From GlobeNewswire:

The AIoT Platforms Market is estimated at USD 5.0 billion in 2023 and is expected to reach USD 24.9 billion by 2028. The primary drivers of this growth are government initiatives for smart city infrastructure and the use of AIoT platforms in smart homes, with devices such as thermostats and security cameras being connected to the internet for easy control and automation. Technology advancements have enabled the growth of AI, IoT, and ML in the AIoT platforms market, with AI turning data into actionable information that can be used for various applications. AI also helps in identifying patterns in constant streams of data to predict equipment failure, leading to proper preventive measures for reducing downtime. In the AIoT platforms market, the device management solutions have the fastest growth rate during the forecast period, with the application management platform addressing issues by connecting devices over a network and providing various features such as application hosting and remote device management. Professional services hold the largest market size during the forecast period and are required during and after the implementation of AIoT systems, encompassing services such as planning, designing, consulting, and upgrades. In the transportation and logistics segment, the AIoT platforms market is expected to register the fastest growth rate during the forecast period, with AI-based services focusing on recognizing patterns and estimating congestion patterns in route planning. North America is expected to hold the largest market size during the forecast period, driven by factors such as economic stability, increased digitization, and technological advancements. The rapid digitalization across diverse verticals, increasing adoption of smart connected devices, and rising technological advancements have fueled the growth of the AIoT platforms market in this region.

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Read more: AIoT Platforms Market worth $24.9 billion by 2028, growing