WESTFORD, Mass., July 10, 2024 /PRNewswire/ -- According to SkyQuest, the global Artificial Intelligence of Things (AIoT) Market size was valued at USD 65.50 billion in 2022 and is poised to grow from USD 82.01 billion in 2023 to USD 495.09 billion by 2031, growing at a CAGR of 25.2% during the forecast period (2024-2031).
The increasing need for IoT with embedded AI technologies to enhance an organization's dynamic course and acceptance of edge investigation arrangements is predicted to fuel market growth. AIoT features including information analysis, continuous navigation, large-scale data analysis, and intelligent model management are also expected to boost the market. It is projected that throughout the fictitious time frame, growing industry usage of devices connected with AI technology will open revenue prospects for arrangement suppliers. The potential growth of the market may be restricted when companies lack skilled staff members that will help in making the modern cycle more efficient and developing Artificial Intelligence of Things (AIoT) applications in it.
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Artificial Intelligence of Things (AIoT) Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $82.01 Billion |
Estimated Value by 2031 | $495.09 Billion |
Growth Rate | Poised to grow at a CAGR of 25.2% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Technology, Offering, Application, and Industrial Vertical |
Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
Report Highlights | Industrial automation & robotics in AIoT to boost up the service need and requirement |
Key Market Opportunities | Convergence of AIoT with other emerging technologies |
Key Market Drivers | AIoT enhancing operational efficiencies in healthcare sector |
Segments covered in Artificial Intelligence Of Things (AIoT) Market are as follows:
- Offering
- Hardware, software, services
- Technology
- Machine learning, natural language processing (NLP), generative ai, robotics, computer vision, autonomous, sensor technology
- Application
- Real-time machinery condition monitoring, supply chain management, predictive maintenance, inventory management, energy consumption management, others
- Industry Vertical
- BFSI, manufacturing, healthcare, automotive, retail, transportation & logistics, others
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Integrated AIoT Solutions for Real-Time Insights and Intelligent Decision-Making
The global AIoT market offers integrated solutions that combine AI technologies with IoT devices. Real-time data processing, AI-driven analytics and intelligent decision-making models designed for various industry applications are part of it. It is important to have them mainly due to increase efficiency, enabling predictive maintenance, as well as fostering creativity in several sectors that together facilitate growth in market share and a competitive edge.
In several industries, Software components are important in increasing the operational efficiency and permitting the use of innovative business plans. Services provided includes Real-time analytics, predictive insights as well as autonomous decision making. Software has a significant function in ensuring enhanced data processing, operational agility and actionable insights by ensuring that AI capabilities integrate well with IoT devices.
The services allow smooth integration of AI with IoT infrastructure so that it can be tailored to meet industry-specific requirements. With their knowledgeable guidance and ongoing support, they assist organizations in the optimization of AIoT implementations, operational efficiency improvement and stimulation of innovation. They play an important role in providing expert knowledge required in running AIoT based solutions, handling operationalization and integration problems.
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AIoT's Impact on Operational Efficiency and Predictive Maintenance in Manufacturing and Beyond
The market's included sectors, which include manufacturing, healthcare, automotive, and agriculture, use AIoT to boost customer experiences through data-driven insights, predict maintenance, and increase operational efficiency. Adoption of AIoT technology creates use cases that support the viability and efficacy of AI-integrated IoT solutions across a range of industries, as well as drives technological improvements and market growth.
By combining AI with IoT devices for quality control, predictive maintenance, and real-time monitoring, AIoT improves operational efficiency in manufacturing. As one of the key industries embracing AIoT, manufacturing propels developments in supply chain management, industrial automation, and product quality control. Its use of AIoT technology raises productivity, speeds up digital transformation, and establishes standards for sustainability and efficiency across international businesses.
AIoT shows great promise to change healthcare delivery and improve patient experiences internationally. It increases hospital operating efficiencies, improves patient outcomes, and lowers healthcare expenditures. AI's critical role in raising healthcare standards globally is highlighted by its integration with IoT devices in the healthcare industry, which not only increases efficiency but also stimulates innovation in precision medicine and medical research.
Elevating Industry Horizons by AIoT's Strategic Impact on Operational Efficiency and Innovation
The convergence of AI and IoT, or AIoT, is a game-changer in several industries, including manufacturing, healthcare, agriculture, and the automotive sector. Through intelligent decision-making, predictive maintenance, and real-time data processing, this synergy improves operational efficiencies. By streamlining procedures and enhancing consumer experiences, AIoT not only spurs innovation and market expansion but also establishes new standards for productivity and sustainability across international industries. The ability of AIoT to transform healthcare services, optimise manufacturing processes, and invent agricultural techniques highlights its critical role in influencing the global future of interconnected technologies, even in the face of obstacles like a lack of skilled labour.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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