The Global AIoT Platforms Market Size is valued at USD 5.07 billion in 2023 and is predicted to reach USD 61.7 billion by the year 2031 at a 37.04% CAGR during the forecast period for 2024-2031.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing AIoT platforms market are:
- Extensive use of Internet of Things devices
- Increasing population
- Rising need for automation
The following are the primary obstacles to AIoT platforms market’s expansion:
- High expenses for implementation
- Rising issues with information security and privacy
- Scarcity of employees with the necessary technical skills
Future expansion opportunities for AIoT platforms market include:
- Developments in artificial intelligence
- Increasing investment in infrastructure
- Rising need for automation
Market Analysis:
The rising demand for digital infrastructure, the increasing need for smart transportation systems, and the widespread use of cutting-edge innovation drive the AIoT platform’s market expansion. Moreover, the market is anticipated to experience development during the forecast period due to factors such as an increase in the demand for automation, an increase in IoT device utilization, and improvements in AI technology. Additionally, the growth of 5G networks, online computing, and connected devices is propelling the platform’s adoption of AIoT, propelling the industry forward.
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)
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Recent Developments:
- In Feb 2024, IBM announced that its Watson AI and data platform now supports the widely used open-source Mixtral-8x7B large language model from Mistral AI. This move is part of IBM’s ongoing effort to enable clients to innovate using both IBM’s foundation models and those from other open-source providers.
- In Jan 2024, Oracle introduced new features and made the Oracle Cloud Infrastructure Generative AI service generally available. These developments simplify the process by which businesses may benefit from cutting-edge generative AI.
- In Jan 2024, Vodafone and Microsoft have entered into a 10-year partnership to provide over 300 million businesses and consumers in Europe and Africa with generative AI, digital, enterprise, and cloud services. Vodafone is obligated to allocate $1.5 billion towards the development of customer-centric artificial intelligence utilizing Microsoft’s Azure OpenAI and Copilot technologies. Additional plans call for the substitution of physical data centers with scalable and more cost-effective Azure cloud services.
AIoT Platforms Market Dynamics:
Market Drivers: Widespread Deployment of IoT Devices
The rising demand for AIoT platforms is driven by an increasing number of businesses and consumers using Internet of Things devices, and massive volumes of data are generated. Through the use of artificial intelligence, these data are analyzed by AI-powered platforms, which in turn drive innovation and efficiency. The Internet of Things (IoT) platform helps businesses save money and run more efficiently. Additionally, AIoT systems are in high demand due to the proliferation of smart city projects worldwide. These initiatives are essential for maintaining and optimizing different parts of urban infrastructure. In addition, promising expansion opportunities are anticipated from the proliferation of AIoT applications in retail, agriculture, and healthcare sectors, bolstering the expansion of AIoT platforms and industries.
Challenges: Rising Issue of Safety of Data and Privacy-Related Problems
Security and privacy are major issues with the combination of AIoT platforms. The vast quantities of data collected and processed by AIoT platforms, including personally identifiable information, make them an attractive target for cybercriminals. Essential market problems include safeguarding data privacy, preventing illegal access, and preserving the security of AIoT networks. So, crucial obstacles limiting AIoT platforms’ market expansion include safeguarding AIoT platforms from cyber threats, guaranteeing user data privacy, and restricting market growth.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North American AIoT platforms market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because of the widespread use of AI and IoT technologies in several industries, including transportation and automotive, manufacturing, retail, and healthcare. Furthermore, the region’s rising need for AIoT applications is driven by several factors, including its vast population, extensive adoption of mobile and technology related to the internet, and strong manufacturing industries. The application of AIoT to improve the user interface and experience will help the market expand. Also, the market for North American AIoT platforms is expanding due to the increasing use of cutting-edge technology by significant key players in this region.
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Segmentation of AIoT Platforms Market-
By Offerings-
- Solutions
- Device Management
- Application Management
- Connectivity Management
- Services
- Professional Services
- Deployment and Integration
- Support and Maintenance
- Training and Consulting
- Managed Services
- Professional Services
By Application-
- BFSI
- Manufacturing
- Healthcare
- Energy & Utilities
- Retail
- Transportation & logistics
- Others
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
- South East 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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