IoT Cloud Platform Market Size, Sales Volume, Status Till 2030

 

IoT Cloud Platform Market

IoT Cloud Platform Market size was valued at USD 6.91 Bn. in 2021 and the total revenue is expected to grow by 12% from 2022 to 2030, reaching nearly USD 17 Bn.

The rapid adoption of internet of things (IoT) cloud platforms to connect hardware, such as sensors and smart devices to the cloud, to handle different communication protocols, and provide reliability, security, and authentication for users and devices is driving the IoT cloud platform market growth. In addition, the growing use of AI and ML integrated IoT platforms among organizations to reduce costs and maintain a competitive advantage is expected to boost the IoT cloud platform market growth.

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A rise in the demand for IoT cloud platforms from the healthcare sector is driving market growth. The growing use of IoT cloud platforms and services during the COVID-19 pandemic period owing to their ability to transform a complete healthcare delivery system is fueling the growth of the IoT cloud platform market. Telemedicine, robotic sanitization, contact tracing, and data protection and privacy are some of the important services provided by IoT in the healthcare sector. In addition, the adoption of IoT cloud in database design to integrate the cloud and the smart hospital information system is also expected to boost market growth.

COVID-19 Impact Analysis

Numerous business environment sectors were impacted by the COVID-19 pandemic. This is attributed to a sharp increase in demand for cloud based IoT solutions, which continued to be essential for businesses to thrive during the pandemic. The relaxation of lockdown and mobility restrictions in public spaces by governments across many nations induced a gain in income, which demonstrated that the negative effects of pandemic on the supply chain have been outweighed by the deployment of IoT. For the past few months, many businesses have made work from home the routine, and wherever practicable, this trend will continue. More flexibility is offered by IoT cloud platforms, businesses can save money on physical places and collaborate across geographical boundaries. Therefore, the pandemic had a positive impact on the IoT cloud platform market.

Market Growth Factors

IOT applications in the banking sector are growing.

Networked technologies including IoT devices and edge computing are becoming increasingly well-liked on the market as a result of their numerous high-throughput and productivity-boosting applications. The production of IoT devices by a wide range of vendors is another factor that is accelerating the proliferation of connected devices in the modern business environment. A few examples of typical technologies and protocols used by IoT systems include radiofrequency identification (RFID), near-field communication (NFC), low-energy Bluetooth, low-energy wireless, low-energy radio protocols, LTE-A, and Wi-Fi-direct. Thus, propel the growth of the IoT cloud platform market.

Increasing funding for smart city initiatives

The demand for IoT devices will rise as the world becomes more urbanized, as will the number of smart city initiatives and government funding for the digital economy. In order to improve infrastructure, public services, and utilities, the platform and devices are used to keep a careful eye on mobility, infrastructures, and air and water quality. Organizations have good opportunity to obtain the necessary data, such as consumer behavior in retail stores, for real-time marketing research, sensor-driven decision analytics, and fast control response in complex autonomous systems owing to internet connectivity and linked devices. Therefore, the growing efforts of transforming cities into smart cities are expediting the expansion of the IoT cloud platform market.

IoT Platform Application Insights

The IoT Platform market segmentation, based on application, includes device management, database management, analytics, and processing. The device management dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. These services provide security and expert assurance, allowing the entire company to operate more efficiently. The growing requirement to outsource services for IoT cloud platform maintenance is expected to fuel market demand. Hence, rising applications of various device and data management for IoT Platform positively impacts the market growth.

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IoT Cloud Platform Market Segments Covered in the Report:

IoT Cloud Platform Market, By Application

Industrial Automation & Smart Manufacturing

Smart Infrastructure

Automotive

Healthcare

Retail & E-commerce

BFSI

Others

IoT Cloud Platform Market, By Organization Size

Large Size Organizations

Small & Medium Sized Organizations

IoT Cloud Platform Market, By Offering

Platform (Without Services)

Device Management

Connectivity & Communication

Analytics

Services

IoT Cloud Platform Market, By Deployment Type

Commercial

Private

Hybrid

IoT Cloud Platform Market, By Geography

North America

US

Canada

Mexico

Rest of North America

Europe

Germany

UK

France

Russia

Spain

Italy

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Singapore

Malaysia

Rest of Asia Pacific

LAMEA

Brazil

Argentina

UAE

Saudi Arabia

South Africa

Nigeria

Rest of LAMEA

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