Global IoT Cloud Platform Market Size (2024 – 2030)

Global IoT Cloud Platform Market was valued at USD 15.93 Billion and is projected to reach a market size of USD 18 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 13%.

Industry Overview

IoT cloud is a set of technologies that allows you to study data in the cloud in great detail. The IoT cloud platform combines on-premises computing software with machine learning capabilities. The Internet of Things (IoT) cloud platform is a fully managed cloud service. It's also known as a cloud service IoT platform. The standards and services required for connecting, managing, and obtaining various IoT applications and devices are included in the IoT cloud platform. The internet of things innovation aids in the interfacing of other smart devices to allow activity and information sharing. Various smart gadgets, such as sensors and mobile phones, collect vital data from the devices that are utilized to improve the client's experience. In addition, the IoT platform connects to a variety of IoT-compatible hardware devices, including smartphones, wearable fitness gadgets, computers, industrial control systems, and automobiles.

Device administration, connection and network management, processing analysis, data collecting, visualization, integration, and storage are all common features of the IoT Cloud Platform. Organizations may benefit from the IoT Cloud Platform in a variety of ways, including speedier deployments, lower capital expenditures, and cost-effectiveness. Furthermore, it allows businesses to be more flexible and efficient, which helps to drive market growth.

Impact of Covid-19 on the Industry

The sickness has expanded to practically every country on the planet since the COVID-19 viral outbreak in December 2019, prompting the WHO to declare it a public health emergency. The disease's worldwide effects are already being noticed, and it is predicted to have a considerable influence on the global IoT cloud platform market by 2020. As a result of the worldwide lockdown, all organizations have shifted to online mode, resulting in a massive volume of data being transferred to the cloud. As a result, there is a requirement for IoT cloud platforms to protect and manage data efficiently on the cloud. Overall, the pandemic is likely to boost the global market for IoT Cloud Platforms.

Market Drivers

The rising adoption of smart devices will drive the market growth

Because of their rapid acceptance, smart gadgets have become a critical component. During the projected period, the global market for IoT cloud platforms is expected to increase significantly. Furthermore, the market for IoT cloud platforms is predicted to grow faster due to the ease of deployment and cost-effective cloud data storage.

The rising demand for open IoT platforms

A surge in demand for open loT platforms, which have released open-source codes to the public for alterations from the original design, is one indicator of the potential for the loT industry to grow. This may also be seen in the rise of smart gadgets like smartphones and tablets. People have begun to utilize the platform since it is efficient and inexpensive.

Market Restraints

An increase in data security & privacy concerns will act as a barrier to market growth

An increase in consumer data security and privacy concerns is a roadblock to the growth of the loT platform, which has increased data theft, hacking, and online scams. These are some of the factors that are preventing the growth of a lot of platforms on the market.

Security of Cloud Storage is a growing concern

Data on the cloud is just as vulnerable as data in other parts of the IoT ecosystem. Data saved in the cloud should be protected by the platform. Appropriate encryption, access control, and other security measures are included.

Global IoT Cloud Platform Market Coverage:

This research report on the global IoT cloud platform market has been segmented and sub-segmented based on Offering Type, Deployment Mode, Application, Region.

Global IoT Cloud Platform Market- By Offering

• Platform

  • Device Management

  • Connectivity Management

  • Application Enablement

• Services

  • Training and Consulting

  • Integration and Deployment

  • Support and Maintenance

During the projected period, the Information Technology (IT) vertical is predicted to have the greatest market size. The market for IoT cloud platforms is platform-driven. The platform is critical in handling all IoT and cloud operations-related tasks, such as collecting data from IoT-enabled devices and storing and analyzing that data to acquire real-time insights. The increasing number of IoT devices in various application areas is a primary driver propelling the platform sector of the market forward.

In comparison to professional services, managed services are expected to develop at a faster rate throughout the projection period. Managed services to evaluate the corporate network, monitor infrastructure health, and execute remote maintenance tasks. These services provide security and expert assurance, allowing the entire company to operate more efficiently. The rising requirement to outsource services for IoT cloud platform maintenance is expected to fuel market demand for managed services. Managed services allow IT professionals to focus more on mission-critical activities while reducing the operational load on them.

Global IoT Cloud Platform Market- By Deployment Mode

• Public cloud

• Private cloud

• Hybrid

During the projection period, the public cloud segment is expected to have the greatest market size. Factors such as ease of deployment, flexibility, and a cost-effective pricing structure are driving the expansion of the public cloud market. The demand for public cloud deployment methods in the IoT cloud platform market is expected to rise as developed economies such as the United States, China, the United Kingdom, Australia, and Canada increase their investments in public cloud infrastructure.

Global IoT Cloud Platform Market- By Application Type

• Building and Home Automation

• Smart Manufacturing

• Smart Transportation

• Connected Healthcare

• Smart Retail

• Smart Grid and Utilities

• Others

Growing usage of embedded sensors is leading to the availability of fast cellular networks, and with the growing use of wireless devices, the use of IoT cloud platforms in linked healthcare has expanded. Healthcare businesses may use communication between sensors and equipment to simplify clinical operations, manage processes, and assist in real-time patient care, even from remote locations. As a result, healthcare companies are concentrating their efforts on developing strong apps and integrating linked technology. Remote patient monitoring, healthcare workflow management, prescription administration, and medical asset tracking are just a few of the primary IoT applications in linked healthcare.

Global IoT Cloud Platform Market- By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• The Middle East and Africa

Because of its technical breakthroughs and status as a developed area, the IoT cloud platform market in North America is predicted to provide suppliers with the most revenue potential. Some of the primary driving reasons pushing the adoption of IoT cloud platforms in North America include the proliferation of IoT-enabled devices, considerable R&D investment in IoT, and the presence of important market participants such as Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems. North American companies are eager to incorporate IoT technology into their operations due to their early adoption of trending technologies such as IoT, cloud, Artificial Intelligence (AI), big data, and mobility. Even though the United States leads the market in North America, Canada is not far behind.

Global IoT Cloud Platform Market- By Companies

1. Accenture Plc

2. Amazon Web Services Inc.

3. Apple Inc.

4. Cisco

5. Google

6. Happyiest Minds

7. Hewlett Packard Enterprise Development LP

8. IBM

9. Intel Corporation

10. Italtel S.p.A.

11. Microsoft

12. Oracle

13. PTC

14. SAMSUNG

NOTABLE HAPPENINGS IN THE GLOBAL HEALTHCARE WORKFLOW DIGITIZATION CONTROL MARKET IN THE RECENT PAST:

• Business Partnership: - In September 2021, The University of Birmingham announced a collaboration with Siemens to integrate artificial intelligence, digital sensor, and analytics technologies to influence user behavior and convert their university into the world's smartest global campus. The University of Birmingham is planning a large-scale deployment of Internet of Things (IoT) technologies.
• Business Partnership: - In February 2021, in addition to Linux (Ubuntu, Debian), and Windows 10 IoT Core Operating Systems, Microsoft Azure Security Center for IoT now supports Azure Real-Time Operating System (RTOS).
• Business Partnership: - In January 2021, AWS and BlackBerry collaborated to create a safe, secure, and intelligent connected car software platform for in-vehicle apps.