NEWS PROVIDED BYAllied Market Research
Jun 27, 2024, 04:35 ET
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 DevicesAdvancements In AI AlgorithmsIncreased Concern Regarding Security Features and Stability of Software |
| Opportunities | Enhanced User ExperiencesDemand For Predictive Maintenance |
| Restraints | Data Privacy and Security ConcernsHigh 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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