IoT Platform Market to grow at a 22.64 Billion by 2030, with 15.20% CAGR with during the forecast period of 2022 to 2030

Published February 20, 2023

IoT platform market including the demand for data storage over the cloud are expected to augment the market at a healthy CAGR of 15.20% during the forecast period of 2022 to 2030.

Market Research Future Insights

According to MRFR analysis, the global IoT Platform Market is expected to register a CAGR of 15.20% from 2022 to 2030 and hold a value of over USD 22.64 billion by 2030.

loT platform raises to a joint effort made by several open-source contributors to develop a novel range of open large-scale intelligent loT which is the internet of things. The applications are made subsequent whatever the usefulness cloud computing delivery model is made. The technology is well distinct as a natural extension of cloud computing implications. loT enables access to additional and progressively important loT-based capabilities and resources. With the rising adoption of IoT technologies among enterprises of all sizes to transform their business landscape, the market is anticipated to continue demonstrating vast market opportunities. A healthy strategy needs to cover areas, counting the market requirement of the product, viability to gauge revenues that the desired product can generate, and the possibility of developing such a product.

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Regional Analysis

North America dominates the open IoT platform market owing to the presence of early adopters of the latest technology and prominent key players, and the increase in the popularity among the developers within the region. Asia-Pacific is anticipated to witness significant growth during the estimated period of 2021 to 2030 because of the existence of leading tech giants, early adoption of smart connected devices, and an upsurge in the deployment of IoT services and solutions in the region.

Market Segmentation

The global IoT Platform Market has been segmented into platform, deployment, application, and end-users

Based on the Platform, The global IoT Platform Market has been segmented into connectivity/M2M platform, laaS back-end, hardware-specific software platform, and consumer/ enterprise software extension. The connectivity/M2M platform conferring to the analysis accounts for the major market share. However, the hardware-specific software platform segment is expected to show the highest CAGR of 32.5% during the forecasted period.

Based on the Deployment, The global IoT Platform has been segmented into on-premises, cloud, and hybrid. The own premises segment accounts for the highest revenue. which is the largest market share. The hybrid segment accounts for the highest CAGR during the valuation period.

Based on the Application, The global IoT Platform has been segmented into device management, database management, analytics, and processing. The device management segment comprises the largest market share while the analytics segment accounts for the highest registered CAGR of 32.7% over imminent years.

Based on the End-Users, The global IoT Platform Market has been segmented into manufacturing, smart cities and homes, retail, health care, and others. The global IoT platform is anticipated to expand at ~28.5% CAGR with a market value of 74.75 billion in 2023.

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Key Players

Some of the key market players are SiteWhere LLC., Siemens, Italtel S.p.A, Robert Bosch GmbH, Ayla Networks Inc., GENERAL ELECTRIC, KaaIoT Technologies LLC, The ThingsBoard Authors, IBM, Cisco, Google, SAP S, Apple Inc., and Vodafone Group Plc.

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