In 2030, the global IoT platform market is anticipated to reach a market size of USD 22.64 Billion and register a 15.20% CAGR. :

The desire for cloud-based data storage is one of the main factors driving the markets for IoT platforms. This significantly influences the rise of demand for loT platforms and IoT market shares. Other elements that affect the development of loT platforms include the expansion of the loT ecosystem's connected devices, which has increased the need for businesses to transport, download, and upload massive volumes of data through their data centers. One of the key factors driving the growth of the open loT platform market is the increasing demand for lowering the cost of all connected devices worldwide.
However, the current IoT platform market trends shows that in October 2022, Yahsat, a satellite solutions provider based in the UAE, announced a small investment in eSAT Global to create an IoT platform with low latency to provide a direct-to-satellite IoT service. As the market for connection grows, the new IoT platform will enable the deployment of modules, chipsets, and ground systems to satisfy that need.

Increased demand for open loT platforms that have made their source codes available to the public for modifications from the original design is among the factors that present potential opportunities for the loT market.

Market Segmentation

The connectivity/M2M platform, laaS back-end, hardware-specific software platform, and consumer/ business software extension comprise the platform segment of the market for IoT platforms. According to the analysis, the connectivity/M2M platform held the greatest IoT platform market share in 2017. But during the anticipated period, the category of hardware-specific software platforms is anticipated to exhibit the greatest CAGR of 15.20%.

Based on deployment, the global loT platform is divided into on-premises, cloud, and hybrid categories. In 2017, the own premises sector had the biggest market share at roughly 28.5%. The sector with the highest CAGR over the assessment period is hybrid.
Device management, database management, analytics, and processing are the divisions the loT platform makes based on the applications they support. While the analytics section is anticipated to have the highest registered CAGR of 15.20% over the next several years, the device management segment had the most IoT platform market share in 2017.
The worldwide platform is organized into manufacturing, smart homes and cities, retail, health care, and other categories based on end users. The market for IoT platforms worldwide is anticipated to register a 15.20% CAGR, reaching a market size of USD 22.64 billion in 2030.

Regional Analysis

According to the IoT platform market forecast, the loT platform is divided into sections for Asia-Pacific, North America, Europe, the Middle East, Africa, and South America on a regional basis.
The loT platform research predicts that the US will have the highest market share. Throughout the anticipated time, North America is anticipated to continue to hold a leading position. The businesses in these regions have implemented cloud technology to a very big level, one of the causes that have made North America the largest market holder. Other parts of the world have not yet achieved this great degree. Other contributing aspects include a strong cloud infrastructure, an increase in linked devices, and improvements in artificial intelligence and machine learning technologies. These variables are all set to influence the market.
Key Players
The companies that are contributing to the market and are keeping up with the IoT platform market trends are:


  • Robert Bosch GmbH

  • Ayla Networks Inc.


  • KaaIoT Technologies LLC

  • The ThingsBoard Authors

  • SiteWhere LLC.

  • Siemens

  • Italtel S.p.A.

  • IBM

  • Cisco

  • Google

  • SAP SE

  • Apple Inc.

  • Vodafone Group Plc.

  • Accenture Plc

  • Time Inc.

  • Hewlett Packard Enterprise Development LP