Artificial Intelligence of Things (AIoT) Market - Introduction
- Artificial Intelligence of Things (AIoT) is the combined result of Internet of Things (IoT) and Artificial Intelligence (AI) to perform IoT based operations more efficiently. Artificial Intelligence of Things (AIoT) helps to improve decision-making processes, human-machine interaction, and data management and analytics operation with technologies such as IoT Data as a Service (IoTDaaS).
- Artificial Intelligence of Things (AIoT) is beneficial for enterprises by improving machine learning with AI platforms and improving signaling and connectivity through IoT based technologies.
- AIoT technology is improving the performance of business applications related to retail, social media, and human resource operations. The technology is also adopted by the automobile sector to improve the performance of self-driving vehicles.
- Artificial Intelligence of Things (AIoT) is exploring new opportunities in smart farming solutions and video-based traffic management solutions. AIoT is majorly used in different industrial applications such as truck fleet management, turbine engine management, gas treatment solutions, and aircraft part maintenance process.
- Different industries are adopting the new combined technologies to improve the overall performance of the process and data management of connected devices.
Key Drivers of the Artificial Intelligence of Things (AIoT) Market
- Increasing demand for IoT with embedded AI technologies to improve the decision making process of a company and adoption of edge analytics solutions is expected to drive the growth of the market. Features of AIoT such as data analysis, real-time decision making, big data analytics, and analytical model management is also expected to boost the growth of the market.
- Increasing adoption of connected devices with AI technologies in different industries is expected to generate revenue opportunities for solution providers during the forecast period.
Lack of skilled manpower and unawareness about new technologies expected to hinder growth of the Artificial Intelligence of Things (AIoT) market
- Lack of skilled employees in companies to optimize the industrial process with different features and applications of Artificial Intelligence of Things (AIoT) may restrain the growth of the market.
- Unawareness in small & medium-sized business about new technological trends is also expected to hamper the growth of the market.
Impact of COVID-19 on the Global Artificial Intelligence of Things (AIoT) Market
- Most businesses shifted to the work from home business model due to the increasing impact of COVID-19 on business growth. Growth of the Artificial Intelligence of Things (AIoT) market is limited to essential goods manufacturing companies because other technology-based service companies operate their business on digital platforms.
- Demand for Artificial Intelligence of Things (AIoT) solutions is decreasing during COVID-19; however, post the COVID-19 situation, the market is expected to expand during the forecast period.
North America to Hold Major Share of the Global Artificial Intelligence of Things (AIoT) Market
- North America holds a prominent share of the Artificial Intelligence of Things (AIoT) market due to the increasing adoption of Artificial Intelligence of Things (AIoT) by manufacturing and automobile sectors and also due to the presence of major solution providers in the region.
- The Artificial Intelligence of Things (AIoT) market in Asia Pacific is expected to expand the fastest during the forecast period due to the increasing adoption of technologically advanced software solutions to manage business operations to reduce enterprise expenses.
Key Players Operating in the Global Artificial Intelligence of Things (AIoT) Market
- ABB Ltd.
ABB Ltd. offers manufacturing execution systems and other solutions designed to optimize productivity, energy efficiency, and safety of industrial processes, under the process automation segment. The company operates under six segments that include electrification; robotics & discrete automation; motion; process automation; power grids; and corporate & other.
- ARM Limited
ARM Limited is a global semiconductor and software solution providing company. The company offers a wide range of products in IoT solutions, processors, AI platform, graphics and multimedia, and custom SoCs. The company offers solutions for automotive, healthcare, mobile computing, smart cities, and infrastructure sectors.
Other key players operating in the global Artificial Intelligence of Things (AIoT) market include AIBrain Inc., Brighterion, Inc., Cisco Systems, Inc., Echelon Corporation, Fujitsu Ltd., General Vision Inc., The Hewlett Packard Enterprise Company, and Microsoft Corporation.
Global Artificial Intelligence of Things (AIoT) Market: Research Scope
Global Artificial Intelligence of Things (AIoT) Market, by Component
Global Artificial Intelligence of Things (AIoT) Market, by Deployment
- Cloud Based
Global Artificial Intelligence of Things (AIoT) Market, by Industry
- IT & Telecom
Global Artificial Intelligence of Things (AIoT) Market Segmentation, by Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
- Industrial IoT Solutions
- IoT & AI industrial Applications
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.