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AIoT Platforms Market Share, Global Size, Forecast 2023 to 2028

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Sheetal Bhusari

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.

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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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.

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.

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Market Players

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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