Artificial Intelligence of Things Market Size to Surpass USD 253.86 Billion by 2030, exhibiting a CAGR of 32.4%
As per the report by Fortune Business Insights, the global Artificial Intelligence of Things Market size is projected to reach USD 253.86 Billion by 2030, at a CAGR of 32.4% during the forecast period.
Pune, India, Aug. 14, 2023 (GLOBE NEWSWIRE) — According to Fortune Business Insights, global artificial intelligence of things market size was valued at USD 27.92 billion in 2022 and is projected to grow from USD 35.65 billion in 2023 to USD 253.86 Billion by 2030, exhibiting a CAGR of 32.4% during the forecast period. Convergence of AI and IoT Technologies Opens New Avenues for Personalization and Automation. Fortune Business Insights presents this information in their report titled Global Artificial Intelligence of Things Market Forecast, 2023–2030.
Artificial Intelligence of Things (AIoT) combines AI and IoT technologies. AIoT enhances personalization, automates processes, modernizes industries, and elevates the quality of life for individuals. With ongoing advancements in both fields, the AIoT Market is set to expand, presenting significant business prospects and transforming various industries in the coming years.
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Key Industry Development
AlwaysAI and Seed Studio, an AIoT hardware platform, established a partnership to offer accelerated deployment of computer vision applications on Seed’s edge devices. This collaboration integrates the capabilities of the AlwaysAI computer vision platform, providing comprehensive AI solutions for their customers.
Key Takeaways
- Artificial Intelligence of Things is an arrangement of artificial intelligence (AI) and the Internet of Things (IoT)
- Rapid Advancements in Healthcare Industry during COVID-19 Boosted Market Growth
- Rising Industrial Automation and Robotics in AIoT to Enhance the Service Demand
- By Deployment Analysis: Cloud-based Segment’s Growth is Owed its High Demand from Various Industrial Applications
- Artificial Intelligence of Things Market AlwaysAI and Seed Studio Collaborate to Accelerate AIoT Deployment for Edge Devices
Discover the Leading Players Featured in the Report:
“Companies leading the Artificial Intelligence of Things Market are BOSCH (Germany), Advantech Co., Ltd. (Taiwan), Nvidia Corporation (U.S.), CMS Info Systems (India), Amazon Web Services (U.S.), Microsoft (U.S.), Inventec Corporation (Taiwan), Intel (U.S.), Qualcomm (U.S.), ARM (U.K.), PTC (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 32.4% |
| 2030 Value Projection | USD 253.86 Billion |
| Base Year | 2022 |
| Artificial Intelligence of Things Market Size in 2022 | USD 27.92 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Deployment, Application, Industry and Geography |
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https://www.fortunebusinessinsights.com/artificial-intelligence-of-things-market-107836
Drivers and Restraints
Sustainable Energy Management and Proactive Water Supply Solutions Propel Growth
AIoT plays a significant role in transforming digital homes and creating sustainable communities. The adoption of AIoT for sustainable energy and water management in smart cities is driving market growth, enabling process automation and intelligent decision-making. For example, Planet Smart City’s Smart Infrastructure Management (SIM) utilizes AIoT to proactively identify events, such as low water levels, ensuring uninterrupted water supply for residents.
However, the artificial intelligence of things market growth may impede by critical challenges related to safeguarding AIoT systems against cyberthreats and ensuring user data privacy.
Segmentations:
By Deployment
- Cloud-based
- Edge AIoT
By Application
- Video Surveillance
- Robust Asset Management
- Inventory Management
- Energy Consumption Management
- Predictive Maintenance
- Real-Time Machinery Condition Monitoring
- Supply chain Management
By Industry
- Healthcare
- Automotive & Transportation
- Retail
- Agriculture
- Manufacturing
- Logistics
- BFSI
- Others (Oil & Gas)
By Region
- North America
- Europe
- Middle East & Africa
Regional Insights
North America Dominates Market with IoT Adoption and Predictive Analytics
North America leads the AIoT market with the highest market share, driven by widespread IoT adoption across industries and the implementation of AIoT platforms for efficient data management and predictive analytics.
Meanwhile, Asia Pacific, particularly China, India, and Japan, is expected to experience rapid growth in the AIoT market due to its large population, widespread mobile and internet technology adoption, and booming production industry.
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Competitive Landscape
Specialized Solutions, Investments, and Strategic Partnerships Drive Industry Expansion
Major market players in the artificial intelligence of things industry are expanding globally by introducing specialized solutions, collaborating with domestic companies, and acquiring them to establish a strong presence. Introducing innovative products, continuous investment in research and development and strategic partnerships help them stay competitive and drive the growth of the global market.
FAQ’s
How big is the Artificial Intelligence of Things Market?
Artificial Intelligence of Things Market size was USD 27.92 billion in 2022.
How fast is the Artificial Intelligence of Things Market growing?
The Artificial Intelligence of Things Market will exhibit a CAGR of 32.4% during the forecast period, 2023-2030
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