The global IoT cloud platform market size was valued at USD 17.4 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 14.6% from 2023 to 2030. Global demand for internet of things (IoT) cloud platforms is expected to increase owing to the factors such as the increasing number of IoT-connected devices, the rising shift toward cloud-based data management solutions, and growing demand for technologies such as AI, 5G, edge computing, and big data. In addition, many organizations are adopting IoT cloud platforms as they offer a scalable, efficient, and flexible model for delivering the infrastructure and services needed to power IoT applications and devices. The outbreak of the COVID-19 pandemic played a critical role in driving the IoT cloud platform market growth. The widespread implementation of IoT technology, the proliferation of smart devices, the adoption of Industry 4.0, the continued rollout of 5G networks; and the potential of large volumes of data generation by HealthTech, EduTech, FinTech, GamingTech, ACES mobility, and media & entertainment, among other industries, are some of the vital factors driving the demand for IoT cloud platforms.
Furthermore, the adoption of IoT cloud platforms in the healthcare sector is expected to increase in the coming years. The integration of the internet and cloud computing in healthcare provides a host of benefits including high efficiency, high reliability, scalability, and virtualization. The application of IoT cloud platforms in hospitals also allows the e-storage of all patient records including documents, images, and videos.
The platform segment dominated the market and accounted for the largest revenue share of 68.3% in 2022 and is expected to continue to dominate the market over the forecast period. The platform segment includes solutions such as device management, analytics, and connectivity & communication. An IoT cloud platform combines the capabilities of IoT solutions and devices to provide added value for both consumer and business applications. It helps in the reduction of risk as well as operational and development costs. It also facilitates device management, communication, data flow, and application functionality. Thus, the increasing number of IoT-connected devices in several applications is driving the segment growth.
The service segment is anticipated to witness the fastest growth rate of 15.5% during the forecast period. Increasing demand for IoT cloud services to perform remote maintenance activities and monitor infrastructure health and business network is propelling the segment growth.
By deployment type, the commercial segment dominated the market in 2022 with a market share of 47.3%. The growth of the commercial segment is majorly attributed to the factors such as easy deployment, flexibility, and cost-effective pricing structure. In addition, increasing investment in the public cloud infrastructure, rapidly growing digital transformation among industries, and penetration of mobile devices and the internet are also driving the segment growth. However, the hybrid segment is expected to witness the fastest growth rate of 15.5% during the forecast period. The increasing popularity of hybrid cloud environments among organizations that demand flexibility and elasticity of the cloud is boosting segment growth.
The large-size organization's segment held the largest revenue share of 67.3% in 2022. Large-size organizations are heavily investing in the adoption of IoT devices, cloud platforms, and related services to efficiently manage their business operations. The growing number of installed IoT devices across large enterprises is fueling segment growth.
On the other hand, the small and medium-sized organizations segment is expected to witness the fastest growth rate of 15.3% during the forecast period. Increasing adoption of IoT devices in SMEs owing to its benefits such as minimized redundancies, improved efficiencies, real-time tracking, and higher productivity is expected to boost the segment growth.
The industrial automation and smart manufacturing segment held the largest revenue share of 21.5% in 2022 and is expected to maintain its position over the forecast period. The IoT cloud platforms in industrial automation & smart manufacturing sector help solve device management problems, increase productivity, and enhance operations. It also helps to streamline and create system architectures that are affordable, effective, and responsive.
The healthcare sector is expected to witness the fastest growth rate of 15.9% during the forecast period. Factors such as the increasing adoption of embedded sensors, the growing use of wireless devices, and the rapid growth of healthcare IT are expected to boost the growth of the IoT cloud platform market in healthcare applications.
North America dominated the market with a share of 32.0% in 2022 and is anticipated to retain its position over the forecast period. The proliferation of IoT-enabled devices, increasing adoption of technologies such as industry 4.0, cloud, and edge computing; increasing R&D investments in the IoT sector; and the presence of major market players such as Google, Amazon Web Services (AWS), IBM, Microsoft, and Cisco Systems, Inc. are contributing to the growth of IoT cloud platform market in the region.
Asia Pacific is anticipated to expand at the fastest CAGR of 15.8% during the forecast period. The rapidly growing smart manufacturing industry across countries such as China and India, the growing popularity of smart cities, and the increasing adoption of 5G and industrial automation are propelling the IoT cloud platform market in the Asia Pacific region.
The market has a fragmented competitive landscape as it features various global and regional market players. Leading industry players are undertaking strategies such as product launches, collaborations, and partnerships to survive the highly competitive environment and expand their business footprints.
For instance, in February 2021, NXP Semiconductors N.V., a worldwide provider of secure IoT embedded solutions to customers across a wide range of markets and applications announced the launch of its IoT service platform named EdgeLock 2GO, which allows for the secure and simple deployment and management of IoT services and devices. In addition, in March 2020, Cisco Systems, Inc. and Microsoft announced a partnership to generate the Cisco Edge to Microsoft Azure IoT Hub. This platform enables smooth connectivity and simplified edge data flow into Azure IoT. Some of the prominent players in the global IoT cloud platform market include:
Amazon Web Services, Inc.
Microsoft
Cisco Systems, Inc.
IBM
Oracle
Salesforce, Inc.
PTC
GE DIGITAL
Particle Industries, Inc.
Bosch.IO GmbH
Alibaba Cloud
Telit
Siemens
Report Attribute |
Details |
Market size value in 2023 |
USD 19.77 billion |
Revenue forecast in 2030 |
USD 51.3 billion |
Growth Rate |
CAGR of 14.6% from 2023 to 2030 |
Base year for estimation |
2022 |
Historical data |
2017 -2021 |
Forecast period |
2023 - 2030 |
Quantitative units |
Revenue in USD million and CAGR from 2023 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Offering, deployment type, organization size, application, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Netherlands; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; Chile; UAE; Saudi Arabia; South Africa |
Key companies profiled |
Amazon Web Services, Inc.; Microsoft; Google; Cisco Systems, Inc.; IBM; Oracle; Salesforce, Inc.; PTC; GE DIGITAL; Particle Industries, Inc.; Bosch.IO GmbH; Alibaba Cloud; Telit; Siemens |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional, and segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global IoT cloud platform market report based on offering, deployment type, organization size, application, and region:
Offering Outlook (Revenue, USD Million, 2017 - 2030)
Platform
Device Management
Analytics
Connectivity & Communication
Service
Professional Services
Managed Services
Deployment Type Outlook (Revenue, USD Million, 2017 - 2030)
Commercial
Private
Hybrid
Organization Size Outlook (Revenue, USD Million, 2017 - 2030)
Small & Medium Sized Organizations
Large Size Organizations
Application Outlook (Revenue, USD Million, 2017 - 2030)
Industrial Automation & Smart Manufacturing
Smart Infrastructure
Automotive
Healthcare
Retail & E-commerce
BFSI
Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
U.S.
Canada
Europe
U.K.
Germany
Italy
France
Spain
Netherlands
Asia Pacific
China
India
Japan
Australia
South Korea
Latin America
Brazil
Mexico
Argentina
Chile
Middle East & Africa
UAE
Saudi Arabia
South Africa
b. The global IoT cloud platform market size was estimated at USD 17.4 billion in 2022 and is expected to reach USD 19,777.4 million in 2023.
b. The global IoT cloud platform market is expected to grow at a compound annual growth rate of 14.6% from 2023 to 2030 to reach USD 51.3 billion by 2030.
b. North America dominated the IoT cloud platform market with a market share of 32.0% in 2021. Early adoption of IoT cloud platforms in this region is the major factor behind the market growth. In addition, the vast presence of major market players such as Cisco Systems, Inc. (U.S.), Google (U.S.), IBM (U.S.), and Microsoft (U.S.) is also boosting the adoption of IoT cloud platforms.
b. Some key players operating in the IoT cloud platform market include Amazon Web Services, Inc., Microsoft, Google, Cisco Systems, Inc., IBM, Oracle, Salesforce, Inc., PTC, GE DIGITAL, Particle Industries, Inc., Bosch.IO GmbH, Alibaba Cloud, Telit, and Siemens.
b. Key factors driving the market growth include the increasing number of IoT-connected devices globally and the increased adoption of cloud and edge computing solutions.
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