MarketsandMarkets forecasts the global AIoT platforms market size to grow from USD 5.0 billion in 2023 to USD 24.9 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 37.7% during the forecast period. The ongoing digital transformation in various sectors and large-scale adoption of smart devices and IoT technology are the factors expected to drive the growth of the AIoT platforms market.
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By offering, solutions are estimated to account for the largest market share in 2023.
The demand for AIoT platforms solutions is increasing globally, due to the need for improved risk management capacity, optimization, decreased downtime, intelligent real-time monitoring of processes, and enhanced data management and analysis. Several leading platform providers, such as IBM, AWS, Google, Microsoft, and GE, offer IoT platforms integrated with AI capabilities, such as ML-based analytics. Most of the enterprises are deploying AIoT platforms because of their ability to churn insights quickly from bulk quantities of data generated from IoT devices.
Managed services are expected to register the fastest growth rate during the forecast period.
Managed services are considered crucial, as they are directly related to customer experience. These services help sustain their positions in the market. Nowadays, it has become difficult for companies to focus on core business processes and support various other functions, which, in turn, increases the significance of managed services. These services offer technical skills that are required to maintain and update software in the AIoT ecosystem. Integrated facility management, consultancy, round-the-clock help desk, finance, and accounts are some of the upcoming managed services required by operators. This segment is mainly driven by the increasing adoption of outsourced managed services in the AIoT market.
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The major AIoT platforms vendors include IBM (US), Sharp Global (Japan), Google (US), AWS (US), Microsoft (US), Oracle (US), HPE (US), Cisco (US), Intel (US), Tencent Cloud (China), NXP (Netherlands), SAS (US), Hitachi (Japan), SAP (Germany), AxiomTek (Taiwan), Autoplant Systems India Pvt. Ltd. (India), Williot (Israel), Cognosos (US), Relayr (US), Terminus Group (China), Semifive (South Korea), Uptake (Chicago), Falkonry (US), and Sightmachine (US). These players have adopted various growth strategies in the AIoT platforms market. Agreements, collaborations, and partnerships, and new product launches and enhancements have been the most dominating strategies adopted by major players from 2020 to 2022, which helped them innovate their offerings and increase their customer base.
IBM is one of the leading vendors that provide AIoT platforms solutions. The company has a wide product portfolio for AIoT platforms and and related solutions. The R&D investments of the company are applied generally to all product areas, with specific areas of focus being identified regularly. The company’s recent areas of increased focus include smart infrstructure solutions, AI and hybrid cloud capalities along with IoT. IBM’s business offerings are focused on helping businesses modernize and transform their operations using innovative technology solutions. The company’s AI capabilities, including IBM Watson, are vital to this strategy, helping businesses integrate AI into their operations to improve efficiency and drive innovation.
Google specializes in Internet-related services and products, which include online advertising technologies, cloud computing, software, and hardware. Its core products and platform include Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. Each product has over one billion active global users every month. Google’s product innovation has made its services widely used, making it one of the most recognized brands in the world. Google offers AIoT platforms designed to help businesses and developers build and manage connected devices at scale. Google Cloud IoT provides a suite of services and tools to connect, manage, and analyze data from IoT devices.
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