The Internet of Things (IoT) Platform Market Set to Revolutionize Industries, Projected to Exceed $23.66 billion by 2030

According to Next Move Strategy Consulting, the global IoT platform market size is anticipated to surpass $23.66 billion by 2030 reflecting a CAGR of 14.1% during the forecast period till 2030. This surge is driven by a confluence of factors reshaping the technological landscape and the way individuals interact with digital platforms.

Market Overview:

The IoT platform market is undergoing a transformative surge, driven by the pervasive integration of smart technologies across industries. As businesses seek to enhance operational efficiency, optimize processes, and unlock new avenues of innovation, the demand for comprehensive IoT platforms is escalating. This growth is further amplified by the proliferation of connected devices, the advent of 5G technology, and the increasing need for real-time data analytics.

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Key Market Drivers:

1. Industry 4.0 Evolution: The fourth industrial revolution is marked by the convergence of digital technologies, and IoT platforms play a pivotal role in enabling this transition. Businesses are leveraging IoT to create smart factories, automate processes, and gain actionable insights into their operations.
2. Smart Cities and Infrastructure: The global push towards creating sustainable and smart urban spaces is propelling the adoption of IoT platforms. These platforms facilitate the integration of various systems, such as transportation, energy, and public services, contributing to the development of interconnected smart cities.
3. Healthcare Transformation: The healthcare sector is experiencing a paradigm shift with the integration of IoT platforms. From remote patient monitoring to efficient supply chain management, IoT solutions are enhancing patient care, optimizing resource allocation, and driving innovations in medical technology.
4. Precision Agriculture: In the agriculture sector, IoT platforms are revolutionizing farming practices. Connected sensors, drones, and other IoT devices are enabling precision agriculture, optimizing crop yields, and promoting sustainable farming practices.
Market Segmentation:

The IoT platform market includes various segments, including:
Deployment Type: Based on deployment type, the market is categorised into Public Cloud, Private Cloud, and Hybrid.
Security Type: Based on security type, the market is segmented into Network Security, End-point Security, Application Security, Cloud Security, Other Securities.
End User Industry: Based on end user industry, the market is classified into Automotive, Smart Cities & Homes, Healthcare, Government, Manufacturing, Energy & power, Retail, and BFSI.
Regional: Based on regional, the market is categorised into North America, Europe, Asia Pacific, and RoW.

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Outlook and Future Prospects:

Rising development of technologies such as 6g and 5g+ that will provide higher browsing speeds are expected to create ample growth opportunities for the market in the coming years.

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The increased risk of security breaches and privacy violations, while challenges of achieving interoperability between diverse devices and technologies are the major factors restraining the growth of the IoT platform market.

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Regional Analysis

North America holds the dominant share of IOT platform market at present and is expected to dominate the market during the forecast period. The market is experiencing growth due to the increasing adoption of cloud-based IoT platforms in the healthcare sector, which allows for secure storage of patients' data, including Electronic Health Records (EHRs). As per data from the Centers for Disease Control and Prevention (CDC), the utilization of electronic medical records (EMRs) in the United States is on the rise, with EMRs being adopted by 86.9% of office-based physicians and 96.9% of non-federal acute care hospitals.

On the other hand, Asia Pacific is expected to show a steady rise in the IoT platform market share. This is due to the presence of one of the largest BFSI sector in this region adopting IoT platforms to optimize operations, and improve data security. According to the China Banking and Insurance Regulatory Commission, China's BFSI is one of the largest industries in the world with total assets of these sector valued at USD 51.19 trillion in 2022, thus driving the need for IoT platforms such as cloud for safety and security of valuable data.

Competitive Landscape

The IoT platforms industry comprising of various market players such as IBM Corporation, Amazon Web Services Inc., Microsoft Corporation, Google Inc., Huawei Technologies Co. Ltd., Cisco Systems Inc., Intel Corporation, General Electric Co., AT&T Inc., Wipro Ltd., PTC Inc., SAP SE, Oracle Corporation, KaaIoT Technologies LLC, Salesforce.com Inc, and others. These market players are adopting various joint venture strategies and planning expansion of business across various regions to maintain their dominance in the global market.

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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider committed to delivering high-quality market research reports. We assist multinational companies in gaining a competitive edge and expanding their industry presence by capturing a larger market share. Our research methodology combines primary research, secondary research, data mining, and data analytics to deliver reliable insights.

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This release was published on openPR.