Artificial Intelligence of Things (AIoT) Market to Surpass USD 495.09 billion by 2031, Witnessing 25.2% CAGR Growth.

June 19 09:25 2024
Artificial Intelligence of Things (AIoT) Market to Surpass USD 495.09 billion by 2031, Witnessing 25.2% CAGR Growth.
SkyQuest Technology
Artificial Intelligence of Things (AIoT) Market Size, Share, Growth Analysis, By Offering(Hardware, software, services), By Technology(Machine learning, natural language processing (NLP), generative ai, robotics), By Application(Real-time machinery condition monitoring, supply chain management, predictive maintenance, inventory management), By Industry Vertical(BFSI, manufacturing, healthcare, automotive), By Region – Industry Forecast 2024-2031

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 unique combination of the Internet of Things (IoT) and artificial intelligence is termed AIoT.  As the name suggests AIoT solutions bring the best of both technologies and also address the shortcomings of one another. Rapid advancements in IoT infrastructure development and artificial intelligence technology are slated to set the tone for global artificial intelligence of things (AIoT) market development in the future.  

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The growing development of smart infrastructure is projected to create new opportunities for AIoT providers in the future. The rising use of cloud computing and advancements in connectivity technologies are also slated to help the artificial intelligence of things (AIoT) market growth. Industry verticals such as manufacturing, healthcare, automotive, logistics, and telecommunications are projected to witness robust growth in demand for artificial intelligence of things across the forecast period and beyond. High use of autonomous devices and systems in multiple industry verticals will also uplift the sales of artificial intelligence of things devices.  

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Expansion of AIoT Product Portfolio to Remain Vital for All AIoT Market Players Going Forward 

All leading as well as new artificial intelligence of things (AIoT) companies are projected to focus on product portfolio expansion. Integration of other advanced technologies to improve the capabilities of AIoT devices will also create a new business scope. New companies should emphasize raising new funds to finance their business expansion efforts and stay competitive in the market. The opportunities for AIoT adoption are endless ranging from domestic to industrial applications in the long run. The global artificial intelligence of things (AIoT) market is still in its developmental stages, which is why any company can penetrate the market and get good returns on investments. 

  • ASUS, a renowned hardware-focused organization, announced the launch of its new AIoT solutions in May 2024. The company showcased its new offerings that could revolutionize multiple industry verticals such as manufacturing and healthcare at the Intel® Tech Tour event. 
  • In November 2023, DeRUCCI, a leading provider of premium mattresses and bedding, launched a new AIoT smart mattress. The DeRucci T11 Pro Smart Mattress is equipped with 23 AI sensors to track the changes in sleep and respond accordingly to provide the best comfort.  
  • In April 2024, in a bid to take advantage of the rapidly expanding popularity of AI and IoT technologies, Chinese tech giant Xiaomi launched new products to expand its AIoT product portfolio in India with Redmi Buds 5A and Redmi Pad SE.  
  • Hikvision India launched a new line of AIoT products back in December 2023. This move by the Indian subsidiary of Chinese video surveillance equipment giant Hikvision helped it expand its business scope. DS-KP8000-HE1, DS-KD9403-E6, and IDP- D5C were among the newly launched products. 

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Companies can work closely with automation providers to maximize their business scope in the future. Growing demand for automation in industries and the adoption of smart devices in homes are both slated to create an opportune setting for artificial intelligence of things providers. Smart cities are projected to provide a plethora of new opportunities for new as well as top artificial intelligence of things (AIoT) market players in the future.  

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