AIoT Platform Market to Reach $424 Billion, Globally, by 2032
The surge in digitalization, rise in need for intelligent transportation systems, and increase in the adoption of advanced technologies drive the growth of the market. In addition, surge in adoption of IoT devices, advancements in AI technology, and growth in demand for automation are expected to fuel the growth of the market during the forecast period. Furthermore, expansion of AIoT applications in various industries, such as healthcare, agriculture, and retail, is expected to provide lucrative growth opportunities for the market in the upcoming years. However, data privacy & security concerns and lack of standardization in data formats, communication protocols, & networks are expected to hamper the market growth.
By offering, the solution segment held the major share in 2023, garnering less than two-thirds 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 is expected to witness the fastest CAGR of 38.7% 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.
By solution type, the device management segment contributed to the highest share in 2023, accounting for more than half 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 is expected to witness the fastest CAGR of 38.6% 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 more than one-fifth of the global AIoT platform market share in 2023 and is expected to remain dominant by 2032, owing to monitoring and analyzing 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 is expected to display the fastest CAGR of 40.7% throughout the forecast period, owing to increase in 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 end user, the B2B segment accounted for nearly half of the global AIoT platform market share in 2023, and is expected to display the fastest CAGR of 37.5% from 2024-2032. With AIoT platforms, B2B enterprises can unlock new opportunities, drive competitive advantage, and accelerate digital transformation in a rapidly evolving market landscape.
By region, North America garnered the highest share in 2023, accounting for more than one-third of the global AIoT platform market revenue in 2023, and is projected to retain its dominance by 2032, owing to the increase in adoption of IoT devices, advancements in AI technology, and the growth in demand for data analytics and automation in various industries in the region. The Asia-Pacific region is expected to witness the fastest CAGR of 42.0% 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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