AIoT Platform Market Expected to Reach $424 Billion by 2032

According to a new report published by Allied Market Research, titled, “AIoT Platform Market," The aiot platform market was valued at $27.7 billion in 2023, and is estimated to reach $424 billion by 2032, growing at a CAGR of 35.8% from 2024 to 2032.

AIoT Platform provides automation capabilities to various industries, reducing operational costs, increasing efficiency & accuracy, and improving customer experience. Automation capabilities have become increasingly important as businesses strive to streamline their operations and increase productivity. Moreover, predictive maintenance has become increasingly important for industries such as manufacturing, energy, and transportation. In addition, AIoT can be used to optimize transportation systems, reduce traffic congestion, and improve safety on roads. With the rise in urbanization, there is an increase in demand for intelligent transportation systems that can improve the flow of traffic and reduce accidents. Overall, the AIoT platform market is driven by the need for intelligent and automated systems that can process and analyze vast amounts of data in real-time, enabling organizations to make informed decisions and take actions based on data-driven insights. For instance, in May 2022, MediaTek launched the new Genio platform for AIoT devices and introduced the first chip in the Genio family, the Genio 1200 designed for premium AIoT products. The MediaTek Genio is a complete platform stack for the AIoT with powerful and ultra- efficient chipsets, open platform software development kits (SDKs) and a developer portal with comprehensive resources and tools. This all-in-one platform makes it easy for brands to develop innovative consumer, enterprise and industrial smart applications at the premium, mid-range and entry levels, and bring these devices to market faster.

On the basis of solution type, the global AIoT platform market share was dominated by the device management segment in 2023 and is expected to maintain its dominance in the upcoming years owing to the AIoT services that can help streamline device management by providing real-time insights into device performance, identifying issues and anomalies, and predicting maintenance needs. However, the application management segment is expected to witness the highest growth in AIoT platform market forecast, as AIoT is a powerful tool for application management, enabling organizations to optimize their application portfolio and maximize the value of their digital investments.

By region, North America dominated the market share in 2023 for the artificial intelligence of things platform market. The rise in investment in advanced technologies, such as cloud-based services, AI, ML, business analytics solution, and IoT, to improve businesses and the customer experience are anticipated to propel the growth of the AIoT platform market. For instance, May 2024, Advantech (2395, TW), a leading provider of AIoT platforms and services, launched the AIR-150, a compact edge AI inference system powered by 13th Gen Intel Core Mobile processors. This compact AI system enables high AI compute power at lower power consumption, perfect for AI enabled applications such as autonomous mobile robots, baggage screening, defect inspection, and workforce safety monitoring. To streamline AI model conversion and deployment, the AIR-150 provides easy-to-use software to speed up AI development. However, Asia-Pacific is expected to exhibit the highest growth during the AIoT platform market forecast period. This is attributed to the increase in penetration of digitalization and higher adoption of advanced technology in AIoT platform industry.

Key Findings of the Study

• By offering, the solution segment led the AIoT platform market size in terms of revenue in 2023. 
• By industry vertical, the manufacturing segment led the AIoT platform market in terms of revenue in 2023.   
• By solution type, the device management segment led the AIoT platform market size in terms of revenue in 2023.   
• By end user, the B2B segment led the AIoT platform market in terms of revenue in 2023.   
• By region, North America generated the highest revenue in 2023.

The key players profiled in the AIoT platform market analysis are Cisco Systems Inc., SAS Institute Inc., International Business Machines Corporation (IBM), Google LLC, Intel Corporation, SAP SE, Microsoft Corporation, Hewlett Packard Enterprise Development LP, Oracle Corporation, Tencent Cloud, Amazon Web Services Inc., NXP Semiconductors, Axiomtek Co., Ltd., Williot and Sharp Corporation (SHARP). These players have adopted various strategies to increase their market penetration and strengthen their position in the AIoT platform industry. For instance, in February 2023, SAS Institute, Inc., collaborated with CESMII to accelerate the adoption of analytics and AIoT to transform operations and better serve customers. Combining CESMII's approach for standardized and contextualized manufacturing data with SAS' deep expertise in AIoT and machine learning helps smart manufacturers adapt to changing conditions and meet evolving customer needs.