IoT Cloud Platform Market: Global Industry Analysis and Forecast (2024-2030)

IoT Cloud Platform Market size was valued at USD 8.64 Bn. in 2023 and the total revenue is expected to grow by 11.9% from 2023 to 2030, reaching nearly USD 19Bn.

The platform is crucial in holding all IoT and cloud operations-related activities, including data gathering from IoT-enabled devices to store and analyse that data for developing a real vision. The IoT cloud platform, also known as a cloud service IoT platform, integrates cloud computing services and IoT devices, including both of their abilities to offer a service across an end-to-end platform. The services and industry standards required to connect, secure, and manage diverse IoT applications and devices make up the IoT cloud platform. To provide consumers and business applications with even more value, the IoT cloud platform also combines the capabilities of IoT devices and solutions.

The proliferation of IoT devices, the need to improve operational efficiency, the rapidly falling costs of IoT-based sensor connectivity hardware, government initiatives for Research and Development (R&D) activities related to IoT, the emergence of Internet Protocol version 6 (IPv6), and the switch from on-premises to cloud-based data management strategy are major factors anticipated to propel the growth of the IoT cloud platform market.
Report Scope:
The report provides a comprehensive analysis of the global IoT Cloud Platform Market. The report estimates the IoT Cloud Platform Market, in terms of USD value from 2024 to 2030, base year is 2023. To identify potential investment pockets, report gives an analytical representation of the IoT Cloud Platform industry together with current trends and future forecasts. The report includes a thorough analysis of the market share for IoT Cloud Platform as well as data on important drivers, restraints, and opportunities. A quantitative analysis of the existing market is done from 2024 to 2030 to show the potential for market growth across the globe. In addition, PORTER'S five forces study demonstrates the market power of both buyers and providers. The research offers a thorough analysis of the worldwide IoT Cloud Platform market based on the level of competition.To know about the Research Methodology :- Request Free Sample Report
IoT Cloud Platform Market Dynamics:
Growing Adoption of Cloud Services across the Globe

The IoT cloud platforms market is expected to experience high growth during the forecast period in large part due to the rising rate of smart device adoption. Additionally, it is expected that the market for IoT cloud platforms would grow more quickly due to the simple setup and affordable cloud data storage.

The market growth of IoT cloud platforms is significantly fueled by the adoption of cloud services in a variety of business sectors, which were previously very expensive to build using on-site IoT architecture. Scalability, security, data mobility, quick time to market, and cost-effectiveness are some advantages offered by IoT cloud platforms that eventually drive the market's growth.

Increased Demand for the Open loT Platforms

Increased demand for open loT platforms that have made their source codes available to the public for modifications from the original design is among the factors that present potential opportunities for the loT market. This is also evidence of the growing popularity of mobile devices like smartphones and tablets. People have also been utilising the platform because of how simple and inexpensive it is to setup.Growing Adoption of IoT Cloud Platform in Enterprises

It is challenging for businesses to get complete site visibility due to the fragmented ecosystem of security tools and solutions offered by numerous suppliers. With many security measures available, it becomes difficult to keep an eye on all the sites at once. For ease of use and efficiency, with the help of the IoT cloud platform businesses can access all IoT security tools and solutions on a single platform.

IoT platforms with AI and ML integration can reduce expenses while preserving a competitive advantage for businesses. The use of IoT devices can be utilised to monitor machinery and reduce downtime by foreseeing faults before accidents occur. With the use of an IoT cloud platform, businesses can keep an eye on activities around their property without having to hire security personnel to watch video feeds, cutting operating expenses while gaining access to all the statistics.Lack of Skilled Labor and Growing Data Security and Privacy Concerns

Significant roadblocks that can prevent the market from growing include the inconsistency of IoT protocols and challenges in managing unformed data. The lack of technical staff as well as security and privacy issues with IoT cloud platforms could restrain the market's growth through the forecast period. In addition, a rise in client worries about data security and privacy is also hampering the market growth. There has been a significant surge in online fraud, hacking, and data theft worldwide. These elements are expected to hinder the market. In addition, the absence of universal standards is seen as a threat to the open loT market.
IoT Cloud Platform Market Segment Analysis:
By Offering, the IoT Cloud Platform Market is segmented into Platform and Services. The Platform segment is sub-segmented into Device Management, Connectivity Management, and Application Enablement. The platform is essential for managing all IoT and cloud operations-related tasks, such as gathering data from IoT-enabled devices and storing and analyzing that data to produce real-time insights. The growth of the platform segment of the market is primarily driven by the increase in IoT devices across a variety of application sectors.

The Service segment is sub-segmented into Professional Services and Managed Services. In comparison to professional services, managed services are expected to increase faster during the forecast period. Managed services to evaluate the company network, keep an eye on the infrastructure's condition, and carry out remote maintenance tasks. These services offer security and professional assurance, which boosts productivity throughout the entire organisation. The market demand for managed services is expected to be driven by the growing necessity to outsource services for the upkeep of IoT cloud platforms. Managed services assist businesses in easing operational demand on IT workers so that they can devote more time to mission-critical operations.

By Deployment Mode, the IoT Cloud Platform Market is segmented into Public Cloud, Private Cloud, and Hybrid. The Public Cloud segment held the largest market share in 2023. Easy deployment, flexibility, and a reasonable pricing structure are the major determinants of the public cloud segment's growth. The demand for public cloud deployment methods in the IoT cloud platform market is expected to increase as a result of the increased investment in public cloud infrastructure by a number of developed economies, including the US, China, India, UK, Australia, and Canada.

By Application, the IoT Cloud Platform Market is segmented into Building and Home Automation, Smart Manufacturing, Smart Transportation, Connected Healthcare, Smart Retail, Smart Grid and Utilities, and Others. The Connected Healthcare segment is expected to grow at a rapid rate through the forecast period. The segment's growth is attributed to the growing usage of embedded sensors, the accessibility of quick cellular networks, and the growing use of wireless devices in the Healthcare Industry. Healthcare firms can manage workflows, improve real-time patient care, and streamline clinical operations even from remote locations thanks to the sensor and device communication. As a result, healthcare institutions are putting a lot of effort into adopting reliable apps and connected technology. Remote patient monitoring, healthcare workflow management, prescription management, and medical asset tracking are a few of the key IoT applications in connected healthcare.
IoT Cloud Platform Market Regional Insights:
North America is expeted to dominate the IoT cloud platform market through the forecast period. One of the main factors expected to fuel the growth of the IoT cloud platform market in North America is the widespread acceptance of IoT cloud platforms by a number of sectors and technical advancements within these industries. Thanks to well-established main businesses like Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems, the region is expected to have the highest revenue prospects. Although the US dominates the North American industry, Canada is also expected to see a boom in the uptake of IoT cloud platforms.

Thanks to the growing acceptance of smart cities in developing nations like India and China, the Asia Pacific IoT cloud platform market is expected to account for a sizeable portion of the global market. The market for IoT cloud platforms is also expected to be driven by an increase in population in APAC nations.
IoT Cloud Platform Market Scope: Inquire before buying



IoT Cloud Platform Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
USD 8.64 Bn.


Forecast Period 2024 to 2030 CAGR:
11.9 %
Market Size in 2030:
USD 19 Bn.


 Segments Covered:
by Offering
Platform
Device Management
Connectivity Management
Application Enablement
Service
Professional Services
Managed Services


by Deployment Mode
Public Cloud
Private Cloud
Hybrid


by Application Area
Building and Home Automation
Smart Manufacturing
Smart Transportation
Connected Healthcare
Smart Retail
Smart Grid and Utilities
Others



IoT Cloud Platform Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
IoT Cloud Platform Key Players are:
1.Amazon Web Services, Inc. (US)
2.Microsoft (US)
3. Google (US)
4.Cisco Systems (US)
5.International Business Machines Corporation (US)
6.Oracle Corporation (US)
7. Salesforce, Inc (US)
8. PTC Inc (US)
9.Autodesk (US)
10.AT&T (US)
11. GE Digital (US)
12. Ayla Networks Inc (US)
13.GENERAL ELECTRIC (US)
14.KaaIoT Technologies, LLC (US)
15.ThingsBoard Authors (US)
16. Apple Inc (US)
17. HARMAN International. (US)
18. Hewlett Packard Enterprise Development LP (US)
19. Intel Corporation (US)
20.SAP SE (Germany)
21.Bosch Software Innovations GmbH (Germany)
22.Siemens (Germany)
23. Vodafone Group Plc (UK)
24.Telit (Italy)
25.Italtel S.p.A (Italy)
26. Thinger.io (Spain)
27. Accenture (Ireland)
28. Alibaba Cloud (China)
29.Zoho Corporation (India)
30. Happiest Minds (India)
31.Samsung (South Korea)

FAQs:

1. What is the study period of the market?
Ans. The Global IoT Cloud Platform Market is studied from 2018-2030.

2. What is the growth rate of the IoT Cloud Platform Market?
Ans. The IoT Cloud Platform Market is growing at a CAGR of 11.9% over the forecast period.

3. What is the market size of the IoT Cloud Platform Market by 2030?
Ans. The market size of the Information Technology Market by 2030 is expected to reach USD 19 Bn.

4. What is the forecast period for the IoT Cloud Platform Market?
Ans. The forecast period for the IoT Cloud Platform Market is 2024-2030.

5. What was the market size of the IoT Cloud Platform Market in 2023?
Ans. The market size of the IoT Cloud Platform Market in 2023 was valued at USD 8.64 Bn.