IoT Platform Market To Reach USD 21.55 Billion, Expanding at 15.23% CAGR by 2030 - Report by Market Research Future (MRFR)
IoT Platform Witnesses Vast Demand from Healthcare Sectors Worldwide
New York, US, Oct. 11, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “IoT Platform Market Research Report— by Platform, Deployment, Application, End User, by Region—Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 21.55 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 15.23% during the assessment timeframe.
IoT Platform Market Overview:
It helps businesses better understand the customers' needs and develop a product to fulfill their requirements. Enterprises use IoT platforms to gain greater intelligence and visibility into operations, enabling better decision-making. In addition to its ready-to-use features, enterprises use IoT platforms also to manage their IoT devices and integrate them into different operations, which drives the demand for high-quality IoT platforms.
Leading players in the IoT platform market are:
- Robert Bosch GmbH
- Ayla Networks Inc.
- General Electric
- KaaIoT Technologies LLC.
- The ThingsBoard Authors
- SiteWhere LLC.
- Siemens, Italtel S.p.A.
- SAP SE
- Apple Inc.
- Vodafone Group Plc.
- Accenture Plc.
- Time Inc.
- Hewlett Packard Enterprise Development LP
- Intel Corporation
- Amazon Web Services Inc.
- Happiest Minds
- HARMAN International
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With the growing adoption of IoT technologies among enterprises of all sizes to transform their business landscape, the market is expected to continue demonstrating vast market opportunities. A robust strategy needs to cover areas, including the market requirement of the product, viability to gauge revenues that the desired product can generate, and the feasibility of developing such a product.
An IoT platform provides organizations with the tools and infrastructure required to acquire real-world data via sensors, analyze data locally (edge computing), and connect to the cloud to transmit the data and receive commands. It also allows them to store data in the cloud, analyze it to create insights, and command to perform specific tasks based on insights.
IoT platform also helps accelerate the development process with feasibility and reduced risk. However, it is important to have a solid IoT product strategy ready before starting the product development and IoT platform selection. Additional capabilities that IoT platforms provide include securely performing all operations across the IoT technology stack and identifying & manage all IoT devices at scale, aligned with the product development strategy.
IoT Platform Market Report Scope:
|Revenue forecast in 2030||USD 21.55 Billion|
|Growth Rate||CAGR of 15.23% from 2022 to 2030|
|Key Market Opportunities||This is acting as the major contributor to the increasing demand for loT platforms|
|Key Market Drivers||The witness of the rise in the use of potato devices such as smartphones and tablets.|
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The demand for secured connecting solutions is growing continually to boost the implementation of device connectivity and IoT-platform connectivity across products. Besides, the steadily rising demand for a scalable IoT management platform offering visibility into real-time data usage, policy control management, and custom content filters for added security & multi-network flexibility drives the market growth.
Also, there is a significant rise in leading-edge IoT development services providers enabling companies to transform their businesses. Organizations are increasingly adopting IoT management platforms that can centralize all devices, data usage, user groups, and policies.
IoT Platform Market players are looking forward to entering into fast-growing industries such as EV mobility and EV infrastructure connectivity, where cold chain, fuel management, etc., is essential for business success. Most IoT platform providers also offer services to enable administrators to manage multiple networks and accounts across all devices and provide web filtering, firewalls, and next-gen malware detection with an easy-to-use interface.
Moreover, the emergence of compact and cost-effective interoperable wireless devices creates vast market demand, making communication between these devices and humans possible. The rise in the development of many smart connected devices and their applications in smart traffic, smart home, smart healthcare, smart agriculture, smart logistics, and smart city define the growing market landscape.
The growing onboarding of enterprise brands from the cold supply chain and EV industry has provided many businesses with tools that have helped them to make products, operations, and business processes IoT-enabled. Enterprises are investing heavily in building their platform with more advanced technology, establishing the importance of IoT platforms.
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IoT Platform Market Segments
The IoT platform market is segmented into platforms, deployments, applications, end-users, and regions. The platform segment comprises connectivity/M2M platforms, laaS back-end, hardware-specific software platforms, consumer/ enterprise software extensions, and other platforms. The deployment segment comprises on-premises, cloud, and hybrid.
The application segment comprises device management, database management, analytics & processing, and others. The end-user segment comprises manufacturing, smart cities & homes, retail, health care, and others. The region segment comprises the MEA, Americas, APAC, Europe, and the Rest-of-the-World.
IoT Platform Market Regional Analysis
North America is the largest market for IoT platforms due to the vast adoption of cloud technology in enterprises of all sizes. Besides, robust cloud infrastructure, increasing use of connected devices, and advancements in artificial intelligence and machine learning technologies boost the market size. IoT platform providers in this region are expanding their footprints in the EV segment, and this, as a result, drives IoT Platform Market growth.
The Asia Pacific IoT platform market is brisk, witnessing leading EV manufacturers shifting their production base in the region. With the growing demand for low-code IoT platforms and IoT nodes, the market has witnessed rising revenue growth over the past few years. Moreover, the increasing use of IoT platforms that can reduce IoT app development time substantiates market revenues.
IoT Platform Market Competitive Analysis
IoT platform providers strive to develop hardware-based products and extend their expertise in deploying critical business solutions worldwide with high availability, scalability, etc. They work with all small and large businesses to develop solutions that can allow them to garner significant growth. Key technology providers form strategic partnerships and acquire small yet promising companies to gain a larger competitive advantage.
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For instance, on Oct.07, 2022, BigBear.ai, an artificial intelligence analytics company, announced that it is developing an intelligent automation platform for military applications. According to the company, the platform can streamline multiple outdated data systems into one solution, eliminating manual processes to data-driven services. The work on the global force information management system is a step forward in meeting the data-centric and data-driven needs of the army.
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