Global AIoT Platforms Market Size, Share & Industry Trends Analysis Report By Component, By Vertical (BFSI, Manufacturing, Retail, Healthcare, Energy & Utilities, Transportation & Logistics), By Regional Outlook and Forecast, 2023 - 2029

Global AIoT Platforms Market Size, Share & Industry Trends Analysis Report By Component, By Vertical (BFSI, Manufacturing, Retail, Healthcare, Energy & Utilities, Transportation & Logistics), By Regional Outlook and Forecast, 2023 - 2029

The Global AIoT Platforms Market size is expected to reach $31.4 billion by 2029, rising at a market growth of 35.8% CAGR during the forecast period.

AIoT (Artificial intelligence of things) refers to the combination of artificial intelligence in Internet of Things infrastructure. AIoT aims to make IoT operations more effective while also enhancing data management & analytics and human-machine interactions. AI and IoT have the potential to considerably accelerate the advantages of digitization for industrial, enterprise, consumer, and government market segments.

Furthermore, the advent of artificial intelligence in the physical world (AIoT) is a game-changer for both technologies since AI enhances IoT through connectivity and data exchange while IoT enhances AI through machine learning and decision-making. Thus, imagination only limits the potential for AIoT to bring value to ICT; it is just recently started to enter the vocabulary of the field. With AIoT, AI is integrated into infrastructure elements, including software, chipsets, and edge computing, all connected to IoT networks.

The usage of APIs, therefore, expands component interoperability at the platform, program, and device levels. These units will primarily maximize system and network performance and get the most out of data. It is projected that integrating AIoT into businesses & industries will eventually result in more advanced and beneficial cross-business and inter-industry solutions. These solutions' main goals will be to optimize system and network operations and to get value from industry data using vastly improved analytics and decision-making techniques.

There will be a growing volume of unstructured machine data as IoT networks spread across all major industry verticals. Significant prospects for AI support of unstructured data analytics solutions will arise as a result of the increasing volume of data that is both generated by machines and that is aimed toward humans. Both for internal business requirements and many customer-facing services, such as product life cycle management, data collected from IoT-connected devices will become very useful.

COVID-19 Impact Analysis

IoT devices with AI capabilities are being used by hospital networks, pharmaceutical & biotechnical companies, and research facilities to care for patients, investigate therapies, and take various other actions to lessen the effects of COVID-19. Business operations will likely need to be more automated in the upcoming years due to the pandemic. Prior to the pandemic period, automation was sometimes seen as a threat to employment, as robotics, autonomous vehicles, and other technologies posed a replacement risk, but the pandemic has opened up new prospects. As a result, the AIoT platforms market has benefited from the outbreak of COVID-19.

Market Growth Factors

Rising development of sustainable smart cities across the globe

AIoT is used to proactively identify low water levels in overhead tanks (OHT) and take action by turning on the refill pump. This makes it possible for the residents to get a continuous water supply. AIoT is additionally utilized to optimize energy use in buildings. The ambient light intensity is detected by the clever dawn and dusk detection systems installed in modern cultures, and the lighting is adjusted as necessary. The wide usage of AIoT platforms in smart cities and the rising development of sustainable smart cities will result in market growth in the upcoming years.

Better operational efficiency offered by AIoT adoption

The skills of machine learning enable it to analyze data and generate predictions in ways that people are unable to. This technology makes it possible to quickly calculate large amounts of data. On the basis of the calculations, suggestions might be made for boosting workplace productivity. Businesses have already started to invest in these technologies to increase productivity. AI and IoT can identify inefficiencies in a process and provide best practices to make it more efficient. The enhanced operational efficiency offered by AIoT is predicted to increase its adoption, thereby supporting market growth.

Market Restraining Factors

Concerns related to security and compatibility

AIoT platforms pose a severe security risk. Every vulnerability or breach can result in negative outcomes like identity theft, data loss, and financial losses. Furthermore, platforms for the Internet of Things use various tools, protocols, and standards. As a result, compatibility issues might make combining different systems difficult. Due to the lack of universal standards for AI and IoT technology, businesses may struggle to connect multiple systems. This may discourage businesses hesitant to engage in unconventional technologies from implementing AIoT systems. As a result, the AIoT platforms market's growth may hinder the forecast period.

Component Outlook

Based on Component, the AIoT platforms market is characterized into solutions and services. In 2022, the solution segment held the highest revenue share in the AIoT platforms market. The proliferation of connected devices and advancements in high-speed networking technologies have incentivized organizations across various industry verticals to embrace AIoT solutions. The incorporation of novel services and AI-driven solutions into a corporation's modern operational framework necessitates a thorough understanding of comprehensive insights regarding said services.

Vertical Outlook

By vertical, the AIoT platforms market is segmented into BFSI, manufacturing, healthcare, energy & utilities, retail, transportation & logistics, and others. In 2022, the healthcare segment recorded a remarkable revenue share in the AIoT platforms market. In the healthcare industry, AIoT is becoming more common. Smartwatches and fitness trackers are only two examples of wearable technology increasingly used to track users' health and progress. To diagnose and treat a wide range of medical conditions, doctors can use the data collected by these devices, which range from heart rate or blood pressure to sleep patterns and physical activity.

Regional Outlook

Region wise, the AIoT platforms market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the AIoT platforms market by generating the AIoT platform market. As a highly technologically advanced region, North America has consistently been at the forefront of global IoT growth. Regarding IoT, the region demonstrates exceptional proficiency in innovation and devising novel solutions to prevalent challenges. The regional market is estimated to grow due to the rising implementation of AIoT in the manufacturing and automotive sectors and the substantial number of solution providers in the region.

The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation and Google LLC (Alphabet Inc.) are the forerunners in the AIoT Platforms Market. Companies such as Intel Corporation, Cisco Systems, Inc., and Oracle Corporation are some of the key innovators in AIoT Platforms Market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Intel Corporation, Oracle Corporation, Hewlett-Packard enterprise Company, Cisco Systems, Inc., Google LLC (Alphabet Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), NXP Semiconductors N.V. and Sharp Corporation (Hon Hai Precision Industry Co., Ltd.).

Recent Strategies deployed in AIoT Platforms Market

Partnerships, Collaborations & Agreements:

Mar-2023: Amazon came into collaboration with Telefónica, a telecommunications company. Following this collaboration, companies would aim to propel the digital transformation of the business-to-business (B2B) and business-to-consumer (B2C) worlds. Moreover, this alliance would intend to bring advancement to customers faster and to help them better leverage the agility of the cloud.

Jan-2023: Microsoft came into partnership with Tech Mahindra, an information technology services and consulting company. Through this partnership, both the company would help its customers build secured networks with seamless experiences across the Microsoft cloud and the operator’s network.

Jun-2022: Amazon Web Services teamed up with Avnet, an electronics components supplier. This collaboration would allow Avnet’s IoTConnect Platform to provide the breadth and depth of AWS’ offering of services— building an ascendable, secure platform that preconfigures AWS’ services for application-specific usage.

May-2022: Intel came into an agreement with Vingroup, a technology and real estate company. Under this agreement, both companies intend to build a broad range of advanced computing systems consisting of smart cities, smart building solutions, smart manufacturing processes, and cloud services which the help of a wide range of advanced computing systems with 5G technology.

Dec-2021: Google Cloud came into collaboration with Qualcomm, a multinational corporation known for designing and manufacturing semiconductors and wireless telecommunications products. Through this collaboration, both companies would build next-gen mobile and neural network solutions. The Vertex AI NAS Neural Architecture Search (NAS), available on Snapdragon 8 Gen 1 mobile platform and then across the Qualcomm suite, would allow the companies to build and optimize AI models automatically instead of manually,

Nov-2021: Oracle came into a partnership with Bharti Airtel, India’s exclusive communications solutions provider. This partnership aimed to support the development of India’s digital economy by obtaining a range of industry-leading cloud solutions. Additionally, Organisations are shifting to cloud-based applications to propel their digital transformation journeys.

Sep-2021: Cisco signed a five-year agreement with Telstra, an Australian telecommunications company. Through this partnership, Cisco focused on providing leading connectivity administration for Internet of Things services with Telstra Control Center powered by Cisco. Additionally, Cisco consumers would achieve clarity to turn IoT data to make smart enterprise decisions.

Aug-2021: Cisco joined hands with AT&T, the world's largest telecommunications company. Through this collaboration, the companies aimed to introduce 5G network abilities to boost performance for Internet of Things applications around the US. Additionally, a 5G network would be prepared to provide faster speed as well as low latency for business consumers' IoT deployments utilizing 5G certified devices.

Jul-2021: Palo Alto Networks released Cloud IDS (Intrusion Detection System), an intrusion detection service that provides threat detection for intrusions, malware, and spyware. Through this launch, the company would provide customers highest levels of security by allowing them to use Cloud IDS network-based threat detection system.

Mar-2021: Amazon partnered with Hugging Face, a company that develops tools for building applications using machine learning. Through this Partnership, the company would ease the use of Machine Learning models for organizations and provide advanced NLP features in comparatively lesser time.

Product Launches and Product Expansions:

May-2022: Intel announced revealed a chip Gaudi2, a second-generation processor developed for artificial intelligence computing. Gaudi2 produced is based on Taiwan Semiconductor Manufacturing Co's 7-nanometer transistor technology from 16-nanometers and would work with double the speed in comparison with Habana's previous AI chip.

Mar-2022: Cisco Meraki announced the launch of MT14, a new indoor quality sensor, MT30, a smart automation button, and new MV analytics capabilities. The launch expanded the IoT and LAN offerings of the company with the latest technologies to support hybrid workforces worldwide with safer and smarter workspace environments.

Feb-2022: Microsoft introduced Azure Digital Twins. The IoT platforms allow users to replica ecosystems such as factories, farms, railways, energy networks, buildings, cities, and stadiums by attaching assets including existing enterprise systems and Internet of Things devices. Additionally, Azure Digital Twins support the invention of data processing and dynamic enterprise logic with combined Azure analytics, data as well as AI services, allowing consumers to trace past and future forecasts.

Jun-2021: Cisco introduced a new offering of Catalyst industrial routers. The new suite extends the abilities of the business network to the borderline with the security, flexibility, and scalability required for IoT success. Additionally, the suite including 5G abilities, allows an enterprise to run connected working at scale with the option of management tools appropriate for operations and IT.

Acquisitions and Mergers:

Sep-2022: IBM completed the acquisition of Dialexa, a foremost digital product engineering consulting service. This acquisition would improve IBM's hybrid cloud and AI abilities, and boost growth for customers. However, the acquisition is expected to enhance IBM's product engineering expertise and provide end-to-end digitalization services for consumers.

Mar-2022: Microsoft acquired Nuance Communications, a US-based company that provides speech recognition solutions, healthcare AI solutions, and omnichannel customer engagement. This acquisition enables healthcare services providers, a better opportunity to provide economical, attainable healthcare services, and allows organizations in other industries to better serve the needs of their clients.

Oct-2021: IBM acquired Volta Networks, a Developer of a cloud-native routing platform. The acquisition would enable the company to extend its leadership in network automation and analytics and help manage cloud network resources by applying Volta technology.

Feb-2021: Hewlett Packard Enterprise acquired CloudPhysics, a cloud analytics platform provider. Through the acquisition, HP remained true to its commitment to data-driven insights. The acquisition added CloudPhysics' SaaS-based, data-driven platform for analysis of on-premises and cloud setups bringing detailed insights to customers and partners across most IT environments. HP also released its new Software-Defined Opportunity Engine (SDOE).

Scope of the Study

Market Segments covered in the Report:

By Component

Solution
Device Management
Connectivity Management
Application Management
Services
By Vertical

BFSI
Manufacturing
Retail
Healthcare
Energy & Utilities
Transportation & Logistics
Others
By Geography

North America
US
Canada
Mexico
Rest of North America
Europe
Germany
UK
France
Russia
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Singapore
Malaysia
Rest of Asia Pacific
LAMEA
Brazil
Argentina
UAE
Saudi Arabia
South Africa
Nigeria
Rest of LAMEA
Companies Profiled

IBM Corporation
Microsoft Corporation
Intel Corporation
Oracle Corporation
Hewlett-Packard enterprise Company
Cisco Systems, Inc.
Google LLC (Alphabet Inc.)
Amazon Web Services, Inc. (Amazon.com, Inc.)
NXP Semiconductors N.V.
Sharp Corporation (Hon Hai Precision Industry Co., Ltd.)
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