The surge in digitalization, rise in need for intelligent transportation systems, and increase in adoption of advanced technologies positively impact the growth of the market.
PORTLAND, Ore., Aug. 29, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “AIoT Platform Market by Offering (Solution, and Services), Industry Vertical (Manufacturing, BFSI, Healthcare, Retail, Energy and Utilities, Transportation and Logistics, and Others), Solution Type (Connectivity Management, Device Management, and Application Management), and End User (B2B, B2G, and B2C): Global Opportunity Analysis and Industry Forecast, 2024-2032″. According to the report, the AIoT platform market was valued at $27.7 billion in 2023, and is estimated to reach $424 billion by 2032, growing at a CAGR of 35.8% from 2024 to 2032.
Prime determinants of growth:
The surge in digitalization, rise in need for intelligent transportation systems, and increase in the adoption of advanced technologies drive the growth of the market. In addition, surge in adoption of IoT devices, advancements in AI technology, and growth in demand for automation are expected to fuel the growth of the market during the forecast period. Furthermore, expansion of AIoT applications in various industries, such as healthcare, agriculture, and retail, is expected to provide lucrative growth opportunities for the market in the upcoming years. However, data privacy & security concerns and lack of standardization in data formats, communication protocols, & networks are expected to hamper the market growth.
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Report coverage & details:
Report Coverage
Details
Forecast Period
2024–2032
Base Year
2023
Market Size in 2023
$27.7 Billion
Market Size in 2032
$424 Billion
CAGR
35.80 %
No. of Pages in Report
396
Segments covered
Offering, Solution Type, Industry Vertical, End User, and Region.
Drivers
Surge in digitalization
Rise in need for intelligent transportation systems
Surge in adoption of IoT devices
advancements in AI technology
Growth in demand for automation
Opportunity
Expansion of AIoT applications in various industries, such as healthcare, agriculture, and retail
Restraints
Data privacy and security concerns
Lack of standardization in data formats, communication protocols, and network
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The solution segment to rule the market
By offering, the solution segment held the major share in 2023, garnering less than two-thirds of the global AIoT platform market revenue. AIoT platform market is rapidly evolving owing to the increasing demand for edge computing, which involves processing data closer to the source rather than sending it to a centralized data center. The services segment is expected to witness the fastest CAGR of 38.7% during the forecast period, owing to services reducing the time and costs associated with optimizing systems in the initial phase of deployment, as services help to deploy and integrate distinct solutions in an enterprise ecosystem.
The device management segment to maintain its dominance during the forecast period
By solution type, the device management segment contributed to the highest share in 2023, accounting for more than half of the global AIoT platform market revenue. AIoT can help streamline device management by providing real-time insights into device performance, identifying issues and anomalies, and predicting maintenance needs. The application management segment is expected to witness the fastest CAGR of 38.6% throughout the forecast period, owing to ensuring that applications run smoothly, are secure, and meet the needs of the organization. With the growing complexity of modern technology, application management has become increasingly important and challenging.
The manufacturing segment to dominate by 2032
By industry vertical, the manufacturing segment accounted for more than one-fifth of the global AIoT platform market share in 2023 and is expected to remain dominant by 2032, owing to monitoring and analyzing production processes in real time. These platforms can detect defects or anomalies, enabling quick action to prevent product quality issues. This reduces the risk of product recalls and associated costs. The transportation and logistics segment is expected to display the fastest CAGR of 40.7% throughout the forecast period, owing to increase in adoption of autonomous vehicles and drones. AIoT platforms can enable these vehicles to navigate and operate autonomously, improving safety and efficiency while reducing costs.
The manufacturing segment to dominate by 2032
By end user, the B2B segment accounted for nearly half of the global AIoT platform market share in 2023, and is expected to display the fastest CAGR of 37.5% from 2024-2032. With AIoT platforms, B2B enterprises can unlock new opportunities, drive competitive advantage, and accelerate digital transformation in a rapidly evolving market landscape.
Asia-Pacific garnered the major share in 2023
By region, North America garnered the highest share in 2023, accounting for more than one-third of the global AIoT platform market revenue in 2023, and is projected to retain its dominance by 2032, owing to the increase in adoption of IoT devices, advancements in AI technology, and the growth in demand for data analytics and automation in various industries in the region. The Asia-Pacific region is expected to witness the fastest CAGR of 42.0% during the forecast period, owing to strong technological capabilities, encouraging governmental regulations on advanced technologies such as AI, ML, automation and IoT.
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Major Market Players-
Cisco Systems Inc.SAS Institute Inc.International Business Machines Corporation (IBM)Google LLCIntel CorporationSAP SEMicrosoft CorporationHewlett Packard Enterprise Development LPOracle CorporationTencent CloudAmazon Web Services Inc.NXP SemiconductorsAxiomtek Co., Ltd.WilliotSharp Corporation (SHARP)
The report analyzes these key players in the global AIoT platform market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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