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Artificial Intelligence of Things Market Size, Share & COVID-19 Impact Analysis, By Deployment (Cloud-based and Edge AIoT), By Application (Video Surveillance, Robust Asset Management, Inventory Management, Energy Consumption Management, Predictive Maintenance, Real-Time Machinery Condition Monitoring and Supply Chain Management), By Industry (Healthcare, Manufacturing, Retail, Agriculture, Logistics, BFSI, and Others), and Regional Forecast, 2023 – 2030

Last Updated: June 24, 2024 | Format: PDF | Report ID: FBI107836

 

KEY MARKET INSIGHTS

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The 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.


Artificial Intelligence of Things is an arrangement of artificial intelligence (AI) and the Internet of Things (IoT). This technology combines connecting devices to the internet for data collection and equipping machines with learning, thinking, and planning capabilities. AIoT applications span across several domains, including transportation, smart homes, manufacturing, and healthcare. It enhances personalization, automation, modernizes industries, and enhances the individuals’ quality of life.


Therefore, the increasing use of IoT devices, changes and enhancements in computing power, AI algorithms, demand for efficient operations, and data-driven insights all result to the growing demand for AIoT solutions. Agriculture & smart homes, healthcare, manufacturing, and transportation, are some sectors actively implementing AIoT to increase production, enhance consumer experiences, reduce costs, and gain a competitive advantage. With constant developments in IoT and AI, the market is set for future growth, offering ample business prospects and modernizing several sectors in the estimated timeframe. For instance,



  • June 2023: Amazon Go stores are revolutionizing retail with AIoT. These cashier-less stores employ Internet of Things (IoT) devices that automatically debit the customer's e-wallet upon exit. When a customer returns an item, the system promptly removes the item from the cart and adjusts the total amount accordingly. The implementation of AIoT has significantly transformed the Amazon Go store shopping experience, making it more efficient and user-friendly.


COVID-19 IMPACT


Rapid Advancements in Healthcare Industry during COVID-19 Boosted Market Growth


The COVID-19 pandemic significantly impacted the development of AIoT. The need for contactless and remote solutions accelerated the AIoT adoption in the healthcare industry and increased investment in research and development. Additionally, AIoT-powered wearable devices are used to monitor patient vital signs, while AI-powered chatbots are being introduced into virtual care to facilitate remote interactions.


During the coronavirus havoc around the world, wearable devices powered by AIoT systems were being deployed to monitor COVID-19 related symptoms. Therefore, AIoT acted as a game-changer in pandemic prevention and control, as it accelerates the development of current intelligent medicine, such as remote screening, intelligent diagnosis, and remote intensive care.


Moreover, the pandemic also led to the development of new applications. During the pandemic the AIoT was used to develop solutions for tracking the spread of viruses, managing quarantines, and securing food and water supplies. Overall, the pandemic had a positive impact on the development and adoption of AIoT.


LATEST TRENDS


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Rising Industrial Automation and Robotics in AIoT to Enhance the Service Demand


AIoT is transforming industrial automation and robotics. AI-powered robots can communicate and collaborate with each other, adapt to changing environments, and perform complex tasks with minimal human intervention. This trend is driving advancements in manufacturing, logistics, and other industries.


Furthermore, AIoT is enhancing robotics by enabling intelligent and autonomous systems. IoT devices embedded in robots collect data from their surroundings, such as sensor readings, environmental conditions, and machine performance. Artificial intelligence (AI) algorithms process this data to make informed decisions, adapt to changing environments, and perform tasks more efficiently. Intelligent robots can collaborate with humans and other robots, leading to increased productivity and flexibility in industrial operations. For instance,



  • January 2022: Hitachi Ltd. and Hitachi Industrial Equipment Systems Co., Ltd. announced that they have accelerated the global development of the building business, leveraging industrial robots in Japan and ASEAN countries. The companies further aim to become global leader through the provision of Full Turnkey Solutions in Line Building and Fusion with Digital Solutions.


Therefore, industrial automation and robotics are driving the AIoT technologies creating significant impact on the market growth.


DRIVING FACTORS


Increasing Demand for Development of Sustainable Smart Cities to Propel Market Growth


AIoT plays a major role in redefining digital homes and building sustainable communities. This has led to an increased usage for sustainable energy and water management in smart cities, driving market progress. These solutions enable process automation, intelligent decision-making, and increased efficiency. For instance,



  • Planet Smart City, a firm that builds and designs intelligent and affordable smart cities, offers a solution called Smart Infrastructure Management (SIM). The solution focuses on IoT, which is the key component, providing data that AI acts upon, collected from IoT devices. 


Additionally, AIoT is proactive and designed to identify events. It is applied to SIM's tank truck and water management system to proactively notice low water levels in overhead tanks (OHT) and respond by turning on refill pumps. This allows residents to have an uninterrupted water supply. 


Therefore, using AIoT to optimize water and energy usage is driving the growth of the global market. 


RESTRAINING FACTORS


Issues Related with Data Security and Privacy Concerns may Hinder the Market Growth


The integration of AI and IoT devices raises significant security and privacy concerns. AIoT systems collect and analyze massive amounts of data, including personal and sensitive information, making them potential targets for cyberattacks. Ensuring data privacy, protecting against unauthorized access, and maintaining the security of AIoT networks are crucial challenges for the market.


Thus, protecting AIoT systems from cyberthreats and ensuring the privacy of user data are critical challenges impeding the market growth.


SEGMENTATION


By Deployment Analysis


Cloud-based Segment’s Growth is Owed its High Demand from Various Industrial Applications


By deployment, the market is divided into cloud-based and edge AIoT. Cloud-based dominated the market with the highest market share. Cloud computing geared up with AIoT has ushered in a new era of digital automation in industrial applications. Cloud-based deployment can be more cost-effective as the cloud provider handles the storage and processing of data saving businesses money on hardware and software costs. Furthermore, these systems provide real-time analytics, which helps businesses make better decisions more quickly, giving them a competitive advantage in the market.


Additionally, the edge-based AIoT is predicted to grow with the highest CAGR during the forecast period. This system can provide a real-time response, as data does not need to be sent to the cloud and back to the IoT device. Thus, it is important for applications that require immediate action, such as self-driving cars or predictive maintenance.


By Application Analysis


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AI-Video Surveillance Systems with Enhanced Security to Augment Segment’s Growth


By application, the market is classified into video surveillance, robust asset management, inventory management, energy consumption management, predictive maintenance, real-time machinery conditioning monitoring, and supply chain management. Video surveillance held the major market share in 2022. The market is rapidly growing, and video surveillance is one of the key applications. AI-powered video surveillance systems help improve security by detecting and tracking suspicious activity, which aids in crime detection and catching criminals. Furthermore, the system helps businesses make better decisions by providing insights into customer behavior and traffic patterns.


Additionally, predictive maintenance is projected to grow at the highest CAGR during the forecast period as it is a maintenance strategy that uses data and analytics to predict when assets are likely to fail. This allows organizations to take preventive action before a failure occurs, saving time and money and improving security.


By Industry Analysis


Rising Adoption in Manufacturing Industry to Boost the Demand for Services


Based on industry, the market is segmented into healthcare, automotive & transportation, manufacturing, retail, agriculture, logistics, BFSI, and others. Manufacturing holds the highest market share owing to the rising AIoT applications in the sector. AIoT is utilized for process optimization, predictive maintenance, and quality control. In manufacturing, it can monitor the movement of goods and materials through the supply chain, allowing for more efficient planning and coordination.


In addition, artificial intelligence of things holds great potential in facilitating remote patient monitoring, early disease detection, and personalized treatment planning. AI algorithms analyze data from wearable devices, medical sensors, and electronic medical records to provide professionals with valuable insights for accurate diagnoses, effective interventions, and ongoing patient care.


REGIONAL INSIGHTS


North America Artificial Intelligence of Things Market Size, 2022 (USD Billion)

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In terms of region, the global market is divided into five key regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further segmented into countries.


North America dominated the global artificial intelligence of things market with a share of 35.6% in 2022. The growth is attributed to the rising adoption of IoT across various sectors in the region. The Internet of Things (IoT) is augmenting swiftly, with deployment of sensors and IoT devices over varied industries to collect data and enhance operational efficiency.


In addition, AIoT platforms deliver the essential infrastructure and tools to manage and analyze data efficiently. Predictive analytics is also driving market growth in the region. Using AI algorithms, these platforms can analyze complex patterns and correlations within IoT data, predict upcoming trends, identify anomalies, and provide real-time recommendations. This capability enables organizations to improve customer experience, streamline operations, and drive innovation.  Thus, North America holds the largest market share in the global market due to the increasing advancements in the region.


Asia Pacific is expected to witness a rapid growth in artificial intelligence of things during the forecast period, with China, India and Japan being the major countries contributing to the regional market growth. The region’s widespread adoption of internet and mobile technologies, large population, and thriving manufacturing sector have all contributed to the increasing demand for AIoT applications.


Europe is expected to exhibit a stable growth rate during the forecast period. The growth in the region can be attributed to increased investment in sophisticated IoT infrastructure and AI technology. Companies in the region mainly focus on projects covering the entire value chain, AIoT, such as environmental integrity and data security, or developing a regional IoT platform to regain control, security, and governance of critical data. The region also offers a global perspective on the enterprise, leading to increased demand for AIoT in the region.


Similarly, South America shows significant growth in market due to increasing availability of data. As more and more devices are connected to the internet, they are generating vast amounts of data. This data can be used to train AI models that can make better decisions and improve efficiency. Additionally, countries in South America such as Chile, Colombia, and Peru are adopting AIoT and investing in infrastructure and education to support the development of AIoT technologies. Moreover, the Middle East and Africa (MEA) market is expected to witness growth in the coming years owing to the rising investments and government funding toward digitalization.


KEY INDUSTRY PLAYERS


Focus on Business Expansion to Fuel Key Players Market Share


Market leaders aim toward global expansion by introducing industry-specific solutions. To gain strong foothold, acquisitions and strategic partnerships primarily by these leaders. Furthermore, companies strategize unveiling novel products to attract and retain their customer base. Moreover, artificial intelligence of things market growth thrives due to constant investments toward R&D of product offerings. Thus, organizations maintain competitiveness in the market by adopting such corporate strategies.


List of Key Companies Profiled in the Report:



KEY INDUSTRY DEVELOPMENTS:



  • June 2023: Dahua Technology, a video-centric AIoT solution provider, presented the Smart Building Global Summit at its global headquarters in Hangzhou. The occasion brought together more than 50 world-renowned real estate executives and industry leaders to share their insights on current challenges, emerging trends, and unique industry experiences and practices. 

  • June 2023: Fibocom, a provider of IoT (Internet of Things) wireless communication modules and wireless solutions, showcases its cellular modules and solutions at Computex 2023, unlocking the value of 5G AIoT for industry transformation. The company launched the FG132-NA series 5G RedCap module, enabling application scenarios such as FWA, industrial automation, smart wearables, and cities. 

  • March 2023: WISekey International Holding Ltd., a global cybersecurity, AI, and IoT company, has announced the integration of generative AI into its AIoT platform. Integrating generative AI, WISeAI enhances its ability to learn from patterns and data to create new and original content and data. This technology has the potential to significantly impact the capabilities of autonomous (IoT) devices, as generative AI can be used to develop smart autonomous devices that can adapt to different scenarios. 

  • February 2023: Aspen Technology Inc. has partnered with Inmation Software and AIoT Hub to expand its footprint. The addition of software to the AspenTech portfolio is a major step to aid companies in extracting more value from their industrial data strategy. A real-time data platform connects disparate systems and solves many problems in contextualization, data cleansing, and scalability. 

  • September 2022: AlwaysAI has entered into a partnership with the AIoT hardware platform Seed Studio. The partnership provides AI solutions that accelerate deploying computer vision applications on Seed's edge devices by integrating with the AlwaysAI computer vision platform. 

  • July 2022: Realme has launched a range of products in its AIoT portfolio. The company's goal is to provide consumers with advanced lifestyles and the latest technology on the market. 


REPORT COVERAGE


An Infographic Representation of Artificial Intelligence of Things Market

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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.


Report Scope & Segmentation


























































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 32.4% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Deployment, By Application, By Industry, and Region



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 (By Deployment, By Application, By Industry, and By Country)

    • U.S.

    • Canada

    • Mexico



  • South America (By Deployment, By Application, By Industry, and By Country)

    • Brazil

    • Argentina

    • Rest of South America



  • Europe (By Deployment, By Application, By Industry, and By Country)

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe



  • Middle East & Africa (By Deployment, By Application, By Industry, and By Country)

    • Turkey

    • Israel

    • GCC

    • South Africa

    • North Africa

    • Rest of the Middle East & Africa



  • Asia Pacific (By Deployment, By Application, By Industry, and By Country)

    • China

    • India

    • Japan

    • South Korea

    • ASEAN

    • Oceania



  • Rest of Asia Pacific






Frequently Asked Questions

The market is projected to reach USD 253.86 billion by 2030.

In 2022, the market was valued at USD 27.92 billion.

The market is projected to grow at a CAGR of 32.4% during the forecast period.

The cloud-based segment is expected to lead the market.

Development of sustainable smart cities across the globe is the key factor driving market growth.

BOSCH, Advantech Co., Ltd., LITEMAX, CMS Info Systems, Amazon Web Services, Microsoft Inventec Corporation, Intel, Qualcomm, ARM, PTC, Nvidia Corporation, and Axiomtek are the top players in the market.

North America is expected to hold the highest market share.

By application, the predictive maintenance is expected to grow with a remarkable CAGR during the forecast period.

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