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AIoT Market Trends

Report ID: GMI5717
Published Date: May 2023
Report Format: PDF

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AIoT Market Trends

The increased demand for IoT in conjunction with AI technologies to improve a company's decision-making process as well as the adoption of edge analytics solutions is expected to supplement the market growth. The integration of IoT and AI enables various devices that comprise the IoT network to make decisions. Decisions are made at the edge of the network, using edge computing. In edge computing, microcontrollers are combined with a vast array of sensors to enable high-level processing and decision-making to occur locally.

The software segment held a major AIoT market value of over USD 5 billion in 2022. The need for improved risk management capacity, optimization, decreased downtime, intelligent real-time monitoring of processes, and enhanced data management & analysis is driving the demand for AIoT platform software globally. Several leading platform providers including IBM, AWS, Google, Microsoft, and GE provide IoT platforms with AI capabilities such as ML-based analytics. Most enterprises are deploying AIoT platform software due to their ability to quickly generate insights from large amounts of data generated by IoT devices.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AIoT was valued at USD 9 billion in 2022 and is set to grow at over 20% CAGR between 2023 and 2032.

The software segment held a major market value of over USD 5 billion in 2022, due to the need for improved risk management capacity, optimization, decreased downtime, intelligent real-time monitoring of processes, and enhanced data management & analysis.

The market is experiencing strong growth in the United States owing to rise in the adoption of IoT devices and sensors to gather data and improve operational efficiency across industries.

Amazon Web Services, Inc, Alibaba Group Holding Limited, Baidu Inc., Brighterion, Inc, Canvass Analytics, Cisco Systems, Inc., Fujitsu Ltd, General Vision Inc., Google LLC, Intel Corporation, IBM, Microsoft Corporation, and Tencent Holdings Limited among others.