Global IoT Cloud Platform Market is projected to reach the value of $18 billion by 2030

According to the report published by Virtue Market Research , In 2022, the Global IoT Cloud Platform Market was valued at $6.77 billion, and is projected to reach a market size of $18 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 13%.

The IoT cloud platform market has been experiencing significant growth in recent years due to various market drivers, and this trend is set to continue in the future. One of the long-term market drivers of the IoT cloud platform industry is the increasing adoption of connected devices and the Internet of Things (IoT) across various industries. With the growing use of connected devices, there is a need for a centralized platform to manage and analyze the data generated by these devices. The IoT cloud platform provides this centralized platform, allowing organizations to store, process, and analyze data from connected devices.

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The outbreak of COVID-19 has had a significant impact on the IoT cloud platform market. With the pandemic forcing people to stay indoors, there has been a surge in the use of digital technologies, including IoT devices. With more people working remotely and relying on digital technologies to stay connected, there is a growing demand for IoT cloud platforms to manage the data generated by these devices. As a result, the IoT cloud platform market witnessed a significant increase in demand during the pandemic.

In addition to the long-term market driver and the impact of COVID-19, there are also several short-term market drivers, opportunities, and trends in the IoT cloud platform industry. One of the short-term market drivers is the increasing demand for real-time data processing and analytics. With the growing use of IoT devices, there is a need for platforms that can process and analyze data in real-time, allowing organizations to make quick and informed decisions based on the data generated by these devices.

One of the opportunities in the IoT cloud platform market is the growing demand for industry-specific platforms. As different industries adopt IoT devices at varying rates, there is a need for platforms that are tailored to the specific needs and requirements of each industry. These industry-specific platforms can provide specialized features and capabilities, allowing organizations to maximize the value of their IoT data.

Another trend observed in the IoT cloud platform industry is the increasing use of edge computing. Edge computing involves processing data at the edge of the network, closer to where the data is generated, rather than sending it to a centralized cloud platform for processing. Edge computing can help organizations reduce latency and improve the speed and efficiency of their IoT data processing and analytics.

Segmentation Analysis:

The global IoT Cloud Platform Market segmentation includes:

By Offering: Platform (Device Management, Connectivity Management, Application Enablement), Services (Training and Consulting, Integration and Deployment, Support and Maintenance)
The IoT cloud platform market is segmented by offering, which includes platforms and services. Platforms provide organizations with the tools and capabilities to manage and analyze data generated by connected devices. The platform segment is further divided into device management, connectivity management, and application enablement. Device management helps organizations manage and monitor their connected devices, while connectivity management provides tools for managing and optimizing network connectivity. Application enablement allows organizations to develop and deploy applications that can access and analyze IoT data.

Services, on the other hand, provide support and consulting services to organizations using IoT cloud platforms. The services segment is further divided into training and consulting, integration and deployment, and support and maintenance. Training and consulting services help organizations understand how to use IoT cloud platforms effectively, while integration and deployment services help organizations integrate their existing systems with IoT cloud platforms. Support and maintenance services ensure that IoT cloud platforms are working smoothly and any issues are resolved quickly.

Among these, services are the largest segment in the IoT cloud platform market. With the growing complexity of IoT systems, organizations require a significant amount of support and expertise to implement and manage these systems effectively. The demand for training, consulting, integration, and support services is expected to grow significantly during the forecast period, driving the growth of the services segment.

By Deployment Mode: Public cloud, Private cloud, Hybrid

The IoT cloud platform market is also segmented by deployment mode, which includes public cloud, private cloud, and hybrid. Public cloud deployment allows organizations to access IoT cloud platforms through third-party providers, while private cloud deployment provides organizations with a dedicated cloud infrastructure. Hybrid deployment combines both public and private cloud deployment, providing organizations with greater flexibility and control over their IoT systems.

Among these, public cloud deployment is the largest segment in the IoT cloud platform market. Public cloud platforms are cost-effective and offer a high level of scalability and flexibility, making them ideal for organizations of all sizes. The demand for public cloud deployment is expected to continue to grow during the forecast period, as more organizations look to take advantage of the benefits of cloud-based IoT systems.

By Application Type: Building and Home Automation, Smart Manufacturing, Smart Transportation, Connected Healthcare, Smart Retail, Smart Grid and Utilities, and Others

The IoT cloud platform market is further segmented by application type, which includes building and home automation, smart manufacturing, smart transportation, connected healthcare, smart retail, smart grid and utilities, and others. Connected healthcare is the largest segment in the IoT cloud platform market, as healthcare organizations continue to adopt IoT technologies to improve patient outcomes and reduce costs. IoT cloud platforms provide healthcare organizations with the tools and capabilities to manage and analyze patient data, as well as automate and optimize healthcare processes.

Connected healthcare is also the fastest-growing segment in the IoT cloud platform market, with the demand for healthcare IoT systems expected to continue to grow during the forecast period. As the healthcare industry continues to face increasing pressure to reduce costs and improve patient outcomes, IoT cloud platforms offer a promising solution, enabling healthcare organizations to streamline operations and deliver more personalized care to patients.

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Regional Analysis:

North America is the largest segment in the IoT cloud platform market, due to the presence of major IoT cloud platform providers in the region, as well as a high level of adoption of connected devices and IoT technologies. The region is also home to a large number of innovative startups and research institutions, driving innovation and growth in the IoT cloud platform market.

Asia-Pacific is the fastest-growing segment in the IoT cloud platform market, due to the rising adoption of connected devices and IoT technologies across various industries in the region. With a large and rapidly growing population, Asia-Pacific presents a significant opportunity for IoT cloud platform providers, as organizations look to leverage IoT technologies to improve efficiency, reduce costs, and gain a competitive edge.

Latest Industry Developments:

• In March 2021, Microsoft announced the acquisition of The Marsden Group, a leading provider of industrial IoT solutions. The acquisition will allow Microsoft to expand its IoT cloud platform offerings and provide customers with a comprehensive solution for industrial IoT.

• In December 2020, Cisco and Amazon Web Services (AWS) announced a partnership to simplify IoT device management and enable end-to-end security for IoT solutions. The partnership combines Cisco's IoT platform with AWS's cloud platform to provide a comprehensive solution for IoT device management and security.

• In September 2020, Google Cloud announced a partnership with Siemens to develop a comprehensive IoT platform for the manufacturing industry. The platform combines Siemens' industrial IoT solutions with Google Cloud's cloud platform to provide manufacturers with a powerful and scalable solution for managing and analyzing data from connected devices.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.