The Latin America, Middle East and Africa AIoT Platforms Market would witness market growth of 39.8% CAGR during the forecast period (2023-2029).
IoT technology is crucial for different enterprises to undergo digital transformation, allowing them to improve current operations by developing and monitoring new business models. IoT usage is rising as more businesses see it as a critical component of their success. When AI and IoT are integrated, they produce intelligent devices that replicate logical behavior and assist in making decisions with little human input. The key growth factors for the market are the increasing focus on efficient management of IoT device-generated data to get insightful knowledge and real-time monitoring to create a better customer experience.
The increasing government initiatives and spending on AioT platform development are the main factors propelling the market for AIoT platforms. Moreover, the market for AIoT platforms is expected to increase due to the rising need for the efficient administration of data produced by IoT devices to acquire useful insights, streamline the production process, and minimize downtime.
The internet of things is being steadily adopted across the Middle East and Africa, which is setting the pace for smart city initiatives. In the region, multiple governments and IT providers are working together to offer solutions for smart cities in various nations. For instance, Technology Strategies Middle East finished the smart city project in Abu Dhabi, United Arab Emirates, in 2018, working with Software AG and Cumulocity IoT as the platform provider. Brazil's most intelligent and connected city has been named Curitiba. The Middle East is known as an increasingly significant centre for the creation of smart cities and the use of smart technologies in urban settings. This will likely lead to significant growth opportunities for the AIoT platforms market.
The Brazil market dominated the LAMEA AIoT Platforms Market by Country 2022 and would continue to be a dominant market till 2029; thereby, achieving a market value of $521.8 million by 2029. The Argentina market is experiencing a CAGR of 40.6% during (2023 - 2029). Additionally, The UAE market would showcase a CAGR of 39.5% during (2023 - 2029).
Based on Component, the market is segmented into Solution (Device Management, Connectivity Management, and Application Management) and Services. Based on Vertical, the market is segmented into BFSI, Manufacturing, Retail, Healthcare, Energy & Utilities, Transportation & Logistics and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide AIoT Platforms Market is Projected to reach USD 31.4 Billion by 2029, at a CAGR of 35.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include IBM Corporation, Microsoft Corporation, Intel Corporation, Oracle Corporation, Hewlett-Packard enterprise Company, Cisco Systems, Inc., Google LLC (Alphabet Inc.), Amazon Web Services, Inc. (Amazon.com, Inc.), NXP Semiconductors N.V. and Sharp Corporation (Hon Hai Precision Industry Co., Ltd.).
By Component
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