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AIoT Market Size

Report ID: GMI5717
Published Date: Oct 2024
Report Format: PDF

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AIoT Market Size

The global artificial intelligence of things market was valued at USD 10.8 billion in 2023 and is projected to grow at a CAGR of 24.6% between 2024 and 2032. Increasing government initiatives in digital transformation are anticipated to drive the market growth. Governments worldwide recognize the potential of AIoT technologies to enhance efficiency, drive innovation, and improve public services. By funding smart city projects, advanced manufacturing, and digital infrastructure, governments aim to create an environment conducive to AIoT adoption. These initiatives often focus on integrating AI and IoT to optimize resource management, transportation, and healthcare.

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Rising focus on energy efficiency and sustainability is driving the AIoT market growth. As concerns related to climate change and resource depletion increases, businesses and governments are prioritizing technologies that reduce energy consumption and optimize resource use. AIoT solutions play a crucial role in achieving sustainability goals by enabling smarter energy management and automation. Additionally, increasing emphasis on sustainability also drives investment in AIoT technologies across various sectors, as organizations seek to enhance their operational efficiency while minimizing their ecological footprint.

Artificial Intelligence of Things Market Report Attributes
Report Attribute	Details
Base Year:	2023
Artificial Intelligence of Things Market Size in 2023:	USD 10.8 billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	24.6%
2032 Value Projection:	USD 75.6 billion
Historical Data for:	2021 - 2023
No. of Pages:	166
Tables, Charts & Figures:	200
Segments covered:	Component, Deployment, End-use
Growth Drivers:	Rising adoption in manufacturing industry High efficiency of AIoT platform devices Increased adoption of AIoT platforms devices across sectors for real-time decision making Growing investment in IoT
Pitfalls & Challenges:	Shortage of skilled workforce in companies requiring expertise in AIoT platforms Complexities in industry value chain

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Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The global market for AIoT was reached USD 10.8 billion in 2023 and is projected to grow at a 24.6% CAGR from 2024 to 2032, driven by increasing government initiatives in digital transformation.

The software segment accounted for over 65% share of the AIoT market in 2023 and is expected to exceed USD 45 billion by 2032, led by the increasing need for advanced data analytics.

The cloud segment held around 67% share of the market in 2023, propelled by the demand for scalable and flexible infrastructure.

The U.S. AIoT market dominated with an 80% share in 2023 and is expected to reach over USD 17 billion by 2032, driven by the increasing emphasis on smart manufacturing and industrial automation.

The industry features key players such as AWS, Baidu, Cisco, Google, IBM, Intel, Microsoft, Nvidia, Oracle, and Tencent.