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AIoT Market Trends

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

AIoT Market Trends

The high efficiency of AIoT solution is propelling the market growth. These solutions allow for faster data processing and better resource management. With built-in AI, IoT devices can analyze large amounts of data locally, which reduces delays and the need for constant cloud connections. This leads to real-time decision-making, important for various uses such as smart manufacturing and healthcare. The ability to quickly identify patterns and anomalies enhances operational efficiency and reduces energy consumption and operational costs, making AIoT solutions more attractive to businesses looking to improve their bottom line.
 

The shortage of a skilled workforce with expertise in AIoT platforms is restraining the market growth. As companies increasingly seek to implement AIoT solutions, they face challenges in finding professionals who possess the necessary technical skills in both AI and IoT technologies. This skills gap limits the ability of organizations to fully leverage AIoT capabilities, hindering their efforts to optimize operations and innovate. Without qualified personnel, businesses may struggle to integrate AI effectively with IoT devices, resulting in underutilization of these technologies and missed opportunities for enhanced efficiency and productivity.

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.

Artificial Intelligence of Things Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 20
  • Tables & Figures: 200
  • Countries covered: 18
  • Pages: 166
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