IoT Cloud Platform Market size was valued at USD 6.91 Bn. in 2021 and the total revenue is expected to grow by 11.9% from 2022 to 2029, reaching nearly USD 17 Bn.
SAN FRANCISCO, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The report published by Maximize Market Research, a global Information Technology & Telecommunication research firm has published a report on “IoT Cloud Platform Market”. The total market size was valued at USD 6.91 Bn in 2021 and is expected to grow at 11.9 percent, reaching nearly USD 17 Bn by 2029. Increased demand for the open IoT platforms for modifications is influencing the IoT Cloud Platform Market growth.
Market Size in 2021
USD 6.91 Bn
Market Size in 2029
USD 17 Bn
CAGR
11.9 percent (2022-2029)
Forecast Period
2022-2029
Base Year
2021
Number of Pages
250
No. of Tables
115
No. of Charts and Figures
120
Segment Covered
Offering, Deployment Mode, and Application Area
Regional Scope
North America, Europe, Asia Pacific, Middle East and Africa, South America
Rising popularity of hybrid cloud services to drive the IoT Cloud Platform Market
Rising popularity of hybrid cloud services and the adoption of smart devices is expected to experience a fast growth rate over the forecast period. The accelerating market growth of the IoT Cloud Platform market is expected to increase as a business with existing infrastructure is on the way to adopt cloud computing services. Internet of Things accelerates the development process with feasibility and reduced risk.
Increase in data security and privacy concerns from consumers are the restraining factors for the growth of IoT Cloud Platform Market, which led to an increase in data theft, hacking, and online scam. Lack of skilled professionals in the industry is expected to hamper the IoT Cloud Platform Market growth. Increasing demand for open IoT platforms, which have provided open-source codes to the public for modification from original designs presents a lucrative opportunity for the IoT Cloud Platform Market. Security of cloud storage to protect data stored in the cloud is a challenging factor in the IoT Cloud Platform Market growth.
North America to grow at the highest CAGR during the forecast period
The North American region is expected to dominate the IoT Cloud Platform Market over the forecast period. Widespread acceptance of the Internet of Things cloud platform in the North American market by a number of sectors and technical advancement is expected to boost the IoT Cloud Platform Market growth. Although the United States is expected to dominate the North American market, Canada is expected to witness lucrative growth in the market.
The Asia Pacific region is accounted to hold a sizable portion of the IoT Cloud Platform Market over the forecast period.
Based on the offerings, the device management and connectivity management segment is expected to hold the highest market share over the forecast period
The platform is essential for managing all IoT and cloud operations-related activities that include collecting data from IoT-enabled devices for real-time insights. The service segment is a sub-segment of professional services and managed services. The increasing number of IoT devices in numerous application areas is driving the platform segment growth of the market.
Based on the deployment, Public Cloud is expected to hold the largest market size over the forecast period
The IoT cloud platform market is segmented based on public cloud, private cloud, and Hybrid. The Public cloud held the largest in 2021. Investment in the public cloud by various developed economies is expected to drive the demand for the public cloud deployment mode in the market.
Based on the Application, the connected healthcare segment to grow at the highest CAGR over the forecast period
The healthcare segment is expected to grow at a rapid growth rate, due to the usage of embedded sensors, quick cellular networks, and the use of wireless devices in the healthcare industry is driving the application area growth.
Growing acceptance of smart cities in developing nations is expected to hold a sizable portion of the global market. Major applications of the IoT are remote patient monitoring, healthcare workflow management, and medical asset tracking.
Oracle Corporation (US) Oracle’s Fusion Cloud Internet of Things IoT Intelligent Applications provide more visibility, insights, and efficiencies by capturing sensor data from connected devices using smart manufacturing, connected assets, connected logistics, workplace safety, and connected customer experience.
Microsoft Microsoft enables highly secure and reliable communication between the Internet of Things (IoT) application and the devices it manages. Azure IoT Hub provides a cloud-hosted solution back end to connect virtually any device. Microsoft extends solutions from the cloud to the edge with per-device authentication, built-in device management, and scaled provisioning. Full integration with Azure Event Grid and serverless compute, simplifying IoT application development is part of an application.
Key Offerings:
Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation – A detailed analysis by Offering, Deployment mode, and application area
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
Key questions answered in the IoT Cloud Platform Market are:
What is an IoT cloud platform?
What is the forecast period for the IoT Cloud Platform Market?
What are the segments covered in the IoT Cloud Platform Market?
What is the expected revenue of the IoT Cloud Platform Market through 2029?
Who are the key players in the IoT Cloud Platform Market?
What are the factors affecting the growth of the IoT Cloud Platform Market?
What are the challenging factors in the IoT Cloud Platform Market?
Which region is expected to hold the largest market share in IoT Cloud Platform Market?
Maximize Market Research is leading Information technology and Telecommunication research firm, has also published the following reports:
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IoT Node and Gateway Market: The total market size was valued at USD 411.43 Bn in 2021 and the total revenue is expected to grow at 6.5 percent from 2022 to 2029, reaching nearly USD 680.92 Bn by 2029. Internet penetration due to the increasing use of smartphones facilitates online payments and is driving the market growth.
IT Operations Analytics Market: The total market value is projected to reach USD 157.95 in 2029 Bn at the end of the forecast period and it is expected to grow at a CAGR of 36.8 percent. Rapidly changing IT industry and the increased complexity of IT environments is driving the market growth.
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