AIoT Platforms Market to Grow at CAGR of 37.7% through 2033, The Brainy Insights

Newark, June 10, 2024 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global AIoT Platforms market is expected to grow from USD 5.09 Billion in 2023 to USD 124.87 Billion by 2033, at a CAGR of 37.70% during the forecast period 2023-2033.

The surge in Artificial Intelligence has led to its use in several sectors. It is used to optimize resource utilization and improve decision-making. This technology becomes completely transformative when combined with the Internet of Things devices and can enable anything from automation of municipal infrastructure to ease the monitoring of patients in the hospital.

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Competitive Strategy

To enhance their market position in the global AIoT Platforms market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• In April 2024: Oracle and Palantir declared the partnership to offer secure cloud and AI solutions that aim to boost businesses and governments by accelerating decision-making and increasing efficiency, thus maximizing the value of data. This factor eventually helped the organization gain a share in the AIoT Platforms market.

Report Scope and Segmentation –

Report Coverage Details
Forecast Period 2024-2033
Forecast CAGR 37.7%
2033 Value Projection USD 124.87 Billion
Market Size in 2023 USD 5.09 Billion
Historical Data 2020-2022
No. of Pages 238
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered by Component, Deployment, End-users, Regions
Regions Covered The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East & Africa. Furthermore, the regions are further analyzed at the country level.
AIoT Platforms Market Growth Drivers Growing use in several sectors

Market Growth & Trends

In smart homes, AIoT helps with seamless automation, improvement in energy efficiency, and enhanced security to bring the intelligence home. For Instance, smart thermostats automatically adjust based on the environment, and security cameras can identify unwanted intruders and unplanned guests, animals, and cars. Moreover, AIoT helps the computer to shunt part of its processing requirement to another computer in the same network. It decreases the latency and improves the security. It also helps in quick decision-making. AIoT can be helpful for smart cities, where the technology can empower municipalities to improve the utilization of resources. It helps streamline traffic management and improves public safety. For Instance, in Zurich, the sensor automates the street light and helps in the traffic flow, leading to around a 70% decrease in energy consumption. The smart cities use AIoT for better traffic management, energy consumption and waste management optimization. Hence, AIoT solutions have significantly grown in several sectors due to advancements in AI algorithms, IoT devices, and edge computing infrastructure. There will be advancements in technology like 5G connectivity, edge computing and improvement in AI algorithms, which will increase the use of AIoT in various domains. The arrival of AIoT platforms and their ecosystems will help democratize the accessibility of their capabilities, which will help even small and medium enterprises use this advanced technology. Also, there is an integration of AIoT with other evolving technologies like virtual reality, augmented reality and blockchain, which opens new use cases and business models that could lead to innovation and disruptions. As the AIoT evolves, it increases human capabilities and revolutionizes intelligence and connectivity. All these factors would, in turn, drive the AIoT Platforms market in the forecasting period.

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Key Findings

• In 2023, the software segment dominated the market with the largest market share of 55.31% and market revenue of USD 2.82 Billion.

The component size segment is divided into software and services. In 2023, the software segment dominated the market with the largest market share of 55.31% and market revenue of USD 2.82 Billion. This significant market share is attributed to the software’s help streamlining device management by offering real-time insights into the device’s performance, identifying issues, and predicting maintenance requirements.

• In 2023, the Cloud segment dominated the market with the largest market share of 53.66% and market revenue of USD 2.73 Billion.

The deployment type segment is divided into cloud and on-premise. In 2023, the Cloud segment dominated the market with the largest market share of 53.66% and market revenue of USD 2.73 Billion. This market share is attributed to the elimination of firewall restrictions by the cloud-based AIoS, which can restrict the accessibility of the on-premise solution.

• In 2023, the manufacturing segment dominated the market with the largest market share of 35.87% and market revenue of USD 1.83 Billion.

The end user segment is divided into manufacturing, healthcare, infrastructure, BFSI, retail and others. In 2023, the manufacturing segment dominated the market with the largest market share of 35.87% and market revenue of USD 1.83 Billion. This market share is attributed to the growing use of AIoT in the manufacturing sector.

Regional Segment Analysis of the AIoT Platforms Market:

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

The North America region occurred as the largest market for the global AIoT Platforms industry, with a market share of 34.11% and a market value of around USD 1.74 Billion in 2023. This market share is attributed to the surge in the adoption of AIoT by the automotive and manufacturing sectors and the availability of key solution providers in the region. The manufacturing sectors in the region are food & beverage and tobacco manufacturing, fabricated metal products and machinery, which are swiftly adopting the AIoT technology. Asia Pacific has the highest CAGR in the forecasting period. This trend is largely attributed to the growing adoption of technology in the region’s emerging economies, such as China, India, and Japan.

Key players operating in the global AIoT Platforms market are:

• Amazon Web Services (AWS)
• Oracle Corporation
• Google LLC
• C3.AI, Inc.
• GE Electric
• IBM Corporation
• SAP SE
• SAS Institute Inc.
• Hitachi, Ltd
• Cisco Systems Inc.
• Microsoft Corporation
• PTC Inc.
• Autoplant System India Pvt. Ltd

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global AIoT Platforms market based on below mentioned segments:

Global AIoT Platforms Market by Component:

• Software
• Services

Global AIoT Platforms Market by Deployment Type:

• Cloud
• On-Premise

Global AIoT Platforms Market by End User:

• Manufacturing
• Healthcare
• Infrastructure
• BFSI
• Retail
• Others

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About the report:

The global AIoT Platforms market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.

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