IoT Platforms Market Study 2023-2030: A Market Poised for Growth as Demand for Industrial IoT, Smart Cities, and Connected Homes Expands

The global IoT Platforms market is expected to reach US$ 47.5 billion by 2030, with an annual growth rate of more than 15.2%, according to RationalStat

| Source: Rationalstat LLC Rationalstat LLC

Wilmington, Nov. 21, 2023 (GLOBE NEWSWIRE) -- According to RationalStat’s most recent industry analysis, the Global IoT Platforms Market value is estimated at US$ 17.6 billion in 2023 and is expected to rise at a strong CAGR of over 15.2% over the forecast period of 2023-2030.

Market Definition, Market Scope, and Report Overview                                                             

An Internet of Things (IoT) platform is a comprehensive software solution that facilitates the development, deployment, and management of IoT applications and connected devices. These platforms provide a set of tools, services, and infrastructure to enable seamless integration and communication between IoT devices, sensors, applications, and data.

As the number of IoT devices continues to grow, scalability becomes crucial. IoT platforms offer scalable architectures that can accommodate the increasing volume of devices and data, providing flexibility for organizations to expand their IoT deployments.


According to a deep-dive market assessment by RationalStat, the global IoT Platforms market has been analyzed on the basis of market segments, including type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.

  • Market intelligence for the global IoT Platforms market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
  • In addition, the long-term sector and products/services 10-year outlook and its implications on the global IoT Platforms market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.

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Global IoT Platforms Market: Segmental and Market Share Analysis

  • On the basis of application, medical segment is expected to witness significant growth of about 40% of all IoT technology. Due to rapid growth in the healthcare sector which may further drive the market.

Report Synopsis

Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 17.6 billion
Market Size Forecast US$ 47.5 billion
Growth Rate 15.2%
Dominant Segment Medical
Dominant Region North America
Key Market Drivers
  • Increasing demand for data storage
  • Growth of IoT devices
  • Device management and connectivity
.5Companies Profiled
  • IBM Corporation
  • Microsoft Corporation
  • PTC Inc.
  • SAP SE
  • Siemens AG
  • ai
  • Oracle Corporation
  • GE
  • Hitachi Ltd
  • Amazon Web Services Inc.


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Competition Analysis and Market Structure

Some leading players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global IoT Platforms market include.

  • In September 2022, The Siemens Xcelerator was introduced by Siemens. The open, expanding Siemens Xcelerator ecosystem for digital business includes a comprehensive curated variety of digital and Internet of Things enabled services from Siemens and approved third parties.

Some of the prominent players and suppliers operating and contributing significantly to the global IoT Platforms market growth include IBM Corporation, Microsoft Corporation, PTC Inc., SAP SE, Siemens AG, ai, Oracle Corporation, GE, Hitachi Ltd, and Amazon Web Services Inc., among others.

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RationalStat has segmented the global IoT Platforms market based on type, application, and region

  • Global IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Type
    • Application Enablement
    • Device Management
    • Advanced Analytics
    • Cloud Storage/IaaS
    • Connectivity
  • Global IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Application
    • Industrial
    • Connected Building
    • Medical
    • Mobility
    • Smart Home
    • Others
  • Global IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region
    • North America IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • US
      • Canada
    • Latin America IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Brazil
      • Mexico
      • Rest of Latin America
    • Western Europe IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • Russia
      • Poland
      • Hungary
      • Other CIS Countries
      • Rest of Eastern Europe
    • Asia Pacific IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • ASEAN
        • Indonesia
        • Thailand
        • Philippines
        • Vietnam
        • Malaysia
        • Rest of ASEAN
      • Rest of Asia Pacific
    • Middle East & Africa IoT Platforms Market Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Country
      • GCC
        • Saudi Arabia (KSA)
        • United Arab Emirates (UAE)
        • Rest of the GCC
      • South Africa
      • Nigeria
      • Turkey
      • Rest of the Middle East & Africa

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Key Questions Answered in the IoT Platforms Report:

  • What will be the market value of the global IoT Platforms market by 2030?
  • What is the market size of the global IoT Platforms market?
  • What are the market drivers of the global IoT Platforms market?
  • What are the key trends in the global IoT Platforms market?
  • Which is the leading region in the global IoT Platforms market?
  • What are the major companies operating in the global IoT Platforms market?
  • What are the market shares by key segments in the global IoT Platforms market?  

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Research Methodology

RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.

RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:

  • Defining the problem by understanding the type of market and data required by the client.
  • Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
  • Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
  • Evaluating and analyzing the data by referring to data sources utilized and leveraged.
  • Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.

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About RationalStat LLC                    

RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.

RationalStat has strategic partnerships with leading data analytics and consumer research companies to cater to the client’s needs. Additional services offered by the company include consumer research, country reports, risk reports, valuations and advisory, financial research, due diligence, procurement and supply chain research, data analytics, and analytical dashboards.

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