Pune, Dec. 11, 2024 (GLOBE NEWSWIRE) -- IoT Cloud Platform Market Size Analysis:
“The SNS Insider report indicates that the IoT cloud platform market size was valued at USD 20.2 billion in 2023 and is expected to grow to USD 71.7 billion by 2032, growing at a CAGR of 15.14% over the forecast period of 2024-2032.”
A wide variety of industries, such as healthcare, retail, agriculture, and logistics, are experiencing a significant boost from the transformative impact of IoT technology. With the proliferation of connected devices, the demand for cloud execution platforms to manage, process, and analyze the volumes of data generated by them is also growing. This revolution is best visible in the healthcare sector, as every year millions of people use IoT devices such as wearables, smart medical equipment, and remote monitoring which produce big data on a daily basis.
The IoT cloud platforms provide the required services for effective data management, real-time analytics, and secure storage, which are the foundation for ensuring optimized operational efficiency and improved patient outcomes. With more healthcare providers gaining IoT devices to monitor patients, cloud platforms help feed in the data collected from the devices in a secure data repository for real-time analysis which helps providers in decision-making and better care. This makes the need for IoT cloud platforms grow as Companies across domains are on the digital transformation journey. Businesses need their cloud solution to be scalable, flexible, and ultra-secure while managing complex IoT data and also ensuring compliance and privacy. The trend towards utilizing IoT cloud platforms that we discussed above has become a necessity due to the need for systems that handle big data and real-time analytics. Growth in the IoT cloud platform market is further propelled by the swift deployment of 5G networks as well since the combination of IoT and 5G enables the improvement of network performance for IoT platforms through increased data transfer speeds and lower latency.
Additionally, edge computing is another factor driving demand for IoT cloud platforms. By enabling data processing at the source, edge computing helps cut down latency and improve the performance and efficiency of IoT devices. By 2025, more than 50% of enterprise-managed data will be generated and processed outside traditional data centers or cloud environments, highlighting the need for greater edge computing integration with IoT cloud platforms.
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Major Players Analysis Listed in this Report are:
- Amazon Web Services (AWS) – AWS IoT Core
- Microsoft Corporation – Azure IoT Hub
- Google Cloud – Google Cloud IoT Core
- IBM Corporation – IBM Watson IoT Platform
- Oracle Corporation – Oracle IoT Cloud Service
- Cisco Systems – Cisco IoT Control Center
- SAP SE – SAP IoT Platform
- PTC Inc. – ThingWorx IoT Platform
- GE Digital – Predix Platform
- Salesforce – Salesforce IoT Cloud
- Siemens AG – MindSphere
- Intel Corporation – Intel IoT Platform
- Hitachi Vantara – Lumada IoT Platform
- Bosch Software Innovations – Bosch IoT Suite
- Schneider Electric – EcoStruxure IoT Platform
- Alibaba Cloud – Alibaba IoT Platform
- Huawei Technologies – Huawei OceanConnect IoT Platform
- Samsung Electronics – Samsung ARTIK Cloud
- Arm Holdings – Pelion IoT Platform
- ThingSpeak (MathWorks) – ThingSpeak IoT Analytics Platform
IoT Cloud Platform Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 20.2 Billion |
| Market Size by 2032 | USD 71.7 Billion |
| CAGR | CAGR of 15.14 % From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Expanding use of IoT in healthcare generates massive data, requiring advanced cloud solutions for device management. • Increased adoption of Industry 4.0 practices boosts demand for IoT platforms supporting predictive maintenance and remote monitoring. • Rising preference for flexible platforms that integrate with multiple cloud providers to avoid vendor lock-in. |
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Segmentation Analysis
By Deployment
The commercial segment dominated the market and held the largest share of 48.28% of the market. Such dominance is attributed to the widespread adoption of IoT technologies across several sectors such as healthcare, retail, education, and manufacturing as they require real-time data analysis and management to operate efficiently. Businesses need to use cloud platforms with scalable, secure, and cost-efficient methods to route the IoT data to be more efficient in operations and decision-making. This segment is also anticipated to see ample growth in the immediate future due to the rising trend of smart technologies in an increasing number of fields, such as smart factories, connected retail, and many more. Demand for predictive maintenance, asset tracking, and real-time analytics will continue to boost growth in this segment.
The private segment in the IoT cloud platform market is projected to grow at the fastest CAGR during the forecast segment. The rising data security, privacy, and regulatory compliance concerns amongst organizations primarily drive this growth. The high control that the private cloud affords the business makes it ideal for sectors such as finance, healthcare, and government that work with sensitive data. With organizations paying more attention to cyber security and maintaining control, private IoT clouds are likely to surge in popularity. This segment is expected to grow more in the future since more enterprises demand tailored, secure cloud solutions that can align with the regulatory and operational requirements of the enterprises.
IoT Cloud Platform Market Segmentation:
By Offering
- Platform
- Device Management
- Analytics
- Connectivity & Communication
- Services
- Professional Services
- Managed Services
By Deployment
- Private
- Hybrid
- Public
By Organization Size
- large-size organization
- small and medium-sized organizations
By End - Use
- Industrial Automation & Smart Manufacturing
- Smart Infrastructure
- Automotive
- Healthcare
- Retail & E-commerce
- BFSI
- Others
Regional Landscape
In 2023 North America held the largest share of the market at 32.0% and is expected to maintain its dominance in the forecast period. Asia Pacific is expected to hold the largest market share in the global IoT cloud platform market because of the proliferation of IOT-enabled devices, growing adoption of industry 4.0 and cloud and edge computing, increasing RD spending in the IoT ecosystem, and presence of giant market players such as Google, Amazon web service (AWS), IBM, Microsoft, Cisco systems inc., etc in the region.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period. Strong growth in the smart manufacturing sector among nations like China and India, increasing smart cities as well as high penetration of 5G and industrial automation are the factors supporting the growth of the IoT cloud platform in the Asia Pacific region.
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Recent Developments
In January 2024, Google Cloud announced its Google Cloud IoT updates, with a focus on improving integration between AI and IoT. The update includes enhanced tools for machine learning, allowing businesses to generate more actionable insights from the data generated by their IoT devices.
In February 2024, Microsoft launched new features in its Azure IoT Hub, including expanded support for edge computing and advanced analytics. This development aims to offer real-time insights for manufacturers and industrial sectors, enabling predictive maintenance and reducing operational costs.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. IoT Cloud Platform Market Segmentation, by Offering
8. IoT Cloud Platform Market Segmentation, by Deployment
9. IoT Cloud Platform Market Segmentation, by Organization Size
10. IoT Cloud Platform Market Segmentation, by Application
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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