Market Overview

The global IoT platform market size is projected to reach USD 22.64 billion by 2030, from USD 7.3 billion in 2021, growing at a CAGR of 15.20% during the forecast period. The increasing adoption of IoT across various industries is one of the major factors driving the growth of the market. IoT platforms enable businesses to collect and analyze data from connected devices, which helps them to improve efficiency, productivity, and customer experience.

The market is segmented by component, deployment, organization size, industry vertical, and region. By component, the market is segmented into hardware, software, and services. The hardware segment is expected to hold the largest market share during the forecast period. This is attributed to the increasing demand for sensors, gateways, and other devices that are required to connect and collect data from IoT devices.

By deployment, the market is segmented into on-premise and cloud. The cloud segment is expected to grow at a higher rate during the forecast period. This is due to the increasing adoption of cloud-based solutions by businesses, as it offers various benefits such as scalability, flexibility, and cost-effectiveness.

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By organization size, the market is segmented into large enterprises and small and medium-sized enterprises (SMEs). Large enterprises are expected to hold the largest market share during the forecast period. This is attributed to their large number of connected devices and the need for a robust IoT platform to manage and analyze data.

By industry vertical, the market is segmented into manufacturing, healthcare, retail, transportation and logistics, energy and utilities, and others. The manufacturing industry is expected to hold the largest market share during the forecast period. This is due to the increasing use of IoT in the manufacturing industry to improve production efficiency, quality control, and supply chain management.

By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold the largest market share during the forecast period. This is attributed to the early adoption of IoT in the region and the presence of a large number of key players.

The key players in the market are Amazon Web Services, Microsoft, IBM, Google, Cisco, Intel, PTC, SAP, Oracle, and Zebra Technologies. These players are adopting various strategies such as product launches, partnerships, and acquisitions to expand their market share.

The following are some of the key trends in the IoT platform market:

• The increasing adoption of cloud-based IoT platforms: Cloud-based IoT platforms offer various benefits such as scalability, flexibility, and cost-effectiveness. This is driving the adoption of cloud-based IoT platforms by businesses.
• The growing demand for open source IoT platforms: Open source IoT platforms are gaining popularity due to their flexibility and cost-effectiveness. These platforms allow businesses to customize the platform according to their specific needs.
• The increasing focus on security and privacy in the IoT platform market: Security and privacy are major concerns in the IoT platform market. Businesses are increasingly adopting security measures such as encryption and authentication to protect data from unauthorized access.
• The growing demand for IoT platforms in the healthcare industry: The healthcare industry is one of the major users of IoT platforms. IoT platforms are used in the healthcare industry to monitor patients, track medical devices, and manage inventory.

The IoT platform market is a rapidly growing market. The market is expected to grow at a significant rate during the forecast period. The growth of the market is driven by various factors such as the increasing adoption of IoT across various industries, the growing demand for cloud-based IoT platforms, and the increasing focus on security and privacy in the IoT platform market.