NEW
CASTLE, Delaware, June 27,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "AIoT Market by Component (Hardware,
Software, and Services), Deployment (On-Premise
and Cloud), Industry Vertical (Retail, Agriculture, Logistics,
BFSI, Automotive and Transport, Healthcare, Manufacturing, and
Others), Application (Video Surveillance, Inventory
Management, Predictive Maintenance, Supply Chain Management, and
Others), and End User (B2B, B2G, and B2C): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the Artificial Intelligence of Things
(AIoT) market was valued at $126.1
billion in 2023 and is estimated to reach $1,319.4 billion by 2032, growing at a CAGR of
30.2% from 2024 to 2032.
Prime Determinants of Growth
The proliferation of connected devices and advancements in AI
algorithms are the factors expected to propel the growth of the
global AIoT market. However, data privacy and security concerns and
high cost of implementation are anticipated to hamper the growth of
the global market. On the contrary, enhanced user experiences and
demand for predictive maintenance are further expected to create
lucrative opportunities for the growth of the global
market.
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Report Coverage & Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base Year
|
2023
|
Market Size In
2022
|
$126.1
Billion
|
Market Size In
2032
|
$1,319.4 Billion
|
CAGR
|
30.2 %
|
Segments
Covered
|
Component, Deployment,
Industry Vertical, Application, End User, and Region.
|
Drivers
|
Proliferation of
Connected Devices
Advancements In AI
Algorithms
Increased Concern
Regarding Security Features and Stability of Software
|
Opportunities
|
Enhanced User
Experiences
Demand For Predictive
Maintenance
|
Restraints
|
Data Privacy and
Security Concerns
High Cost of
Implementation
|
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The hardware segment dominated the market in
2023.
By component, the hardware segment held the highest market share
in 2023, accounting for nearly three-fifths the AIoT
market revenue and is estimated to maintain its leadership status
during the forecast period, as AIOT relies heavily on physical
components like sensors, processors, and devices to gather data and
perform tasks. These hardware components are the basis of AIoT
systems, enabling them to sense, process, and act upon information
in the real world, which is further expected to propel the overall
market growth. However, the software segment is expected to attain
the largest CAGR of 33.9% from 2024 to 2032 and is projected to
maintain its lead position during the forecast period, owing to the
advancements in AI algorithms, machine learning techniques, and
data analytics capabilities are driving innovation in AIoT
software, enabling enhanced decision-making, predictive insights,
and automation functionalities, which is drives the segment growth
in the AIoT market.
The cloud segment to maintain its lead
position during the forecast period.
By deployment, the cloud segment accounted for the largest share
in 2023, contributing more than half of the AIoT market
revenue, and expected to attain the largest CAGR of 31.4% from 2024
to 2032 and is projected to maintain its lead position during the
forecast period owing to Cloud-based platforms provide the
foundational infrastructure and computing resources necessary to
support the massive data processing and storage requirements of
AIoT applications. Moreover, cloud services offer seamless
integration with IoT devices, enabling real-time data analytics,
machine learning, and predictive insights to be delivered
efficiently and cost-effectively, which is further expected to
propel the overall market growth.
The manufacturing segment dominated the market
in 2023.
By industry vertical, the manufacturing segment held the highest
market share in 2023, accounting for more than one-fifth of the
AIoT market revenue and is estimated to maintain its leadership
status during the forecast period, and is expected to attain
the largest CAGR of 34.7% from 2024 to 2032 and is projected to
maintain its lead position during the forecast period, owing
to its increasing adoption of automation, predictive maintenance,
and smart manufacturing initiatives. AIoT applications in
manufacturing utilize AI algorithms integrated with IoT devices
to monitor equipment performance, predict
maintenance needs, and optimize production processes in real time,
which is further expected to propel the overall market
growth.
The video surveillance segment dominated the
market in 2023.
By application, the video surveillance segment held the highest
market share in 2022, accounting for nearly one-third the AIoT
market revenue and is estimated to maintain its leadership status
during the forecast period, owing to AI-powered video
surveillance systems being widely adopted across various sectors
such as retail, transportation, and smart cities. These systems use
AI to enhance security by analyzing video feeds in real-time,
detecting anomalies, and providing actionable insights, which are
crucial for ensuring safety and operational efficiency, which is
further expected to propel the overall market growth. However, the
manufacturing segment is expected to attain the largest CAGR of
34.5% from 2024 to 2032 and is projected to maintain its lead
position during the forecast period, owing to increasing using IoT
sensors and AI algorithms, these systems can predict equipment
failures before they occur, reducing downtime, minimizing
maintenance costs, and improving overall operational efficiency.
This capability is increasingly valued across industries such as
manufacturing, energy, and transportation, which drives the segment
growth in the AIoT market.
The B2B segment to maintain its lead position
during the forecast period.
By end user, the B2B segment accounted for the largest share in
2023, contributing more than two-fifths of the AIoT
market revenue, and is expected to attain the largest CAGR of 31.9%
from 2024 to 2032 and is projected to maintain its lead position
during the forecast period owing to increasingly adopting AIoT
solutions to improve operational efficiency, streamline processes,
and enhance decision-making. In B2B scenarios, AIoT applications
include industrial automation, supply chain optimization, smart
building management, and logistics tracking, among others, which is
further expected to propel the overall market growth.
North America
region to maintain its dominance by 2032.
By region, North America held
the highest market share in terms of revenue in 2023, accounting
for more than one-third of the AIoT market revenue, owing to the
region's robust infrastructure, technological innovation, and
substantial investments in AIoT initiatives. North America hosts a thriving ecosystem of
AIoT companies, research institutions, and technology hubs,
fostering a conducive environment for the development and adoption
of AIoT solutions across diverse industries is anticipated to
propel the growth of the market in this region. However,
Asia-Pacific is projected to
attain the highest CAGR of 36.7% from 2024 to 2032, owing
to increase in digital transformation initiatives. With a growing
emphasis on Industry 4.0, smart cities, and connected
infrastructure projects, countries in the Asia-Pacific region are witnessing a surge in
demand for AIoT solutions to address diverse challenges and
capitalize on emerging opportunities, further expected to
contribute to the growth of the market in this region.
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Leading Market Players: -
- Microsoft Corporation
- SAP SE
- Alphabet (Google Inc.)
- Bosch.IO GmbH
- Williot
- Hitachi, Ltd.
- International Business Machines Corporation
- Siemens AG
- GE Vernova
- Terminus Group
- Falkonry Inc
- Amazon Web Services, Inc.
The report provides a detailed analysis of these key players in
the AIoT market. These players have adopted different strategies
such as new product launches, collaborations, expansion, joint
ventures, agreements, and others to increase their market share and
maintain dominant shares in different countries. The report is
valuable in highlighting business performance, operating segments,
product portfolio, and strategic moves of market players to
showcase the competitive scenario.
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