The artificial intelligence of things (aiot) market size is expected to see exponential growth in the next few years. It will grow to $31.05 billion in 2028 at a compound annual growth rate (CAGR) of 32.8%. The growth in the forecast period can be attributed to 5g network expansion, edge computing growth, aiot in healthcare, aiot in smart cities. Major trends in the forecast period include aiot analytics, aiot in retail, aiot in energy management, aiot in transportation.
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Segmentation & Regional Insights
The artificial intelligence of things (aiot) market covered in this report is segmented –
1) By Offering: Solutions; Services
2) By Deployment: On-Premises; Cloud
3) By Vertical: Banking, Financial Services and Insurance (BFSI); Manufacturing; Healthcare; Energy And Utilities; Retail; Transportation And Logistics; Other Verticals
North America was the largest region in the artificial intelligence of things (AIoT) market in 2023. The regions covered in artificial intelligence of things (AIoT) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increase in cloud adoption is expected to propel the growth of the AIoT market. A cloud is a distributed server group that houses infrastructure and software and can be accessed online. Cloud-based AIoT uses cloud computing platforms to manage and process data from IoT devices. It signifies that cloud is used to store and process IoT device data, while AI is utilized to analyze and make decisions based on that data. For instance, in February 2022, according to Canalys, a Singapore-based technology market analyst firm, the global cloud infrastructure services expenditure increased by 35% to US$191.7 billion, up from US$142.0 billion in 2020. Further, in August 2023, according to AAG IT Services & Cyber Security, a UK-based provider of IT support and digital transformation services, around 60% of corporate data was stored in the cloud in 2022 and it is estimated that the global data stored on the cloud will reach 200 zettabytes by 2025. Therefore, the increase in cloud adoption drives the growth of the AIoT market.
Key Industry Players
Major players in the artificial intelligence of things (aiot) market are Google LLC, Microsoft Corporation, Robert Bosch GmbH, Hitachi Ltd., Amazon Web Services Inc., General Electric Co, Intel Corporation, International Business Machines Corporation, Tencent Cloud Service Pte., Cisco Systems Inc., Oracle Corporation, SAP SE, Fujitsu Ltd., ABB Ltd., The Hewlett Packard Enterprise Company, Nvidia Corporation, Sharp Corporation, NXP Semiconductors N.V., SAS AB, General Vision Inc., C3.ai Inc., DataRobot Inc., Echelon Corporation, Autoplant Systems India Pvt Ltd., Brighterion Inc., ITRex Group, Clarifai Inc., AIBrain Inc., Milesight Technology USA.
The artificial intelligence of things (aiot) market report table of contents includes:
1. Executive Summary
2. Artificial Intelligence Of Things (AIoT) Market Characteristics
3. Artificial Intelligence Of Things (AIoT) Market Trends And Strategies
4. Artificial Intelligence Of Things (AIoT) Market - Macro Economic Scenario
5. Global Artificial Intelligence Of Things (AIoT) Market Size and Growth
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31. Artificial Intelligence Of Things (AIoT) Market Other Major And Innovative Companies
32. Global Artificial Intelligence Of Things (AIoT) Market Competitive Benchmarking
33. Global Artificial Intelligence Of Things (AIoT) Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Artificial Intelligence Of Things (AIoT) Market
35. Artificial Intelligence Of Things (AIoT) Market Future Outlook and Potential Analysis
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While the presence of IoT looks great, its future looks even better.
And more than just a concept that every tech-savvy person enjoys today, it’s also a door of opportunity that needs to be knocked, especially by the startups and other small businesses.
If IoT is to be the future, and it definitely looks to be playing an extremely important role in the coming days, one thing it will bring is more efficiency to the system.
Any and every system out there and small businesses won’t be an exception.
There are still businesses out there that are acquainted with the term IoT, and it’s a serious cause for dismay, for this is absolutely the next big thing in making.
As far as any business is concerned, the data and analytics play a huge role.
Enabling transformational benefits for businesses
The formative systems of AI were only competent in managing a narrow category of tasks. They could not scale well and often called for human intervention. However, continuous studies and progress in technology have led to the evolution of AI in tandem with IoT concept which has given rise to the much loosely used term now, Smart Machines. Leveraging the power and capability of AI, smart machines will simplify the tasks by performing them in minutes which otherwise would take weeks or even months to complete. These machines will radically transform the way most enterprises do business, bringing in an advanced level of comfort and convenience.
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The synthesis of the two concepts offers real value proposals in the form of smart sensors that seek to proffer real-time data and feedback to make these three significant analyses.
Predictive: Predictive analysis helps to determine when a part of the machinery is most likely to experience a breakdown. Such analysis will help in averting the failure through preemptive intervention.
Prescriptive: Prescriptive analysis offers immediate suggestions that can be instrumental in preventing any kind of disasters or botches.
Adaptive/ autonomous: Constant data feeds from sensors can help the systems in taking frequent actions autonomously without any human involvement.
Over the years, Artificial Intelligence (AI) has become an essential part of our daily life.
With AI, many of our day-to-day activities can now be carried out effectively by programmed machine technology.
The enlarged data volumes, advancement in computing power and storage, superior algorithms are some of the key reasons because of which AI has become more admired today.
Many organizations today are looking for the best Artificial Intelligence development services to redefine the way they operate with the customers.
AI services help organizations to enhance their decision-making ability and eliminate repetitive tasks.....For Full article Click here..............
