IoT Cloud Platform Market Size, Share & Trends Analysis Report By Offering (Platform, Service), By Deployment Type, By Organization Size, By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global IoT cloud platform market size was valued at USD 17.4 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 14.6% from 2023 to 2030. Global demand for internet of things (IoT) cloud platforms is expected to increase owing to the factors such as the increasing number of IoT-connected devices, the rising shift toward cloud-based data management solutions, and growing demand for technologies such as AI, 5G, edge computing, and big data. In addition, many organizations are adopting IoT cloud platforms as they offer a scalable, efficient, and flexible model for delivering the infrastructure and services needed to power IoT applications and devices. The outbreak of the COVID-19 pandemic played a critical role in driving the IoT cloud platform market growth. The widespread implementation of IoT technology, the proliferation of smart devices, the adoption of Industry 4.0, the continued rollout of 5G networks; and the potential of large volumes of data generation by HealthTech, EduTech, FinTech, GamingTech, ACES mobility, and media & entertainment, among other industries, are some of the vital factors driving the demand for IoT cloud platforms.

Furthermore, the adoption of IoT cloud platforms in the healthcare sector is expected to increase in the coming years. The integration of the internet and cloud computing in healthcare provides a host of benefits including high efficiency, high reliability, scalability, and virtualization. The application of IoT cloud platforms in hospitals also allows the e-storage of all patient records including documents, images, and videos.

Offering Insights

The platform segment dominated the market and accounted for the largest revenue share of 68.3% in 2022 and is expected to continue to dominate the market over the forecast period. The platform segment includes solutions such as device management, analytics, and connectivity & communication. An IoT cloud platform combines the capabilities of IoT solutions and devices to provide added value for both consumer and business applications. It helps in the reduction of risk as well as operational and development costs. It also facilitates device management, communication, data flow, and application functionality. Thus, the increasing number of IoT-connected devices in several applications is driving the segment growth.

The service segment is anticipated to witness the fastest growth rate of 15.5% during the forecast period. Increasing demand for IoT cloud services to perform remote maintenance activities and monitor infrastructure health and business network is propelling the segment growth.

Deployment Type Insights

By deployment type, the commercial segment dominated the market in 2022 with a market share of 47.3%. The growth of the commercial segment is majorly attributed to the factors such as easy deployment, flexibility, and cost-effective pricing structure. In addition, increasing investment in the public cloud infrastructure, rapidly growing digital transformation among industries, and penetration of mobile devices and the internet are also driving the segment growth. However, the hybrid segment is expected to witness the fastest growth rate of 15.5% during the forecast period. The increasing popularity of hybrid cloud environments among organizations that demand flexibility and elasticity of the cloud is boosting segment growth.

Organization Size Insights

The large-size organization's segment held the largest revenue share of 67.3% in 2022. Large-size organizations are heavily investing in the adoption of IoT devices, cloud platforms, and related services to efficiently manage their business operations. The growing number of installed IoT devices across large enterprises is fueling segment growth.

On the other hand, the small and medium-sized organizations segment is expected to witness the fastest growth rate of 15.3% during the forecast period. Increasing adoption of IoT devices in SMEs owing to its benefits such as minimized redundancies, improved efficiencies, real-time tracking, and higher productivity is expected to boost the segment growth.

Application Insights

The industrial automation and smart manufacturing segment held the largest revenue share of 21.5% in 2022 and is expected to maintain its position over the forecast period. The IoT cloud platforms in industrial automation & smart manufacturing sector help solve device management problems, increase productivity, and enhance operations. It also helps to streamline and create system architectures that are affordable, effective, and responsive.

The healthcare sector is expected to witness the fastest growth rate of 15.9% during the forecast period. Factors such as the increasing adoption of embedded sensors, the growing use of wireless devices, and the rapid growth of healthcare IT are expected to boost the growth of the IoT cloud platform market in healthcare applications.

Regional Insights

North America dominated the market with a share of 32.0% in 2022 and is anticipated to retain its position over the forecast period. The proliferation of IoT-enabled devices, increasing adoption of technologies such as industry 4.0, cloud, and edge computing; increasing R&D investments in the IoT sector; and the presence of major market players such as Google, Amazon Web Services (AWS), IBM, Microsoft, and Cisco Systems, Inc. are contributing to the growth of IoT cloud platform market in the region.

Asia Pacific is anticipated to expand at the fastest CAGR of 15.8% during the forecast period. The rapidly growing smart manufacturing industry across countries such as China and India, the growing popularity of smart cities, and the increasing adoption of 5G and industrial automation are propelling the IoT cloud platform market in the Asia Pacific region.

Key Companies & Market Share Insights

The market has a fragmented competitive landscape as it features various global and regional market players. Leading industry players are undertaking strategies such as product launches, collaborations, and partnerships to survive the highly competitive environment and expand their business footprints.

For instance, in February 2021, NXP Semiconductors N.V., a worldwide provider of secure IoT embedded solutions to customers across a wide range of markets and applications announced the launch of its IoT service platform named EdgeLock 2GO, which allows for the secure and simple deployment and management of IoT services and devices. In addition, in March 2020, Cisco Systems, Inc. and Microsoft announced a partnership to generate the Cisco Edge to Microsoft Azure IoT Hub. This platform enables smooth connectivity and simplified edge data flow into Azure IoT. Some of the prominent players in the global IoT cloud platform market include:

• Amazon Web Services, Inc.

• Microsoft

• Google

• Cisco Systems, Inc.

• IBM

• Oracle

• Salesforce, Inc.

• PTC

• GE DIGITAL

• Particle Industries, Inc.

• Bosch.IO GmbH

• Alibaba Cloud

• Telit

• Siemens

IoT Cloud Platform Market Report Scope

Global IoT Cloud Platform Market Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global IoT cloud platform market report based on offering, deployment type, organization size, application, and region:

• Offering Outlook (Revenue, USD Million, 2017 - 2030)

  • Platform

    • Device Management

    • Analytics

    • Connectivity & Communication

  • Service

    • Professional Services

    • Managed Services

• Deployment Type Outlook (Revenue, USD Million, 2017 - 2030)

  • Commercial

  • Private

  • Hybrid

• Organization Size Outlook (Revenue, USD Million, 2017 - 2030)

  • Small & Medium Sized Organizations

  • Large Size Organizations

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Industrial Automation & Smart Manufacturing

  • Smart Infrastructure

  • Automotive

  • Healthcare

  • Retail & E-commerce

  • BFSI

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • Italy

    • France

    • Spain

    • Netherlands

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Chile

  • Middle East & Africa

    • UAE

    • Saudi Arabia

    • South Africa