IoT Cloud Platform Market

Market Overview:

The global IoT cloud platform market are a key part of the connected device’s architecture. IoT platforms are the central element which helps to connect the real and the virtual world in order to ease communication between objects, manage the data flows, and support application development. Many companies can connect their projects through cloud IoT. It offers connectivity to wearables and mobiles & laptops. The business environment is dynamic with plenty of data. For such environments, the IoT cloud platform provides significant storage as well and data transmission through the Internet. Gaining real-time insights for organization is possible with IoT cloud. Also, applications such as uploading, analyzing, collecting and decision making is efficient. The global IoT Cloud Platform market was valued at USD 6.38 billion in 2022 and is likely to reach USD 14.35 billion by 2030, at a CAGR of 12.3%.

IoT Cloud Platform Market Report Scope

Market Segmentation:

By Offering, the global IoT cloud platform market is bifurcated into platform and service. The platform segment held the highest share in 2022. The IoT cloud platform plays a vital role in handling all the IoT and cloud operation related activities which include collecting data from IoT-enabled devices to the storage and analysis of collected data for understanding real-time insights. The growing number of IoT devices in several application further augments the segment and global IoT cloud platform market growth. Platform offers managed services which assess the business network, perform remote maintenance activities, and monitor the health of the infrastructure. These services offer expert and security assurance, thus helping the entire business to be more productive. Also, growing need to outsource services for the maintenance of IoT cloud platform is another prime factor bolstering the segment expansion further fueling the global IoT cloud platform market.

Based on organization size, the global IoT cloud platform market has been segmented into SMEs and large enterprises. The large enterprises segment accounted for the largest market share of in 2022. Large enterprises possess strong budget capabilities and are aggressively investing in the implementation of the IoT cloud platform and associated services to manage their subscription base effectively. Moreover, the segment growth is propelled by the rising number of installed IoT devices across large enterprises. The large enterprises from retail, smart city, manufacturing, healthcare, and transportation sectors are considerably incorporating IoT cloud platforms to monitor and optimize their IoT business processes.

On the basis of application, the global IoT cloud platform market has been classified into building and home automation, smart manufacturing, smart transportation, connected healthcare, smart retail, smart grid and utilities, and others. The connected healthcare segment garnered a significant market share in 2022. The usage of IoT cloud platform in the connected healthcare has expanded, mainly due to surging adoption of embedded sensors, increasing adoption of wireless devices, and easy availability of fast cellular networks,. Moreover, communication between sensors & devices enables medical companies to manage workflows, streamline their clinical operations, and help in real-time patient care, even from remote sites. Thus, the healthcare companies are now focusing on adopting connected technologies and robust applications. Key applications of IoT in connected healthcare area include healthcare workflow management, medication management, remote patient monitoring, and medical asset tracking.

Market Dynamics and Factors:

Growing demand for data storage over the cloud is a prime driving factor responsible for the growth of global IoT cloud platform market. Also, due to the rising number of connected devices in an IoT ecosystem, there is a surging need for downloading, transferring, and uploading large volumes of data. Enterprise data centers usually do this. The companies enable to improve their capabilities in terms of speed, expertise, and agility to manage IoT data resources. Moreover, the growing demand for cloud data storage is likely to rise, on account of increased data traffic. Key companies and service providers are likely to increase their backup servers and reduce risks while ensuring system availability, guaranteeing uptime, and speed. Healthcare, retail and other sectors are increasingly implementing cloud storage. Improving customer insight, recording manufacturing data and much more important information can be achieved by IoT cloud platform. Further, owing to the strong demand from the retail market, the global IoT cloud platform market will witness significant growth in the near future.

Geographical Analysis:

The North America market witnessed the largest market share in 2022 and is likely to garner the highest CAGR during the review period. This is mainly ascribed to significant technological developments, augmenting IoT-enabled devices, significant R&D investment on IoT, and presence of major industry players such as Google, Amazon Web Services (AWB), IBM, Microsoft, and Cisco Systems. Due to the early implementation of trending technologies such as cloud, IoT, Big Data, Artificial Intelligence, and mobility, there is a significant growth in the regional IoT cloud platform market. The Asia Pacific market is estimated to register a robust CAGR during the forecast timeline owing to increasing popularity of smart cities in developing countries of India and China. Moreover, growing population and rising disposable income further bolsters the regional and global IoT cloud platform market growth.

Key Market Segmentation

Global IoT Cloud Platform Market, By Offering

o    Platform

o    Service

Global IoT Cloud Platform Market, By Organization Size

o    Tactile

o    Force

Global IoT Cloud Platform Market, By Application

o    Building & Home Automation

o    Smart Manufacturing

o    Smart Transportation

o    Connected Healthcare

o    Smart Retail

o    Smart Grid & Utilities

o    Others

Global IoT Cloud Platform Market, By Region

North America

o    US

o    Canada

o    Mexico

Europe

o    Germany

o    UK

o    France

o    Italy

o    Spain

o    Rest of Europe

Asia-Pacific

o    China

o    India

o    Japan

o    South Korea

o    Rest of Asia-Pacific

Middle East and Africa

South America