IoT Platform Market

IoT Platform Market was valued at US$ 9.18 Bn. in 2023 and is expected to reach US$ 21.34 Bn. by 2030, at a CAGR of 12.8% during a forecast period.

IoT Platform Market Overview:

The term loT platform refers to a collaborative effort by a number of open source contributors to create a new class of open large-scale intelligent loT, or internet of things. The applications are created in accordance with the utility cloud computing delivery model. The technology is defined as a natural extension of the cloud computing implications. Access to further and increasingly essential loT-based capabilities and resources is made possible by loT. Also available are formulation and management services for environments containing loT resources that provide on-demand utility and loT services.To know about the Research Methodology :- Request Free Sample Report

COVID-19 impact on IoT Platform Market:

The COVID-19 pandemic has wreaked havoc on organizations of all sizes, including those in the manufacturing, industrial, and government sectors. Businesses in many industrial sectors are restarting operations in recent times, as lockdown restrictions have been removed in practically every location around the world. During the pandemic, IoT device usage has risen in a variety of industries, including healthcare, utilities, manufacturing, and transportation and logistics. To combat potential failures, organizations have begun to consider intelligent asset management solutions for remote monitoring, alerts and notifications, remote services and control, predictive analytics and preventive maintenance, and predictive analytics and preventive maintenance based on historical and real-time data analysis.

IoT Platform Main Components:

Some of the main component in IoT platform are as below:

1. Device Support
2. Connectivity
3. IoT services
4. Build In Connector
5. Security

IoT Platform Market Dynamics:

Rising need for centralized monitoring and predictive maintenance of assets: As finished goods move down the production line, IoT devices and control systems are often utilized to track assets and monitor industrial tools in order to capture and communicate real-time data. There is a massive amount of operational data collected from IoT-enabled devices and equipment in businesses across various industries, which may be analyzed for important insights and used for centralized monitoring of the production environment. Proactive maintenance is critical for regulating production equipment in any company. Knowing the status of equipment in various industries is useful for determining when maintenance should be conducted on the equipment.

Rising demand for IoT-enabled digital transformation of businesses: The Internet of Things (IoT) is a critical digital transformation technology that allows businesses to improve their operational efficiency. Other technologies, such as big data analytics, cloud computing, and edge computing, are driving demand for enterprise digital transformation. The increased desire for businesses to digitally change has driven IoT solution providers to retool their existing IoT solutions and restructure their on-premises product models to allow cloud-hosted delivery. The rising popularity of sophisticated technologies is encouraging firms to invest in IoT-based digital transformation.

Integration with the traditional systems and lack of technically skilled workforce: The IoT platform market requires specialized IT technical skills and knowledge to be deployed and maintained efficiently for the appropriate operation of installed IoT devices and data management. A lack of operational and IT skills is worsened by the poor usage of IoT platforms. As more IoT devices are introduced to networks, network administration is becoming more difficult for IT staff. This is the case due to increasing network complexity and data flow to the cloud. In addition to the successful usage of IoT platforms, adequate competence is necessary for business activities such as data collecting, interoperability, integration, and data analysis.

segment analysis:

Based on platform, the device management segment held the largest market share of xx% in 2023. The market for IoT cloud platforms is platform-driven. The platform is critical in handling all IoT and cloud operations-related activities, such as collecting data from IoT-enabled devices and storing and analyzing that data in order to acquire real-time insights. The increasing number of IoT devices in various application areas is a primary driver propelling the platform sector of the market forward.

Based on service, managed service segment held the largest market share of xx% in 2023. Managed services evaluate the corporate network, monitor infrastructure health, and perform remote maintenance tasks. These services provide security and expert assurance, allowing the entire company to operate more efficiently. The growing requirement to outsource services for IoT cloud platform maintenance is expected to fuel market demand for managed services. Managed services allow IT professionals to focus more on mission-critical activities while reducing operational load on them.

Based on application, connected healthcare segment held largest market share of xx% in 2023. Because of the growing use of embedded sensors, the availability of fast cellular networks, and the growing acceptance of wireless devices, the IoT cloud platform's application in linked healthcare has increased. Healthcare businesses can optimize clinical operations, manage workflows, and assist in real-time patient care even from remote places thanks to communication between sensors and devices. As a result, healthcare providers are concentrating their efforts on developing robust applications and integrating connected technologies. Remote patient monitoring, healthcare workflow management, prescription management, and medical asset tracking are some of the most common IoT applications in linked healthcare.

Regional Insight:

North America region held the largest market share of xx% in 2023. Because of its technical improvements and status as a developed region, the IoT cloud platform market in North America is expected to deliver the greatest revenue prospects for manufacturers. The proliferation of IoT-enabled devices, significant R&D investment in IoT, and the presence of important market participants like Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems are all pushing the adoption of IoT cloud platforms in North America. North American businesses are eager to integrate IoT technology due to their early adoption of trending technologies such as IoT, cloud, AI, big data, and mobility.

Recent developments:

In February 2022, Microsoft Azure Security Center for IoT added Azure Real-Time Operating System (RTOS) to its list of supported operating systems, which now includes Linux (Ubuntu, Debian), and Windows 10 IoT Core Operating Systems.

AWS teamed up with BlackBerry in January 2022 to create a safe, secure, and intelligent connected vehicle software platform for in-vehicle applications.

Google established a new data centre and Google Cloud region in Nevada, United States, in July 2019.

Smart Cone Technologies and IBM Watson IoT Platform struck an agreement in April 2019 to integrate SmartCone Technologies' products with IBM Watson IoT Platform to develop detection and alarm systems.

The objective of the report is to present a comprehensive analysis of the IoT Platform market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the IoT Platform market dynamics, structure by analyzing the market segments and projects the IoT Platform market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the IoT Platform market make the report investor’s guide.

IoT Platform Market Scope: Inquire before buying

IoT 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)

IoT Platform Market Key Players

1. Arrayent
2. Autodesk
3. AWS
4. Bosch
5. Cisco
6. C3 IoT
7. General Electric
8. Device Insight
9. Electric Imp
10. EVERYTHNG
11. Microsoft
12. Exosite
13. Huawei
14. IBM Corporation
15. SAP
16. Siemens
17. Ericsson
18. Hitachi
19. PTC
20. Relayr
21. Samsung Electronics
22. Telit
23. Sierra Wireless

Frequently Asked Questions:

1. Which region has the largest share in IoT Platform Market?
Ans: North America region holds the highest share in 2023.

2. What is the growth rate of IoT Platform Market?
Ans: The IoT Platform Market is growing at a CAGR of 12.8 % during forecasting period 2024-2030.

3. What segments are covered in IoT Platform market?
Ans: IoT Platform Market is segmented into platform, service, deployment, application and region.

4. Who are the key players in IoT Platform market?
Ans: The important key players in the IoT Platform Market are – Arrayent, Autodesk, Cisco, C3 IoT, General Electric, Device Insight, Electric Imp, EVERYTHNG, Microsoft, Exosite, Huawei, SAP, Siemens, Ericsson, Hitachi, PTC, Relayr, Samsung Electronics, Telit, Sierra Wireless.

5. What is the study period of this market?
Ans: The IoT Platform Market is studied from 2023 to 2030.