Internet of Things (IoT) Cloud Platform Market Forecasts to 2030 – Global Analysis By Offering (Platform and Service),Deployment Mode (Hybrid, Private Cloud and Public Cloud),Organization Size,Application, and By Geography

Internet of Things (IoT) Cloud Platform Market Forecasts to 2030 – Global Analysis By Offering (Platform and Service),Deployment Mode (Hybrid, Private Cloud and Public Cloud),Organization Size,Application, and By Geography

According to Stratistics MRC, the Global Internet of Things (IoT) Cloud Platform Market is accounted for $10.913 billion in 2023 and is expected to reach $31.030 billion by 2030 growing at a CAGR of 16.1% during the forecast period. IoT cloud is an association of technologies for in-depth cloud data analysis. The integrated software for on-premises computing on the IoT cloud platform includes machine learning capabilities. A cloud service that is fully managed is the IoT cloud platform. The standards and services required for integrating, controlling, and accessing various IoT applications and devices are included in the IoT cloud platform.

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.

Market Dynamics

Driver

Growing use of connected technologies and intelligent devices

The growing use of connected technologies and intelligent devices is one of the most significant market drivers. With connected gadgets, productivity and efficiency at work rise. Convenience is the key advantage of using these devices. The increased usage of smartphones and the internet is also helping the market for Internet of Things cloud platforms. It is a substantial market driver that will accelerate market expansion throughout the course of the projection period.

Restraint

Data protection and privacy concerns

There are many uses for internet of things technologies, from collecting biometric information with wearable gadgets to managing linked devices via communication networks and cloud platforms. These gadgets may communicate and share data with other gadgets due to their distinctive IP addresses. However, as the number of platforms and smart, mobile, and connected devices increases, so does the demand for data protection and privacy. The increased reliance on connected devices may lead to data exploitation and a decrease in market growth.

Opportunity

Rise in interest in open community platforms

An increase in demand for open loT platforms, which have released their source codes to the public for any alterations to the original design, is one of the characteristics that indicate positive prospects for the growth of the loT market. Because the platform is functional and affordable, people have begun to use it. Additionally, it is evidence of the rise of smart gadgets like smartphones and tablets.

Threat

Data integrity and reliability & Lack of standardization

IoT cloud platforms rely on accurate and trustworthy data to offer relevant information and facilitate wise decision-making. However, concerns like data loss, corruption, or inconsistent data quality might make the platform less reliable and less helpful, which can hinder its acceptance and success. Interoperability, security, and compatibility challenges are brought on by the IoT industry's lack of widely acknowledged standards and protocols. The shortage of standards can cause fragmentation, vendor lock-in, and trouble integrating IoT platforms. These factors hamper market expansion.

Covid-19 Impact

During COVID-19, millions of electronic devices were placed all over the world for a variety of uses, including environmental monitoring, healthcare, VPN networking, and work-from-home setup. Cloud IoT solutions are essential for linking these devices to the internet. As a result, during this pandemic, the IoT cloud platform industry had a favorable effect all over the world. Additionally, it has compelled governments, organizations, and people to alter their operations, priorities, and ethical stances. The conflict against COVID-19 has led to fewer stringent privacy regulations, more trust in technology, and accelerated approval processes.

The services segment is expected to be the largest during the forecast period

The services segment is projected to be largest throughout the extrapolated period. Managed services do remote maintenance tasks, analyze the company network, and keep an eye on the infrastructure's health. These services offer security and expert assurance, which increase the productivity of the entire firm. Moreover, the growing requirement to outsource services for the maintenance of IoT cloud platforms. With managed services, businesses may relieve operational stress on IT workers and free them up to devote more time to mission-critical tasks.

The healthcare segment is expected to have the highest CAGR during the forecast period

The healthcare segment is estimated to witness lucrative CAGR during the forecast period. The use of IoT cloud platforms in connected healthcare has grown as a result of the rising use of embedded sensors, the availability of fast cellular networks, and the expanding acceptance of wireless devices. Healthcare organizations can manage workflows, streamline clinical operations, and deliver real-time patient care from remote locations because of communication between sensors and devices. Stronger cellular networks are currently more widely available, there are more embedded sensors, and wireless equipment is becoming more widely accepted, all of which have contributed to the growth of connected healthcare.

Region with largest share

Over the duration of the forecast period, the North American region is anticipated to dominate the IoT cloud platform market. Moreover, the increase as a consequence of widespread adoption of the platform by various industries in the North American market and advancements in technology. Canada is anticipated to have profitable market growth, despite the fact that the United States is anticipated to dominate the North American market.

Region with highest CAGR

Asia Pacific is anticipated to hold highest CAGR during the forecast period. The market for IoT cloud platforms in the Asia Pacific region is propelled by the rapidly developing smart manufacturing sector in countries like China and India, the growing acceptance of smart cities, and the rising use of 5G and industrial automation. Furthermore, the India IoT Cloud Platform market had the highest rate of growth in the Asia-Pacific region and held the greatest market share.

Key players in the market

Some of the key players in Internet of Things (IoT) Cloud Platform Market include Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, Aveva Group PLC, Hitachi Ltd, Software AG, Alitzon Inc., Robert Bosch GmbH, GE Digital (General Electric Company), Amazon Web Services Inc., ABB Ltd, Apple Inc, Google, Accenture Plc, Hewlett Packard Enterprise Development LP, Intel Corporation and Samsung.

Key Developments

In August 2022, Microsoft announced a partnership with Bosch to develop a new IoT platform for the automotive industry. The platform, called Bosch Automotive Cloud Suite powered by Microsoft Azure, will provide real-time data analytics and insights to improve vehicle performance and maintenance.

In June 2022, Amazon Web Services (AWS) launched a new IoT device management service, AWS IoT Device Management, which allows customers to easily onboard, organize, monitor, and remotely manage their IoT devices at scale.

In 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.

Offerings Covered
• Platform
• Service

Deployment Modes Covered
• Hybrid
• Private Cloud
• Public Cloud

Organization Sizes Covered
• Large Enterprises
• Small and Medium-Sized Enterprises

Applications Covered
• Healthcare
• Smart Infrastructure
• Retail & E-commerce
• Automotive
• Banking, Financial Services and Insurance (BFSI)
• Smart Retail
• Smart Grid and Utilities
• Smart Transportation
• Other Applications

Regions Covered
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements