AIoT Platforms Market Dynamics:
Drivers:
- Rising need to develop effective distributed system architectures
- High efficiency of AIoT devices
- Reduced maintenance costs and downtime
Restraints:
- Shortage of skilled workforce in companies requiring expertise in AIoT
- Absence of common AI and IoT technology standards
Opportunities:
- Increased adoption of AIoT devices across sectors for real-time decision-making
- Growing investments in IoT
List of Key Players in Artificial Intelligence of Things (AIoT) Market:
- IBM (US)
- Sharp Global (Japan)
- Google (US)
- AWS (US)
- Microsoft (US)
- Oracle (US)
- HPE (US)
- Cisco (US)
- Intel (US)
- SAS (US)
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The primary factor driving the growth of AIoT platforms are government initiatives towards developing digitalized, smart city infrastructure. AIoT platforms are being used is in smart homes. Home devices, such as thermostats, lights, and security cameras, can be connected to the internet and controlled using a smartphone or other device. AI can also be used to automate some tasks, such as turning the lights off or the heat down when no one is home. This rising need for convenient living is driving the market for AIoT platforms
Technology has advanced significantly in recent years, with innovative, digitalized smart city solutions becoming more common. IoT, ML and AI are expected to play a major role in the AIoT platforms market in the coming years. AI turns data into actionable information that can be used for multiple applications making it truly smart and adaptive rather than just automated. Use of AI in IoT-based solutions helps enterprises identify patterns in constant streams of data to predict equipment failure. Once the equipment failure is predicted, the enterprises can take proper preventive measures to reduce the downtime.
Based on solutions, the device management is expected to register the fastest growth rate during the forecast period.
The application management platform addresses the issues mentioned by connecting the devices over a network, and assists in designing, developing, and managing applications. The application management platform offers various features, such as application hosting, remote device management, data storage, monitoring, sharing, and management and analytics capabilities. API management is an important component of the application management platform. It provides access management, gateways, data communication and co-ordination, fusion, fault tolerance, data, and security.
By services, Professional services to hold the largest market size during the forecast period
Professional services are required during and after the implementation of AIoT systems. These services include planning, designing, consulting, and upgrades. Companies offering these services encompass consultants, IoT experts, AI experts, and dedicated project management teams that specialize in design and delivery of critical decision support software, tools, services, and expertise. Growth of the professional services segment is mainly governed by the complexity of operations and growing deployment of AIoT solutions.
By vertical, the transportation and logistics segment is expected to register the fastest growth rate during the forecast period.
AI, deep-learning oriented neural networking, and autonomous cloud-based crowd analysis are some of the very pivotal innovating factors in this sector. The transportation industry is taking initiatives to improve its core functions, such as demand planning, transit analysis, and pricing analysis, and optimize its marketing and risk management functions. The emergence of AIoT has created new opportunities in the transportation and logistics segment. AI-based services with the help of predictive analytics mainly focus on recognizing patterns and estimating resource requirements and probable congestion patterns in route planning.
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Based on region North America is expected to hold the largest market size during the forecast period.
The Artificial Intelligence of Things (AIoT) Market in North America is considered a high-growth market due to many factors, such as the economic stability of its countries, the increase in digitization and technological advancements, and early adoption of advance AIoT platforms for various applications.
The startup culture in North America is growing more rapidly than in other regions. The rapid digitalization across diverse verticals, increasing adoption of smart connected devices, and rising technological advancements have further fueled the growth of the AIoT platforms market in this region.
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