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.
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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.
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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.
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