International. Technology has advanced significantly in recent years, and innovative and digitized solutions for smart cities are becoming more common. IoT, ML, and AI are expected to play a major role in the AIoT (Artificial Internet of Things) platform market in the coming years. Shital Bhusari, analyst at Markets and Markets, explains below the advances of this technology.
AI turns data into actionable insights that can be used for multiple applications, making it truly intelligent and adaptable rather than simply automated. Using AI in IoT-based solutions helps companies identify patterns in constant streams of data to predict equipment failures. Once equipment failure is predicted, businesses can take appropriate preventative measures to reduce downtime.
The AIoT platform market is estimated at $5 billion by 2023 and projected to reach $24.9 billion by 2028, with a CAGR of 37.7% from 2023 to 2028. The major factor driving the growth of AIoT platforms is government initiatives for digitized development and smart city infrastructures. Additionally, AIoT platforms are being used in smart homes.
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The application management platform addresses the above issues when connecting devices over a network and assists in application design, development, and management. The application management platform offers various features such as application hosting, remote device management, data storage, monitoring, sharing, and management and analytics capabilities. API management is an important component of the application management platform. It provides access management, gateways, data communication and coordination, fusion, fault tolerance, data, and security.
AI, deep learning-oriented neural networks, and autonomous cloud-based crowd analysis are some of the key innovators in this sector.
The transportation industry is taking initiatives to improve its core functions, such as demand planning, traffic analysis, and price analysis, and optimize its marketing and risk management functions. The emergence of AIoT has created new opportunities in the transport and logistics segment. AI-based services with the help of predictive analytics are mainly focused on recognizing patterns and estimating resource requirements and likely congestion patterns in route planning.
Need for professional services
Professional services are required during and after the implementation of AIoT systems. These services include planning, design, consulting and upgrades. Companies offering these services include consultants, IoT experts, AI experts, and dedicated project management teams that specialize in the design and delivery of critical decision support software, tools, services, and expertise. The growth of the Professional Services segment is primarily driven by the complexity of operations and the increasing deployment of AIoT solutions.
The demand for AIoT platform solutions is increasing globally, owing to the need to improve risk management capability, optimization, decreased downtime, real-time intelligent monitoring of processes, and improved data management and analysis. Several leading platform providers, such as IBM, AWS, Google, Microsoft, and GE, offer integrated IoT platforms with AI capabilities, such as ML-based analytics. Most companies are deploying AIoT platforms because of their ability to quickly gain insights from massive amounts of data generated by IoT devices.
Countries contributing to growth
The use of AIoT technology is currently increasing in the Asia Pacific area. China, Japan, and India are the major countries contributing to the market growth in the region. The growing need for AIoT applications has been caused by the region's large population, strong adoption of mobile and internet technologies, and thriving manufacturing sector. In Asia-Pacific, industries such as smart cities, healthcare, transportation, agriculture, and manufacturing are experiencing an increase in AIoT adoption. For example, some Asian nations are launching projects to create smart cities that use AIoT technologies to improve livability.
North America will lead this market
The AIoT platform market in North America is considered a high-growth market due to many factors such as the economic stability of their countries, increasing digitalization and technological advancements, and early adoption of advanced AIoT platforms for various applications.
The startup culture in North America is growing faster than in other regions. Rapid digitization across various verticals, growing adoption of smart connected devices, and increasing technological advancements have further driven the growth of the AIoT platform market in this region.
Major AIoT platform 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 platform market. Agreements, collaborations and partnerships, and new product launches and enhancements have been the most dominant strategies adopted by major players from 2020 to 2022, helping them innovate their offerings and grow their customer base.
Intel and Vingroup worked together to create smart city solutions in June 2022. In addition to deploying smart factory IoT solutions for VinES battery manufacturing and VinFast electric vehicle manufacturing, Intel would discuss the prospects of 5G-enabled smart building and smart city solutions that could be used for Vinhomes' smart city projects.