Rise in use of smart connected devices and increase in shift towards clou- based data are projected to fuel the growth of the global IoT Platform market at a CAGR of 23.6% during the forecast period 2024 to 2032

Market Research Future (MRFR) has published on the “Global IoT Platform Market”.

The IoT Platform market is estimated to register a CAGR of 23.6% during the forecast period of 2024 to 2032.

MRFR recognizes the following companies as the key players in the global IoT Platform market—IBM, Oracle, Salesforce Inc, Cisco, Google, Microsoft, SAP, Siemens, Robert Bosch, Samsung, Telit, Autodesk, AWS, PTC, Particle Industriest Bosch GMBH, Avtech Corporation, and others.

Market Highlights

The global IoT Platform market is accounted for to register a CAGR of 23.6% during the forecast period and is estimated to reach USD 1,089.6 million by 2032.

IoT platforms are a type of middleware that sits between the layers of IoT devices and the gateways and applications that it makes possible to develop. They are often referred to as application enablement platforms, or AEPs. A processor unit, memory unit, and communication module are the three main parts of a conventional IoT platform. They make it simple to integrate currently available commercial actuators and sensors.

IoT platforms, which are made especially for IoT applications, are made up of a variety of development boards that are vital in assisting multiple designers of hardware that is compatible with IoT, including laptops, smartphones, wearable fitness trackers, industrial control systems (ICS), and automotive telematics units, in getting their project online. As platform consolidations have become the norm, regular partnerships are expanding market shares with a focus on enhancing functionality while reducing the number of apps needed to access them. For example, the IoT Carrier 1NCE and Amazon Web Services (AWS) worked together the year prior to accelerate the growth of 1NCE's IoT platform and bring its cloud-native IoT service closer to consumers globally. With plug-and-play functionality, its unique software offering is built on AWS to facilitate fast integration of cellular IoT connectivity into solutions created by IoT developers. An IoT ecosystem has seen a rise in the quantity of linked devices on the market. Large-scale data uploading, downloading, and moving has thus become necessary, mostly for enterprise data centers. In order to improve their proficiency, speed, and agility in managing IoT data resources, these centers are implementing IoT platforms. Big data is another area that is anticipated to supplement the market under study as data volumes rise due to an increase in linked IoT devices. Over the course of the forecast period, factors including the increased demand for data analytics and cloud-based data storage are likely to propel the business IoT platform market. The primary driving force behind the increase in demand for cloud data storage has been an increase in data traffic. Global IoT use is increasing, and this is leading to a rise in device connection. Thus, enormous amounts of data have accumulated

Segment Analysis

The global IoT Platform market has been segmented based on platform ,organization size, deployment model, application, end use vertical

Based on platform, the market is segmented into IoT Connectivity Platforms, IoT Device Management Platforms, IoT Application Enablement Platforms, loT Analytics Platforms, IoT Hardware Development Platforms and IoT Integration Platforms. The IoT Application Enablement Platforms Resolution segment was attributed to holding the largest market share in 2022 with a market share of ~40% revenue as estimated by MRFR analysts.

Based on organization size, the global IoT Platform market has been segmented into Small & Medium Enterprises and Large Enterprises. The Large Enterprises,segment was expected to hold the largest market share in 2022.

Further, based on the deployment model, the market is segmented into Cloud and On-Premises. The fixed segment is projected to have the largest market share during the forecast period.

Further, based on the application, the market is segmented into Consumer loT, Enterprise loT, and Industrial loT. The v segment is projected to have the largest market share during the forecast period.

Further, based on the end use vertical, the market is segmented into Smart Manufacturing, Smart Infrastructure, Smart Grid and Utilities, Connected Healthcare, Smart Retail, Smart Transportation, Telecommunications, and Others (Smart Education, Smart Agriculture, Connected Banking. The Smart Manufacturing segment is projected to have the largest market share during the forecast period.

Regional Analysis

The global IoT Platform market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe IoT Platform market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The IoT Platform market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World IoT Platform market comprises of Middle East, Africa, and Latin America.

The Asia-Pacific area is home to several emerging nations that are pursuing digital transformation efforts. Because of this, a number of businesses in these areas are drawn to high-tech solutions such as network infrastructure, automation, cloud computing, artificial intelligence (AI), and the Internet of Things in order to advance digitally. These businesses prioritize investing in digital transformation (DX) and IT modernization. For example, over 95% of Indian businesses and organizations want to allocate the majority of their 2023 budget to digital transformation, according to the IDC report 2022. The epidemic increased the need for digital transformation, which enabled businesses to overcome obstacles and remain competitive. Zoom's communication solutions for the digital transformation of Singaporean enterprises were launched, as announced by Singtel in January 2023. The Singtel and UC (Unified Communications) 5G suite will include a number of new services and solutions. All of these services will be available to businesses using Singtel's Zoom Phone Connector.

In 2022, North America will hold the largest market share. The healthcare, industrial, and automotive industries are experiencing notable expansion due to the expanding number of users utilizing cloud-based platforms. Furthermore, the proliferation of Internet of Things (IoT)-enabled devices, increased research and development expenditures in the field, and the existence of major industry participants like Google, Amazon Web Services (AWS), Microsoft, Cisco, and IBM have led to a widespread acceptance of cloud platforms in the region.The GSMA Intelligence Report for October 2021 in North America projects that by 2025, there will be 5.1 billion IoT connections worldwide. By 2020, there will be 2.9 billion connected devices in the region.

The demand for better supply chain and customer relationship management, a preference for cloud-based IoT software, and advancements in industrial-grade digital technology are the main factors driving the expansion of the IoT market in Europe. In addition to providing smart gadgets for home automation—a feature that is increasingly in demand among consumers—IoT also empowers individuals to live and work more intelligently and to take total control over their lives. IoT also gives organizations a real-time glimpse into the inner workings of their systems, offering insights into anything from equipment performance to supply chain and logistics operations. Additionally, businesses can save labor expenses and automate procedures thanks to IoT. It further reduces waste and enhances service delivery, which lowers the cost of manufacturing and delivery of goods and provides transparency into consumer transactions. These factors will open up attractive potential for the growth of the IoT market in Europe.

MENA operators have reached an agreement at the enterprise level over the industries that stand to benefit the most from 5G-enabled IoT in the long run. These industries include smart cities, automotive, manufacturing, logistics, and utilities. In the Middle East and North Africa (MENA), industrial IoT presents the biggest potential for 5G-enabled solutions.Companies who are starting their own Industry 4.0 revolutions are going to use autonomous robots, big data analytics, artificial intelligence (AI), virtual reality, drones, and other technologies to adopt intelligent, data-driven manufacturing. They will be searching for enhanced product quality, the capacity to monitor operations across the product lifetime, and predictive maintenance to minimize machine downtime. Businesses will need to concurrently combine IoT and 5G enabling technologies in order to successfully adopt these new technologies and achieve efficient outcomes. For example, the Gulf countries place significant weight on the synergistic coupling of IoT and 5G technology. The area still depends a lot on its gas and oil reserves. Between 20% and 40% of GDP8 in over 20 MENA countries come from the oil and gas industry or from government activities that are dependent on it, including building, and they also significantly rely on contracts with the oil industry for funding. Although 5G IoT solutions are still in the early stages of development, security flaws in the oil and gas sector have recently drawn a lot of attention.

Key Findings of the Study

• The global IoT Platform market is expected to reach USD 1,089.6 billion by 2032, at a CAGR of 23.7% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market, AI in video surveillance can be quite useful for identifying unexpected events and producing alerts.


• IBM, Oracle, Salesforce Inc, Cisco, Google, Microsoft, SAP, Siemens, Robert Bosch, Samsung, Telit, Autodesk, AWS, PTC, Particle Industriest Bosch GMBH, Avtech Corporation are the key market players.