IoT Platforms market size is projected to reach USD 20720 million by 2028, from USD 4574.3 million in 2021, at a CAGR of 23.8% - Valuates Reports

The global IoT Platforms market size is projected to reach USD 20720 million by 2028, from USD 4574.3 million in 2021, at a CAGR of 23.8% during 2022-2028.

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IoT Platforms Market Trends
Retail sector usage will expand the growth of the market
The rising usage in the retail sector will boost the growth of the IoT market in the coming years. IoT-based platforms enable retailers to connect with businesses and people across the globe. The technology is also used for the replenishment of goods, analyzing large volumes of data to gain more meaningful consumer insights, enhance customer experience and engagement, etc. Rising eCommerce and growing digitalization are also boosting the growth of the market. Thus, wide-scale adoption by retail companies and rising digital penetration will significantly boost the growth of the IoT Platforms Market during the forecast period.

Generation of new revenue streams by product companies and vendors will boost the growth of the market
The generation of new revenue streams provides exciting opportunities for the growth of the market during the forecast period. Widescale adoption of IoT platforms enables product companies to efficiently scale their operations and create new revenue streams through new offerings and advanced IoT-connected software and services. Further, both platform and 3rd party vendors are monetizing opportunities through IoT platforms based on application, compute infrastructure, integrated services, connectivity, and end-to-end solutions. Thus wide-scale adoption and rapid advancements in IoT Platforms will accelerate the growth of the IoT Platforms Market during the forecast period.

Decreasing costs, rising investments by key market players will drive the growth of the market
The rising penetration of IoT devices along with new advancements is rapidly decreasing the cost of integrating IoT systems with businesses leading to rising investments and wide-scale adoption by big and small-scale enterprises. Further growth is expected due to new sensors, more computing power for the storage of large volumes of data, and increasing penetration of mobile connectivity. Moreover, real-time analytics and Artificial Intelligence will force manufacturers to shift their focus from traditional devices to cloud-based software and solutions. Thus with easy availability and cost-effective solutions, the IoT Platforms Market is expected to witness a huge boom during the forecast period.

Widespread application in various industries will accelerate the growth of the market
IoT platforms find wide-scale applications in a variety of industries. The technology is not just limited to big enterprises but is spreading to other small and medium scale enterprises too. Smart homes, connected cars, e-health, etc will increase the adoption of IoT-based platforms in the coming years. And with the growing need for predictive analysis for the storage of large volumes of data the growth of the IoT Platforms Market is expected to surge further during the forecast period. Further B2B companies are increasingly using IoT platforms to maintain constant monitoring and direct connection to their products in the field. Thus the ease of use and rapid application will significantly accelerate the growth of the market in the future.

IoT Platforms Market by Type
Consumer IoT
Business IoT

IoT Platforms Market by Application
Smart Home & Wearables
Smart Energy
Smart Security
Manufacturing
Transportation & Logistics
Healthcare
Others

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