IoT Cloud Platform Industry Worth $21.7 Billion by 2030, Fueled by Device Proliferation, Cloud Solutions Preference, and Tech Advancements Amidst AI, 5G & Big Data Integration

Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global IoT Cloud Platform Market 2030 by Offering, Deployment Type, Organization Size, Application, End-user and Region - Partner & Customer Ecosystem Competitive Index & Regional Footprints" report has been added to's offering.

The IoT Cloud Platform Market size is estimated to grow from USD 8.3 Billion in 2022 to reach USD 21.7 Billion by 2030, growing at a CAGR of 12.9% during the forecast period from 2023 to 2030.

Major players in the IoT Cloud Platform Market include: Amazon Web Services (US), Microsoft (US), Google (US), Cisco Systems, Inc. (US), IBM (US), Oracle (US), Salesforce, Inc. (US), PTC (US), GE Digital (US), Particle Industries, Inc. (US), Bosch.IO GmbH (Germany), Alibaba Cloud (China), Telit (UK), Siemens (Germany) & others.

The Increasing Need for IoT Cloud Platforms Driven by Technological Advancements and Global Shift

The global demand for IoT cloud platforms is projected to rise, propelled by various factors including the increasing proliferation of IoT-connected devices, a growing preference for cloud-based data management solutions, and a rising need for transformative technologies like AI, 5G, edge computing, and big data. Moreover, organizations are adopting IoT cloud platforms due to their scalability, efficiency, and flexibility in providing the necessary infrastructure and services for powering IoT applications and devices. The COVID-19 pandemic contributed significantly to the growth of the IoT cloud platform market, which was fueled by widespread IoT technology adoption, the increasing number of smart devices, the adoption of Industry 4.0 principles, the ongoing expansion of 5G networks, and the substantial data generation potential across sectors such as HealthTech, EduTech, FinTech, GamingTech, ACES mobility, and media & entertainment, among others. These critical factors collectively drive the escalating demand for IoT cloud platforms.

Based on the Offering, the platform segment holds the largest market share in 2022

The platform segment holds the largest market share in 2022 and is foreseen to maintain this leading position throughout the forecast period. This segment encompasses diverse solutions including device management, analytics, and connectivity & communication. An IoT cloud platform amalgamates the capabilities of IoT solutions and devices, offering enhanced value for both consumer and business applications. It contributes to risk reduction, alongside diminishing operational and developmental costs. Moreover, it streamlines device management, communication, data flow, and application functionality. This synergy has led to the burgeoning growth of the platform segment, fueled by the escalating presence of IoT-connected devices across various applications.

Additionally, within the platform category, the device management segment is anticipated to hold the largest market size during the forecast period. In terms of verticals, the Information Technology (IT) sector is poised to hold the leading market share. The IoT cloud platform market is distinctly driven by platforms, playing a pivotal role in managing all IoT and cloud-related operations. These encompass activities ranging from data collection from IoT-enabled devices to the storage and analysis of gathered data for real-time insights. The substantial proliferation of IoT devices across diverse application domains stands as a prime catalyst behind the robust growth observed in the platform segment of the market.

Regional Insight

North America dominated the market and accounted for the largest market share in the IoT Cloud Platform Market in 2022. The dominance of North America in the IoT Cloud Platform Market is due to a combination of factors. These include a strong technical infrastructure, a strong presence of key IoT and cloud service providers, wide adoption of cutting-edge technologies like as 5G and edge computing, proactive digital transformation across industries, and an increased focus on research and development. Furthermore, North America's pioneering and broad use of IoT solutions across varied industries like as manufacturing, healthcare, automotive, and smart cities have driven demand for IoT cloud platforms, maintaining its market position.

This favorable landscape positions the IoT cloud platform market in North America to offer vendors prime revenue prospects, capitalizing on its technological prowess and status as a developed region. The region benefits from a surge in IoT-enabled device adoption, substantial investments in IoT-focused research and development, and the presence of industry giants like Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems. The convergence of these forces propels the widespread adoption of IoT cloud platforms in North America. As an early adopter of transformative technologies such as IoT, cloud computing, Artificial Intelligence (AI), big data, and mobility, North American entities are enthusiastic about infusing IoT technologies into their operational workflows.

Major Classifications are as follows:

IoT Cloud Platform Market, By Offering

  • Platform
    • Device Management
    • Connectivity Management
    • Analytics Management
    • Database Management
  • Service
    • Professional Services
    • Managed Services

IoT Cloud Platform Market, By Deployment Type

  • Public
  • Private
  • Hybrid

IoT Cloud Platform Market, By Organization Size

  • SMEs
  • Large Enterprises

IoT Cloud Platform Market, By Application

  • Industrial Automation & Smart Manufacturing
  • Smart Manufacturing
  • Smart Transportation
  • Connected Healthcare
  • Smart Retail & E-commerce
  • Smart Grid and Utilities
  • Others

IoT Cloud Platform Market, By End-User

  • Automotive
  • Retail
  • Manufacturing
  • Healthcare

Companies Mentioned

  • Amazon Web Services (US)
  • Microsoft (US)
  • Google (US)
  • Cisco Systems, Inc. (US)
  • IBM (US)
  • Oracle (US)
  • Salesforce, Inc. (US)
  • PTC (US)
  • GE Digital (US)
  • Particle Industries, Inc. (US)
  • Bosch.IO GmbH (Germany)
  • Alibaba Cloud (China)
  • Telit (UK)
  • Siemens (Germany)

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