The global IoT cloud platform market size is anticipated to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.6% from 2023 to 2030. The rapid adoption of internet of things (IoT) cloud platforms to connect hardware, such as sensors and smart devices to the cloud, to handle different communication protocols, and provide reliability, security, and authentication for users and devices is driving the IoT cloud platform market growth. In addition, the growing use of AI and ML integrated IoT platforms among organizations to reduce costs and maintain a competitive advantage is expected to boost the IoT cloud platform market growth.
IoT Cloud Platform Market Report Highlights
- By offering, the platform segment accounted for the major revenue share of 68.3% in 2022 and is anticipated to maintain its dominance over the forecast period. Increased adoption of IoT cloud platform as it helps to minimize risk and reduce development & operational costs are driving the segment growth. It also offers capabilities to help and analyze organizations to achieve business-critical needs with increased agility
- The service segment is expected to witness the fastest growth rate of 15.5% during the forecast period. Growing demand for IoT cloud services such as training, consulting, integration, deployment, support, and maintenance services are boosting the segment’s growth
- Commercial deployment segment held the largest market share of 47.3% in 2022 and is expected to retain its position over the forecast period. Increasing use of commercial cloud deployment model owing to its benefits such as high flexibility and scalability, easy deployment, and minimal maintenance costs is boosting the segment growth
- Hybrid deployment segment is expected to grow at the fastest CAGR of 15.5% during the forecast period owing to its low cost and greater security and control over critical workloads
- In terms of organization size, large-size organizations segment dominated the market and captured the largest revenue share of 67.3% in 2022. The increasing use of IoT cloud platforms by large enterprises from manufacturing, retail, smart city, transportation, and healthcare verticals to optimize and monitor their IoT business processes is attributed to segment growth
- The small and medium sized organizations segment is expected to witness the fastest growth rate of 15.3% during the forecast period. Growing investments in the adoption of new and advanced technologies and the rising shifts towards cloud-based services are propelling segment growth
- In terms of the application, the industrial automation & smart manufacturing segment accounted for the major revenue share of 21.5% in 2022 and is anticipated to maintain its dominance over the estimated timeframe. Factors such as the increasing involvement of the government in supporting smart manufacturing and the adoption of cloud technologies are driving the segment growth
- The healthcare segment is expected to grow at a CAGR of 15.9% during the forecast period. With the growing use of smart devices, Artificial Intelligence (AI), and cloud technologies, the demand for IoT cloud platforms is expected to increase in the healthcare industry
- North America held the largest market share of 32.0% in 2022 and is expected to retain its position over the forecast period. An increase in IoT spending across the U.S. and Canada, early adoption of IoT platforms across the industrial segment, and the presence of leading market players such as Microsoft (U.S.), AWS (U.S.), and Google (U.S.) are driving the IoT cloud platform market growth in this region
- Asia Pacific is expected to grow at the fastest CAGR of 15.8% during the forecast period owing to the rise in investments in smart manufacturing, smart cities, and the connected vehicle sector.
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A rise in the demand for IoT cloud platforms from the healthcare sector is driving the market growth. The growing use of IoT cloud platforms and services during the COVID-19 pandemic period owing to their ability to transform a complete healthcare delivery system is fueling the growth of the IoT cloud platform market. Telemedicine, robotic sanitization, contact tracing, and data protection and privacy are some of the important services provided by IoT in the healthcare sector. In addition, the adoption of IoT cloud in database design to integrate the cloud and the smart hospital information system is also expected to boost market growth.
Offering Segment Analysis
The platform segment includes solutions such as device management, analytics, and connectivity & communication. An IoT cloud platform combines the capabilities of IoT solutions and devices to provide added value for both consumer and business applications. It helps in the reduction of risk as well as operational and development costs. It also facilitates device management, communication, data flow, and application functionality. Thus, the increasing number of IoT-connected devices in several applications is driving the segment growth. Increasing demand for IoT cloud services to perform remote maintenance activities and monitor infrastructure health and business network is propelling the segment growth.
Application Segment Analysis
The IoT cloud platforms in industrial automation & smart manufacturing sector help solve device management problems, increase productivity, and enhance operations. It also helps to streamline and create system architectures that are affordable, effective, and responsive. Factors such as the increasing adoption of embedded sensors, the growing use of wireless devices, and the rapid growth of healthcare IT are expected to boost the growth of the IoT cloud platform market in healthcare applications.
Deployment Segment Analysis
The growth of the commercial segment is majorly attributed to the factors such as easy deployment, flexibility, and cost-effective pricing structure. However, the hybrid segment is expected to witness the fastest growth during the forecast period. The increasing popularity of hybrid cloud environments among organizations that demand flexibility and elasticity of the cloud is boosting segment growth.
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Regional Analysis
The proliferation of IoT-enabled devices, increasing adoption of technologies such as industry 4.0, cloud, and edge computing; increasing R&D investments in the IoT sector; and the presence of major market players are contributing to the growth of IoT cloud platform market in the North America region. The rapidly growing smart manufacturing industry across countries such as China and India, the growing popularity of smart cities, and the increasing adoption of 5G and industrial automation are propelling the IoT cloud platform market in the Asia Pacific region.
Major Companies in the IoT Cloud Platform Market
- Amazon Web Services, Inc.
- Microsoft
- Cisco Systems, Inc.
- IBM
- Oracle
- Salesforce, Inc.
- PTC
- GE DIGITAL
- Particle Industries, Inc.
- IO GmbH
- Alibaba Cloud
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Segmented the IoT cloud platform market based on offering, deployment type, organization size, application, and region:
Table of Contents
TABLE 1 Global IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 2 Global IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 3 Global IoT cloud platform market, by offering, 2017 - 2030 (USD Million)
TABLE 4 Global IoT cloud platform market, by deployment type, 2017 - 2030 (USD Million)
TABLE 5 Global IoT cloud platform market, by organization size, 2017 - 2030 (USD Million)
TABLE 6 Global IoT cloud platform market, by application, 2017 - 2030 (USD Million)
TABLE 7 IoT cloud platform market by platform, 2017 - 2030 (USD Million)
TABLE 8 IoT cloud platform market by platform, by region, 2017 - 2030 (USD Million)
TABLE 9 IoT cloud platform market by device management, 2017 - 2030 (USD Million)
TABLE 10 IoT cloud platform market by analytics, 2017 - 2030 (USD Million)
TABLE 11 IoT cloud platform market by connectivity & communication, 2017 - 2030 (USD Million)
TABLE 12 IoT cloud platform market by service, 2017 - 2030 (USD Million)
TABLE 13 IoT cloud platform market by service, by region, 2017 - 2030 (USD Million)
TABLE 14 IoT cloud platform market by professional services, 2017 - 2030 (USD Million)
TABLE 15 IoT cloud platform market by managed services, 2017 - 2030 (USD Million)
TABLE 16 IoT cloud platform market by commercial deployment, 2017 - 2030 (USD Million)
TABLE 17 IoT cloud platform market by commercial deployment, by region, 2017 - 2030 (USD Million)
TABLE 18 IoT cloud platform market by private deployment, 2017 - 2030 (USD Million)
TABLE 19 IoT cloud platform market by private deployment, by region, 2017 - 2030 (USD Million)
TABLE 20 IoT cloud platform market by hybrid deployment, 2017 - 2030 (USD Million)
TABLE 21 IoT cloud platform market by hybrid deployment, by region, 2017 - 2030 (USD Million)
TABLE 22 IoT cloud platform market by large size organizations, 2017 - 2030 (USD Million)
TABLE 23 IoT cloud platform market by large size organizations, by region, 2017 - 2030 (USD Million)
TABLE 24 IoT cloud platform market by small and medium sized organizations (SMEs), 2017 - 2030 (USD Million)
TABLE 25 IoT cloud platform market by small and medium sized organizations (SMEs), by region, 2017 - 2030 (USD Million)
TABLE 26 Industrial automation & smart manufacturing IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 27 Industrial automation & smart manufacturing IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 28 Smart infrastructure IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 29 Smart infrastructure IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 30 Automotive IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 31 Automotive IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 32 Healthcare IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 33 Healthcare IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 34 Retail & e-commerce IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 35 Retail & e-commerce IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 36 BFSI IoT cloud platform market, 2017 - 2030 (USD Million)
TABLE 37 BFSI IoT cloud platform market, by region, 2017 - 2030 (USD Million)
TABLE 38 IoT cloud platform others market, 2017 - 2030 (USD Million)
TABLE 39 IoT cloud platform others market, by region, 2017 - 2030 (USD Million)
The global report on the “Internet of Things (IoT) Cloud Platform Market”, as discussed by Market Research Future (MRFR) analysts, reveals scopes for an expansion up to a valuation of USD 8.67 bn by 2023.
The large scale integration of IoT technology in the transportation sector is estimated to benefit the Internet of Things (IoT) cloud platform industry.
Moreover, the increasing demand for device management is estimated to positively reinforce the expansion of the Internet of Things cloud platform market in the impending period.Segmentation:The global Internet of Things (IoT) cloud platform market has been studied on the basis of a segmentation that includes application, deployment, platform, service, organization size, and vertical.By platform, the market has been reviewed on the basis of connectivity management, device management, and application enablement.By deployment, the report includes segments like public, private, and hybrid.By organization size, the review includes a study of large enterprise and small and medium enterprise.By service, the report on the market comprises managed services and professional services.By application, the market review assessed segments like wearable technology, smart agriculture, smart city, home automation, industrial automation, smart transportation, and others.By vertical, the global market report included segments like retail, finance, healthcare, automotive & transportation, government, hospitality, consumer electronics, industrial manufacturing, media & entertainment, education, and others.Competitive Landscape:The global market for Internet of Things (IoT) cloud platform includes a study of companies like IBM Corporation, Microsoft Corporation, Google, Ayla Network, AWS Group, SAP SE, Hauwei Technologies, Artik Cloud, GE, Salesforce.com, AT, Cisco system, and Telit.
These companies ensure growth for the market by deploying various strategic models to create a space for better revenue-generation process.
However, the COVID-19 pandemic has influenced the strategic procedures and forced companies to find out a different plan for the coming years.
Get Free Sample Report @ https://www.marketresearchfuture.com/sample_request/6843 Regional Analysis:North America’s infrastructural scope and investment opportunities would back the market growth.
