IoT proliferation, AI advancements, and demand for data insights are driving growth in the AIoT platform market.
PORTLAND, ORIGON, UNITED STATES, September 29, 2023 /EINPresswire.com/ — Factors such as the rise in adoption of AIoT platform market across enterprises, thus drives the growth of the market. However, the high cost of innovation and budget constraints hamper the growth of the market. Furthermore, growth of smart cities and infrastructure, which creates opportunities for AIoT solutions to optimize resource management, reduce energy consumption, and improve quality of life. Moreover, the emergence of 5G networks, which enable faster data transmission and supports the deployment of AIoT applications at scale, is expected to offer remunerative opportunities for the expansion of the global market during the forecast period.
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► As it has decimated the world, the COVID-19 pandemic has wreaked havoc on variety of business.
► During COVID-19 pandemic, the demand for AIoT platform increased as network creates an opportunity for IT leaders and their teams to innovate.
► Owing to the pandemic, organizations focused on automation through AIoT to promote remote working and enhance the user & customer experience.
► AIoT platform is used in devices such as wearables, sensors, and mobile apps that have been used to monitor patients remotely, allowing doctors to provide care without exposing themselves or their patients to the virus.
► In addition, AIoT is used to analyze vast amounts of data related to the pandemic, including case data, testing data, and hospitalization data, to predict the spread of the virus and identify areas where resources are needed most. Many key players launched various products during the pandemic that resulted in AIoT platform market growth.
By component, the solution segment held the major share in 2022, garnering nearly one-third of the global AIoT platform market revenue. AIoT platform market is rapidly evolving owing to the increasing demand for edge computing, which involves processing data closer to the source rather than sending it to a centralized data center. The services segment would also showcase the fastest CAGR of 42.3% during the forecast period, owing to services reducing the time and costs associated with optimizing systems in the initial phase of deployment. As services help to deploy and integrate distinct solutions in an enterprise ecosystem.
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By solution type, the device management segment contributed to the highest share in 2022, accounting around one-third of the global AIoT platform market revenue AIoT can help streamline device management by providing real-time insights into device performance, identifying issues and anomalies, and predicting maintenance needs. The application management segment would also showcase the fastest CAGR of 42.1% throughout the forecast period, owing to ensuring that applications run smoothly, are secure, and meet the needs of the organization. With the growing complexity of modern technology, application management has become increasingly important and challenging.
By industry vertical, the manufacturing segment accounted for nearly two-fifth of the global AIoT platform market share in 2022, and is expected to rule the boost by 2032, owing to monitor and analyze production processes in real-time, these platforms can detect defects or anomalies, enabling quick action to prevent product quality issues. This reduces the risk of product recalls and associated costs. The transportation and logistics segment would also display the fastest CAGR of 43.4% throughout the forecast period, owing to increased adoption of autonomous vehicles and drones. AIoT platforms can enable these vehicles to navigate and operate autonomously, improving safety and efficiency while reducing costs.
By region, North America garnered the highest share in 2022, holding nearly one-third of the global AIoT platform market revenue in 2022, and is projected to retain its dominance by 2032, owing to the factors such as the increasing adoption of IoT devices, advancements in AI technology, and the growing demand for data analytics and automation in various industries in the region. The Asia-Pacific region would also portray the fastest CAGR of 42.9% during the forecast period, owing to strong technological capabilities, encouraging governmental regulations on advanced technologies such as AI, ML, automation and IoT.
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Leading Market Players:
► Hewlett Packard Enterprise Development LP
► Cisco Systems Inc.
► SAP SE
► International Business Machines Corporation
► SAS Institute Inc.
► Intel Corporation
► Google LLC
► Tencent Cloud
► Microsoft Corporation
► Oracle Corporation
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