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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