IoT Platform Market

Market Definition

The global IoT Platform Market size was valued at USD 8.25 billion in 2022 and is predicted to reach USD 23.66 billion by 2030 with a CAGR of 14.1% from 2023-2030. An IoT (Internet of Things) platform is a centralized software solution that manages and integrates interconnected devices and sensors within an IoT ecosystem. It enables seamless communication, data processing, and control across diverse devices, from sensors to machines. The platform facilitates data collection, storage, analysis, and visualization, empowering businesses to gain insights and make informed decisions. 

The features such as device management, connectivity management, and application enablement, organizations can optimize operations, enhance efficiency, and drive innovation. They can remotely monitor and control devices, automate processes, implement predictive maintenance, and leverage real-time data for actionable insights. The scalability and flexibility of the platform allow seamless integration with existing systems and adaptability to changing business needs. The IoT platform plays a pivotal role for enterprises to leverage the capabilities of IoT technology, reshaping operations, fostering expansion, and generating value within an interconnected global landscape.

Market Dynamics and Trends

The increasing adoption of IoT devices across various industries, such as healthcare and manufacturing for necessary infrastructure and capabilities to connect, manage, and analyze the massive amounts of data generated by IoT devices is fueling the growth of IoT platforms. For instance, in November 2022, Amazon launched its online Clinic healthcare service across the United States. The IoT platform provides virtual consultations for minor health issues such as colds, sinus infections, and pink eye on a national scale.

Moreover, with the growing volume of IoT-generated data, enterprises are increasingly adopting IoT platforms equipped with advanced analytics tools and machine learning capabilities which enables them to derive valuable insights, enhance operational efficiency, and make informed data-driven decisions. For instance, in July 2023, Reliance launched its IoT platform named JioThings which provides specialized solutions catering to various sectors including automobile, agriculture, smart assets, and utilities. The IoT platform is used by numerous companies including Powerol, Havells, Schneider Electric, Tata Power, BMW, Volkswagen, Ather, Amul, and ICAR among others to manage their assets and utilities. 

However, the increased risk of security breaches and privacy violations, while challenges of achieving interoperability between diverse devices and technologies are the major factors restraining the growth of the IoT platform market. On the contrary, development of technologies such as 6g and 5g+ that will provide higher browsing speeds are expected to create ample growth opportunities for the market in the coming years.

Market Segmentations and Scope of the Study

The IoT platforms market report is segmented on the basis of offering, deployment, security type, end-user, and region. On the basis of offering, the market is divided into platform and services. Platform is further divided into connectivity/m2m platform, Laas back-end, hardware-specific software platform, and consumer/ enterprise software extension. On the basis of deployment mode, the market is segmented into public cloud, private cloud, and hybrid. On the basis of type of security, the market is segmented into Network Security, End-point Security, Application Security, Cloud Security, and Others. On the basis of end-user, the market is divided into automotive, smart cities & homes, healthcare, government, manufacturing, energy & power, retail, and BFSI. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America holds the dominant share of IOT platform market at present and is expected to dominate the market during the forecast period. The market is experiencing growth due to the increasing adoption of cloud-based IoT platforms in the healthcare sector, which allows for secure storage of patients' data, including Electronic Health Records (EHRs). As per data from the Centers for Disease Control and Prevention (CDC), the utilization of electronic medical records (EMRs) in the United States is on the rise, with EMRs being adopted by 86.9% of office-based physicians and 96.9% of non-federal acute care hospitals. 

Moreover, the key market players such as IBM Corporation, AWS Inc, and Microsoft Corporation plays an important role in the growth of the market through their innovation, expertise, and technology solutions that enable the development and deployment of effective IoT platforms. For instance, in May 2023, IBM launched WatsonX, an enterprise AI platform that aims to empower organizations with advanced artificial intelligence capabilities. WatsonX offers a wide range of AI tools and services, enabling businesses to leverage AI technologies for enhanced decision-making, improved operational efficiency, and innovation across various industries.

On the other hand, Asia Pacific is expected to show a steady rise in the IoT platform market share. This is due to the presence of one of the largest BFSI sector in this region adopting IoT platforms to optimize operations, and improve data security. According to the China Banking and Insurance Regulatory Commission, China's BFSI is one of the largest industries in the world with total assets of these sector valued at USD 51.19 trillion in 2022, thus driving the need for IoT platforms such as cloud for safety and security of valuable data.

Moreover, the presence of significant automotive manufacturers in this region adopting IoT platforms to develop connected vehicles, alongside offering advanced analytics for vehicle performance and predictive maintenance is further boosting the growth of the market. For instance, in May 2023, Honda launched a prototype for its latest autonomous work vehicle, designed to enhance efficiency and safety in transportation and logistics industries. The vehicle combines advanced autonomous driving technology with a versatile platform, offering a promising solution for various industries.

Competitive Landscape

The IoT platforms industry comprising of various market players such as IBM Corporation, Amazon Web Services Inc., Microsoft Corporation, Google Inc., Huawei Technologies Co. Ltd., Cisco Systems Inc., Intel Corporation, General Electric Co., AT&T Inc., Wipro Ltd., PTC Inc., SAP SE, Oracle Corporation, KaaIoT Technologies LLC, Salesforce.com Inc, and others. These market players are adopting various joint venture strategies and planning expansion of business across various regions to maintain their dominance in the global market. 

For instance, in March 2022, IoTeX, an IoT-based blockchain platform, partnered with Google Cloud. Through this collaboration IoTeX aims to leverage Google Cloud's robust infrastructure to enhance the scalability, security, and reliability of IoTeX's blockchain solutions. 

Moreover, in September 2021, Wipro partnered with HERE Technologies to combine digital transformation and location-based services with advanced mapping and location intelligence solutions to unlock new possibilities in areas such as autonomous vehicles, smart cities, and asset tracking. Moreover, in June 2020, Microsoft partnered with HKT to launch 5G IoT Makerspace. The facility serves as a hub for innovation, allowing developers and entrepreneurs to explore and develop cutting-edge applications and solutions leveraging the power of 5G and IoT technologies.

Key Benefits

• The report provides quantitative analysis and estimations of the IoT platforms market from 2023 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the IoT platforms market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders. 

IoT Platforms Market Key Segments

By Offering 

• Platform 

  • Connectivity/m2m Platform

  • Laas Back-End

  • Hardware-Specific Software Platform

  • Consumer/ Enterprise Software Extension

• Service

By Deployment Mode 

• Public Cloud

• Private Cloud

• Hybrid

By Security Type

• Network Security

• End-point Security

• Application Security

• Cloud Security

• Other Securities

End-user Industry 

• Automotive

• Smart Cities & Homes

• Healthcare

• Government

• Manufacturing

• Energy & power

• Retail

• BFSI

By Region

• North America    

  • US

  • Canada

  • Mexico

• Europe    

  • UK

  • Germany

  • France

  • Spain

  • Italy

  • Netherlands

  • Denmark

  • Finland

  • Norway

  • Sweden

  • Russia

  • Rest of Europe

• Asia-Pacific    

  • China

  • Japan

  • India

  • Australia

  • South Korea

  • Thailand

  • Singapore

  • Rest of Asia-Pacific

• RoW    

  • Latin America

  • Middle East

  • Africa

Report Scope and Segmentation

Parameters	Details
Market Size in 2022	USD 8.25 Billion
Revenue Forecast in 2030	USD 23.66 Billion
Growth Rate	CAGR of 14.1% from 2023 to 2030
Analysis Period	2022–2030
Base Year Considered	2022
Forecast Period	2023–2030
Market Size Estimation	Billion (USD)
Growth Factors	Increasing adoption of IoT devices in healthcare and manufacturing industries Rising adoption of IoT platforms to tackle growing volume of IoT-generated data Growing focus on digital transformation across the globe
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

• IBM Corporation

• Amazon Web Services Inc.

• Microsoft Corporation

• Google Inc.

• Huawei Technologies Co. Ltd.

• Cisco Systems Inc.

• Intel Corporation

• General Electric Co.

• AT&T Inc.

• Wipro Ltd.

• PTC Inc.

• SAP SE

• Oracle Corporation

• Salesforce.com Inc.

• KaaIoT Technologies LLC