Press release
The Business Research Company Forecasts AIoT Platforms Market to Reach $21.9 Billion by 2028, Growing at 37.1% CAGR
AIoT Platforms Market Report
Artificial Intelligence Of Things (AIoT) Platforms Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $21.9 billion In 2028 At A CAGR Of 37.1%:
The artificial intelligence of things (aiot) platforms market size has grown exponentially in recent years. It will grow from $4.41 billion in 2023 to $6.2 billion in 2024 at a compound annual growth rate (CAGR) of 40.5%. The growth in the historic period can be attributed to increasing government spending and initiatives to establish aiot platform developments, increasing use of aiot platforms for connected device data monitoring and analysis, development of platforms for different industry verticals by various organizations, application of aiot in supply chain management, quality assurance, and energy optimization, rising demand for smart devices.
The artificial intelligence of things (aiot) platforms market size is expected to see exponential growth in the next few years. It will grow to $21.9 billion in 2028 at a compound annual growth rate (CAGR) of 37.1%. The growth in the forecast period can be attributed to increasing government spending and initiatives on aiot platform developments, advancements in edge computing, rise in 5g connectivity, customer experience enhancement, rising security concerns. Major trends in the forecast period include integration of ai-based solutions in iot projects, strategic partnerships and collaborations, new product developments, expansion across various industries, advancements in technological aspects.
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Artificial Intelligence Of Things (AIoT) Platforms Market Major Segments
The artificial intelligence of things (aiot) platforms market covered in this report is segmented -
1) By Component: Software Or Platform, Services, Professional, Managed
2) By Deployment: On-premises, Cloud
3) By Industry Vertical: Manufacturing, Banking, Financial Services, And Insurance (BFSI), Healthcare, Retail, Energy And Utilities, Transportation And Logistics, Other Industry Verticals
Key Driver - The Surge In Smart Device Demand Fuels The AIot Platform Market Expansion
The rise in demand for smart devices is expected to propel the growth of the AIoT platforms market going forward. Smart devices are electronic devices that are generally connected to other devices or networks via different wireless protocols, such as Bluetooth, Zigbee, Wi-Fi, or 5G, and that can operate to some extent interactively and autonomously. AIoT platforms are used to enhance the capabilities of smart devices by leveraging artificial intelligence (AI) to analyze and act on the data generated by these devices. For instance, Apple Inc., a US-based technology company, set a new revenue record of $8.8 billion for the smart wearables category, up 12% from $7.9 billion in the year-ago quarter (Q4 2020). Therefore, the rise in demand for smart devices is driving the growth of the AIoT platform market.
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Prominent Trend - G5 Instances Pave The Way For AIot Platforms Market Growth
Major companies operating in the AIoT Platforms market are developing innovative technologies, such as the AIoT Platform Stack, to sustain their position in the market. An AIoT platform stack is a collection of hardware, software, and tools that enable developers to build and deploy AI applications for the Internet of Things (IoT). For instance, in May 2022, MediaTek Inc., a Taiwan-based manufacturer of semiconductors, launched the Genio Platform for AIoT devices. It's a complete platform stack designed to make it easier for manufacturers to bring innovative smart devices to market, from premium to entry-level. Genio includes powerful and efficient chipsets, an open platform AIoT SDK for software development, and a developer portal with resources and tools.
Artificial Intelligence Of Things (AIoT) Platforms Market Players
Major companies operating in the artificial intelligence of things (aiot) platforms market report are Alphabet Inc. , Microsoft Corporation, Huawei Technologies Co. Ltd., Tencent Cloud, Hitachi Ltd., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Xiaomi Technology Co. Ltd., Robert Bosch GmbH, SAP SE, Fujitsu Ltd., ABB Ltd., Hewlett Packard Enterprise Company, Sharp Corporation, NXP Semiconductors N.V., SAS Institute Inc., PTC Inc., Axiomtek Co. Ltd., Litmus Automation Inc., Autoplant Systems India Private Limited
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Largest And Fastest Growing Region In The Market
North America was the largest region in the AIoT platforms market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence of things (aiot) platforms market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence Of Things (AIoT) Platforms Market Report Structure
3. Artificial Intelligence Of Things (AIoT) Platforms Market Trends And Strategies
4. Artificial Intelligence Of Things (AIoT) Platforms Market - Macro Economic Scenario
5. Artificial Intelligence Of Things (AIoT) Platforms Market Size And Growth
…..
27. Artificial Intelligence Of Things (AIoT) Platforms Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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