AI Plus Internet Of Things market size is USD 28215.2 million in 2023 and will grow at a CAGR of 33.50% from 2023-2030: Cognitive Market Research
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Introduction of the Artificial Intelligence Plus?Internet Of Things Aiot Market
Artificial Intelligence Plus Internet of Things (AIoT) refers to the convergence of Artificial Intelligence (AI) technologies with the Internet of Things (IoT) ecosystem. This integration involves embedding AI algorithms and capabilities into IoT devices and networks, enabling these devices to collect, process, and analyze data autonomously. Growth is fuelled by the Data-driven decision making and enhanced connectivity and interoperability.
June 2023: Dahua Technology, a video-centric AloT solution provider, presented the Smart Building Global Summit at its global headquarters in Hangzhou. The occasion brought together more than 50 world-renowned real estate executives and industry leaders to share their insights on current challenges, emerging trends, and unique industry experiences and practices.
Key Insights from Artificial Intelligence Plus Internet Of Things Aiot Market Report
The Global Artificial Intelligence Plus?Internet Of Things AIOT market size is USD 28215.2 million in 2023 and will grow at a CAGR of 33.50% from 2023 to 2030
Convergence of AI and IoT Technologies to Provide Viable Market Output
The seamless integration and convergence of Artificial Intelligence (AI) and Internet of Things (IoT) technologies serve as a pivotal driver in the AIoT market. As AI algorithms are embedded into IoT devices, the synergy enables intelligent processing and analysis of vast datasets generated by connected devices. This convergence enhances the capability of IoT systems to make real-time decisions, predict outcomes, and adapt to changing conditions autonomously. The resulting intelligent IoT ecosystem drives efficiency, innovation, and transformative applications across industries, positioning the AIoT market at the forefront of technological advancements.
June 2023: Fibocom, a provider of IoT (Internet of Things) wireless communication modules and wireless solutions, showcases its cellular modules and solutions at Computex 2023, unlocking the value of 5G AloT for industry transformation. The company launched the FG132-NA series 5G Redcap module, enabling application scenarios such as FWA, industrial automation, smart wearable, and cities.
The growing demand for predictive analytics and automation is a key driver propelling the AIoT market forward. Businesses across various sectors increasingly rely on AIoT solutions to harness the predictive power of AI in conjunction with IoT data. Predictive analytics enables organizations to anticipate trends, identify anomalies, and optimize processes, enhancing overall operational efficiency. Furthermore, the integration of AI-driven automation within IoT ecosystems streamlines tasks, reduces manual intervention, and enables intelligent decision-making. This demand for predictive capabilities and automation underscores the transformative impact of AIoT in driving data-driven insights and operational excellence across diverse industries.
Market Dynamics for the?Artificial Intelligence Plus?Internet Of Things Aiot market
A significant key restraint in the AIoT market revolves around heightened security and privacy concerns. As AI becomes more deeply integrated with IoT devices, the vast amounts of sensitive data generated pose increased vulnerabilities. The interconnected nature of AIoT systems amplifies the potential for cyber security threats, raising apprehensions regarding data breaches and unauthorized access. Addressing these concerns becomes paramount to foster widespread AIoT adoption, requiring robust security measures, encryption protocols, and adherence to stringent privacy regulations to ensure the protection of sensitive information and maintain user trust.
Impact of?COVID–19?on?the Artificial Intelligence Plus?Internet Of Things Aiot market
The COVID-19 pandemic has had a profound impact on the Artificial Intelligence Plus Internet of Things (AIoT) market, acting as both a catalyst and disruptor. On one hand, the crisis accelerated the adoption of AIoT solutions across sectors such as healthcare and manufacturing, driving the need for remote monitoring and intelligent automation. However, supply chain disruptions and economic uncertainties posed challenges, leading to delays in project implementations. Despite setbacks, the pandemic underscored the strategic importance of AIoT in building resilient and adaptive systems, fostering a positive long-term outlook as businesses recognize the critical role of intelligent, interconnected technologies in navigating unforeseen challenges and ensuring future preparedness.
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Competitive Landscape Of The Artificial Intelligence Plus Internet Of Things AIoT?Market
In the competitive landscape of the Artificial Intelligence Plus Internet of Things (AIoT) market, dynamic and innovative forces are shaping the industry's trajectory. Established players and emerging contenders are engaged in a race to deliver cutting-edge solutions that seamlessly integrate AI and IoT technologies, addressing the evolving demands of diverse industries.
February 2023: Aspen Technology Inc. has partnered with Inmation Software and AloT Hub to expand its footprint. The addition of software to the AspenTech portfolio is a major step to aid companies in extracting more value from their industrial data strategy.
Top Companies Market Share in Artificial Intelligence Plus Internet of Things AIOT Industry:
Artificial Intelligence Plus Internet of Things AIOT Market Analysis
Deployment Segment Analysis
According to Cognitive Market Research, cloud-based solutions emerge as the dominant category. Cloud-based AIoT solutions offer organizations the flexibility, scalability, and computational power necessary for processing and analysing vast amounts of data generated by IoT devices. The cloud infrastructure enables seamless integration of AI algorithms with IoT ecosystems, facilitating centralized management, real-time analytics, and efficient data storage. The dominance of cloud-based solutions underscores the importance of a centralized, accessible platform to harness the full potential of AIoT technologies across various industries, contributing to enhanced decision-making and operational efficiency.
The fastest-growing category is Edge AIoT solutions. Edge computing addresses the need for localized data processing and analysis, reducing latency and enhancing real-time decision-making directly at the source of data generation. Edge AIoT solutions are gaining momentum as industries seek to overcome challenges related to bandwidth, security, and response times. By deploying AI algorithms at the edge, closer to IoT devices, organizations can achieve faster processing, reduced reliance on cloud resources, and improved overall system efficiency. The rapid growth of Edge AIoT solutions signifies a shift towards distributed computing models, catering to applications that require low latency and high responsiveness.
Application Segment Analysis
According to Cognitive Market Research, video surveillance emerges as the dominant category. Video surveillance leverages the combined power of AI and IoT to enhance security measures, providing real-time monitoring, threat detection, and automated responses. AI-driven video analytics, integrated with IoT devices, enable advanced features such as facial recognition, anomaly detection, and predictive analysis. The dominance of video surveillance in AIoT applications reflects the critical role it plays in safeguarding physical spaces, assets, and individuals, making it a foundational component for smart cities, industries, and enterprises invested in comprehensive security solutions.
The fastest-growing category is predictive maintenance. The integration of AI algorithms with IoT devices facilitates the monitoring of equipment and machinery in real-time, enabling proactive maintenance based on predictive analytics. This approach minimizes downtime, reduces maintenance costs, and extends the lifespan of assets. Predictive maintenance in AIoT is gaining rapid traction across industries as organizations recognize its potential to optimize operational efficiency and prevent unplanned disruptions. The accelerated adoption of predictive maintenance signifies a strategic shift towards data-driven decision-making and smart resource management within the AIoT landscape.
Industry Segment Analysis
According to Cognitive Market Research, the healthcare industry emerges as the dominant category in terms of integration. The healthcare sector extensively utilizes AIoT applications to enhance patient care, optimize operational efficiency, and facilitate remote monitoring. Connected medical devices, wearables, and AI-powered analytics contribute to the creation of smart healthcare ecosystems. The dominance of healthcare in AIoT underscores the transformative impact on medical practices, enabling real-time data analysis, personalized treatment plans, and improved overall patient outcomes.
Manufacturing stands out as the fastest-growing category, driving innovation and efficiency through seamless integration of AI and IoT technologies. The manufacturing industry leverages AIoT for predictive maintenance, quality control, supply chain optimization, and smart production processes. The real-time insights derived from AIoT applications in manufacturing lead to reduced downtime, increased productivity, and cost savings. The rapid growth of manufacturing in AIoT signifies a strategic shift towards Industry 4.0, where interconnected devices and intelligent systems play a pivotal role in shaping the future of smart and efficient manufacturing processes.
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In terms of revenue, the North America Artificial Intelligence Plus Internet Of Things Aiot market share was 40% of the total market
According to Cognitive Market Research, the global Artificial Intelligence Plus Internet Of Things Aiot market size was estimated at USD 28215.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 11286.08 million in 2023 and will grow at a compound annual growth rate (CAGR) of 31.7% from 2023 to 2030. This region, comprising the United States and Canada, stands as a technological hub with a mature and sophisticated adoption of AIoT solutions. In North America, the healthcare sector represents a significant segment, leveraging AIoT for applications such as remote patient monitoring and predictive healthcare analytics. The dominance of North America in the AIoT market is attributed to its robust technological infrastructure, strategic investments, and a dynamic ecosystem of tech innovators. As AIoT continues to evolve, North America remains a key driver, leading the way in shaping the future of intelligent and interconnected technologies across various industries.?
According to Cognitive Market Research, the global Artificial Intelligence Plus Internet Of Things Aiot market size was estimated at USD 28215.2 Million out of which Asia-Pacific held the fastest growing market of more than 40% of the global revenue with a market size of USD 6489.50 million in 2023 and will grow at a compound annual growth rate (CAGR) of 35.5% from 2023 to 2030. The Asia-Pacific region, encompassing countries like China, India, and Japan, showcases a dynamic landscape where technological innovation is accelerating across diverse industries. In this burgeoning market, the manufacturing sector stands out as a key segment, leveraging AIoT for smart production and supply chain optimization. The rapid growth in Asia-Pacific is fuelled by increasing investments in IoT infrastructure, rising tech adoption, and a burgeoning awareness of the transformative potential of AIoT solutions. As the region continues to embrace intelligent technologies, Asia-Pacific positions itself as a vital player, driving innovation and shaping the trajectory of the global AIoT landscape.
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