According to a research report "AIoT Platforms Market by Offering (Solutions (Device Management, Application Management, Connectivity Management) and Services), Vertical (BFSI, Manufacturing, Healthcare and Retail) and Region - Global Forecast to 2028" published by MarketsandMarkets, the AIoT platforms market is estimated at USD 5.0 billion in 2023 and is projected to reach USD 24.9 billion by 2028, at a CAGR of 37.7% from 2023 to 2028. AIoT is gaining popularity in the healthcare sector. Wearable devices, such as smartwatches and fitness trackers, are increasingly being used to monitor patients’ health statuses and track their progress. These devices can collect data on everything, from heart rate and blood pressure to sleep patterns and physical activity, which can then be used by physicians to diagnose and treat a variety of health conditions.
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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.
Asia Pacific is likely to emerge as the fastest-growing market during the forecast period
AIoT technology use is currently increasing in the Asia Pacific area. China, Japan, and India are the major countries contributing to the growth of the market in the region. A growing need for AIoT applications has been caused by the region's vast population, strong adoption of mobile and internet technologies, and thriving manufacturing sector. In Asia-Pacific, industries like smart cities, healthcare, transportation, agriculture, and manufacturing are seeing a rise in adoption of AIoT. For instance, some Asian nations are launching projects to create smart cities that use AIoT technologies to enhance livability.
The major vendors covered in the AIoT platforms market 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).
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