IoT Cloud Platform Market Size was valued at USD 10.72 billion in 2023. The IoT Cloud Platform market industry is projected to grow from USD 12.01 Billion in 2024 to USD 28.72 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.52% during the forecast period (2024 - 2032). Adoption of linked technology and intelligent gadgets, Demand for cloud storage of data is rising, and high-speed networking technologies are developing. Are the key market drivers enhancing the IoT Cloud Platform market growth?
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
One of the most important market drivers is the rising use of linked technologies and intelligent gadgets. Linked gadgets improve the lifestyle. Moreover, productivity and efficiency in the workplace increase with linked devices. The main benefit of using these gadgets is convenience. Also, the Internet of Things Cloud Platform Market is increasingly benefiting from the widespread use of smartphones and the internet. It is a significant market driver that will boost overall profitability throughout the forecast period. Another significant factor propelling the Internet of Things Cloud Platform Market is the growing need for cloud data storage. Several industries benefit from cloud data storage. Retail, healthcare, and other businesses utilize the cloud storage function. Technology allows the collection of vital information such as industrial data, consumer intelligence, and much more. The eCommerce website, in particular, makes it easy to conduct business. A cloud IoT platform makes it feasible to track client information and make online shopping easier. The IoT cloud platform will expand significantly throughout the projection period as a result of Demand from the retail sector. These significant market factors for IoT cloud platforms will increase adoption rates in many organizations. Thus, this factor is driving the market CAGR.
According to the BICS SA/NV, linked medical devices are anticipated to account for 40% of all IoT technology. This technology will alter the sector by enhancing the patient experience with simple-to-deploy monitoring and reporting capabilities. A major issue for the sector is the need for more healthcare personnel across the world. By 2025, there will be a predicted shortage of 124,000 doctors in the United States alone. Even while it is less severe than the expected shortages in Asia and Africa, there is still a serious shortage. This point suggests the necessity for modern medical facilities and the quick expansion of the healthcare industry, both of which might further propel the market. Medical equipment that is advanced and networked is more likely to be in Demand. Thus, this aspect will accelerate IoT Cloud Platform market revenue globally.
Based on Deployment, the IoT Cloud Platform Market segmentation includes On-premise IoT cloud platforms, Cloud-based IoT platforms. The Cloud-based IoT platform held the majority share in 2022, contributing to around ~65-67% of IoT Cloud Platform Market revenue. 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 increase in IoT devices across various application sectors primarily drives the expansion of the platform segment of the market.
Based on Application, the global IoT Cloud Platform industry has been segmented into Device management, Analytics management, and Database Management Platform. Device management held the largest segment share in 2022. The platform is necessary for managing all IoT- and cloud-related processes, including gathering information from IoT-enabled devices for in-the-moment analysis. Professional services and managed services are subsegments of the service segment. The platform sector of the market is growing due to the rising number of IoT devices in various application areas.
Figure 1: IoT Cloud Platform Market, by Application, 2022 & 2030 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on End-User, the IoT Cloud Platform Market segmentation includes Automotive, Retail, Manufacturing, and Healthcare. The Healthcare segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Due to the growing usage of embedded sensors, the accessibility of quick cellular networks, and the expanding use of wireless devices, the use of IoT cloud platforms in linked healthcare has expanded. Thanks to sensor and device communication, healthcare firms can manage processes, improve real-time patient care, and streamline clinical operations even from remote locations. As a result, healthcare institutions are putting much effort into adopting reliable apps and linked technology. In linked healthcare, remote patient monitoring, healthcare workflow management, prescription management, and medical asset tracking are key IoT applications.
By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North America IoT Cloud Platform market accounted for USD 4.30 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The development of the IoT cloud platform market in the Region is being fueled by the spread of IoT-enabled devices, rising Adoption of technologies like industry 4.0, cloud, and edge computing, rising R&D investments in the IoT sector, and the presence of major market players like Google, Amazon Web Services (AWS), IBM, Microsoft, and Cisco Systems, Inc. The early Adoption of emerging technologies like IoT, cloud, artificial intelligence (AI), big data, and mobility has made North American businesses eager to incorporate IoT into their operations. Although the US dominates the North American industry, Canada is also anticipated to see a boom in the use of IoT cloud platforms.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: IoT Cloud Platform Market SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Asia Pacific IoT Cloud Platform market is expected to grow at the quickest CAGR of 15.8% throughout the projection period. The Asia Pacific region's IoT cloud platform market is driven by the quickly expanding smart manufacturing sector in nations like China and India, the rising popularity of smart cities, and the growing use of 5G and industrial automation. Moreover, the China IoT Cloud Platform market held the largest market share, and the India IoT Cloud Platform market was the fastest-growing market in the Asia-Pacific region.
Due to the growing acceptance of smart cities in developing nations, in Europe IoT Cloud Platform market is anticipated to account for a sizeable portion of the overall industry. Moreover, the market for IoT cloud platforms is anticipated to be driven by growing populations in European areas. Further, the German IoT Cloud Platform market held the largest market share, and the UK IoT Cloud Platform market was the fastest-growing market in the European Region.
Leading market players are investing a lot of money in R&D to expand their product portfolios, which will spur further market growth for IoT Cloud Platform. With significant industry changes, including new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market developments are also undertaking various strategic activities to expand their global presence. To grow and remain in a market that is becoming increasingly competitive, IoT Cloud Platform industry competitors must provide affordable products.
Manufacturing locally to cut operational costs is one of the IoT Cloud Platform industry's main business tactics to serve customers and increase the market sector. The IoT Cloud Platform industry has recently given medicine some of the most important advantages. The IoT Cloud Platform markets major players such as IBM Corporation, SAP SE, Amazon Web Services Inc., PTC Inc., Microsoft Corporation, Wipro Ltd., Google Inc., General Electric Co., Huawei Technologies Co. Ltd., Intel Corporation, Cisco Systems Inc., and others are working on expanding the market demand by investing in research and development activities.
Microsoft Corporation is a worldwide technology company with its main office in Redmond, Washington. The Windows family of operating systems, the Microsoft Office package, and the Internet Explorer and Edge web browsers are among Microsoft's most well-known software offerings. In addition to Linux (Ubuntu, Debian) and Windows 10 IoT Core Operating Systems, Microsoft Azure Security Center for IoT has expanded support for Azure Real-Time Operating System (RTOS).
An Amazon subsidiary called Amazon Web Services, Inc. (AWS) offers metered, pay-as-you-go, on-demand cloud computing platforms and APIs to people, businesses, and governments. To provide a safe, secure, and intelligent connected car software platform for in-vehicle apps, Amazon teamed up with BlackBerry in January 2020.
• SAP SE
• Amazon Web Services Inc.
• PTC Inc.
• Microsoft Corporation
• Wipro Ltd.
• Google Inc.
• General Electric Co.
• Huawei Technologies Co. Ltd.
• Intel Corporation
• Cisco Systems Inc.
March 2022: T-Mobile, the industry leader in 5G and owner of the biggest and fastest countrywide 5G network in the United States, and Sierra Wireless, an MVNO and supplier of IoT solutions, have expanded their partnership. This will help Sierra Wireless' Smart Connectivity service, which offers worldwide Low Power Wide Area (LPWA) connectivity, become more competitive. As a result of the partnership, consumers in the US now have access to 5G connection from T-multi-band Mobile as well as 4G LTE ultra-high data offerings for fixed applications such as commercial security/video surveillance, healthcare services, digital vending, signs, and others that need high throughput and low latency.
November 2021: To digitally transform and construct sustainable factories of the future, L&T Technology Services Ltd.'s (LTTS) Energy & Sustainability Manager solution will be accessible on Microsoft Azure. The most recent agreement is a part of LTTS' expanding partnership with Microsoft to make its advanced manufacturing solution suite accessible to companies across the globe via Azure's enterprise cloud-first, mobile-first architecture.
On-premise IoT cloud platform
Cloud-based IoT platform
Device management
Analytics management
Database management
Automotive
Retail
Manufacturing
Healthcare
North America
Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 10.72 billion |
| Market Size 2024 | USD 12.01 billion |
| Market Size 2032 | USD 28.72 billion |
| Compound Annual Growth Rate (CAGR) | 11.52% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 - 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | IBM Corporation, SAP SE, Amazon Web Services Inc., PTC Inc., Microsoft Corporation, Wipro Ltd., Google Inc., General Electric Co., Huawei Technologies Co. Ltd., Intel Corporation, Cisco Systems Inc. |
| Key Market Opportunities | The evolution of high-speed networking technologies |
| Key Market Dynamics | ï‚· Adoption of connected technologies and intelligent devices. ï‚· Increasing Demand for data cloud storage |
Internet of Things Cloud Platform Market Highlights:
Frequently Asked Questions (FAQ) :
The IoT Cloud Platform Market size was valued at USD 10.72 Billion in 2023.
The IoT Cloud Platform Market is projected to grow at a CAGR of 11.52% during the forecast period, 2024-2032.
North America had the largest share in the IoT Cloud Platform Market.
The key players in the IoT Cloud Platform market are IBM Corporation, SAP SE, Amazon Web Services Inc., PTC Inc., Microsoft Corporation, Wipro Ltd., Google Inc., General Electric Co., Huawei Technologies Co. Ltd., Intel Corporation, and Cisco Systems Inc.
The Cloud-based IoT platform category dominated the market in 2023.
Device management had the largest share in the IoT Cloud Platform Market.
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Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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