IoT Platform Market Research Report - Global Forecast till 2030

IoT Platform Market Research Report Information By Platform (Connectivity/m2m Platform, Laas Back-End, Hardware-Specific Software Platform, And Consumer/ Enterprise Software Extension), By Application (Device Management, Database Management, Analytics, And Processing), By End Users (Smart Cities And Homes, Retail, And Health Care), And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2030

ID: MRFR/ICT/1207-CR | 126 Pages | Published By Shubham Munde on February 2020         

IoT Platform Market Overview


IoT Platform Market Size was valued at USD 7.3 billion in 2021. The IoT Platform market industry is projected to grow from USD 8.40 Billion in 2022 to USD 22.64 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.20% during the forecast period (2022 - 2030). Growing demand for centralized monitoring and predictive maintenance of asset are the key market drivers enhancing the market growth.
IoT Platform Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


IoT Platform Market Trends


Growing adoption of IoT technology among enterprises to boost market growth With the growing adoption of IoT technologies among enterprises of all sizes to transform their business landscape, the market is expected to continue demonstrating vast market opportunities. An IoT platform is the tools and infrastructure needed to collect real-world data through sensors, analyze data locally (edge computing), and connect to the cloud to send data and receive command to the organization. It can also store data in the cloud, analyze it to generate insights, and order specific tasks to be performed based on the insights.


Further, IoT platforms also help speed up the development process through feasibility and risk mitigation. However, before the starting product development and IoT platform selection, it is important to develop a solid IoT product strategy. Other capabilities provided by the IoT platform include securely conducting all operations across the IoT technology stack and identifying and managing all IoT devices at scale to align with product development strategies.


Additionally, IoT platform market players are looking forward to tapping into fast-growing industries such as EV mobility and EV infrastructure connectivity, where cold chain, fuel management, etc. are critical to business success. Most IoT platform providers also offer services that allow administrators to manage multiple networks and accounts across devices and deploy the next generation of web filters, firewalls, and malware detection with an easy-to-use interface. Therefore, such application of IoT has enhanced the IoT Platform market CAGR across the globe in the recent years. Moreover, the emergence of compact and cost-effective interoperable wireless devices creates vast market demand, making communication between these devices and humans possible. The rise in the development of many smart connected devices and their applications in smart traffic, smart home, smart healthcare, smart agriculture, smart logistics, and smart city are factor driving the growth of the IoT Platform market revenue.


IoT Platform Market Segment Insights


IoT Platform Insights


The IoT Platform market segmentation, based on platform, includes connectivity/M2M platform, laaS back-end, hardware-specific software platform, and consumer/ enterprise software extension. The platform is critical in handling all IoT and cloud operations-related activities, such as collecting data from IoT-enabled devices and storing and analyzing that data in order to acquire real-time insights. The increasing number of IoT devices in various application areas is a primary driver propelling the platform sector of the market forward.


May 2022: Bharat Sanchar Nigam Limited (BSNL) partnered with British satellite communications provider Inmarsat to provide its IoT services in India. According to the new amendment, Inmarsat's satellite-based connection can now be provided for IoT and aggregator devices in addition to the local ELERA L-band services that are already in place.


IoT Platform Application Insights


The IoT Platform market segmentation, based on application, includes device management, database management, analytics, and processing. The device management dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. These services provide security and expert assurance, allowing the entire company to operate more efficiently. The growing requirement to outsource services for IoT cloud platform maintenance is expected to fuel market demand. Hence, rising applications of various device and data management for IoT Platform positively impacts the market growth.


March 2022: Olea Sensor Networks announced the Olea's next-gen system for contactless and remote vital sign monitoring of OleaSense. The digital health development platform for IoT product development and advanced research processes real-time data using Olea's AI signal processing and peak detection algorithms, extracting vital statistics such as cardiac, respiration, and heart-rate variability.


IoT Platform End-User Insights


The IoT Platform market data has been bifurcated by end-user into smart cities and homes, Retail, and health care. Growing use of embedded sensors, the availability of fast cellular networks, and the growing acceptance of wireless devices, the IoT cloud platform's application in linked healthcare has increased. Healthcare businesses can optimize clinical operations, manage workflows, and assist in real-time patient care even from remote places thanks to communication between sensors and devices.


August 2021: Samsung announced that its IoT platform SmartThings now supports edge computing to improve home automation. Its Edge computing enables many core functionality to be processed locally. For the end-user, that means tasks are executed faster, more reliably, and with greater security. This development has further broadened the growth opportunity for the IoT Platform industry.

Figure 2: IoT Platform Market, by End-User, 2021 & 2030 (USD Billion)
IoT Platform Market, by End-User, 2021 & 2030
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Additionally, healthcare providers are concentrating their efforts on developing robust applications and integrating connected technologies. Remote patient monitoring, healthcare workflow management, prescription management, and medical asset tracking are some of the most common IoT applications in linked healthcare.


IoT Platform Regional Insights


By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America IoT Platform market accounted for USD 3.39 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the rapid growth of the industrial, automotive, and healthcare sectors, coupled with the adoption of IoT in these industries to achieve operational efficiency and competitive gains across the region.


Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Figure 3: IOT PLATFORM MARKET SHARE BY REGION 2021 (%)
IOT PLATFORM MARKET SHARE BY REGION 2021
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe IoT Platform market accounts for the second-largest market share due to the vast adoption of cloud technology in enterprises of all sizes. Besides, robust cloud infrastructure, increasing use of connected devices, and advancements in artificial intelligence and machine learning technologies boost the market size. Further, the Germany IoT Platform market held the largest market share, and the UK IoT Platform market was the fastest growing market in the European region


The Asia-Pacific IoT Platform Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to leading EV manufacturers shifting their production base in the region. With the growing demand for low-code IoT platforms and IoT nodes, the market has witnessed rising revenue growth over the past few years. Moreover, the increasing use of IoT platforms that can reduce IoT app development time substantiates market revenues. Moreover, China IoT Platform market held the largest market share, and the India IoT Platform market was the fastest growing market in the Asia-Pacific region


IoT Platform Key Market Players & Competitive Insights


Major market players are spending a lot of money on R&D to increase their product lines, which will help the IoT Platform market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the IoT Platform industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.


One of the primary business strategies adopted by manufacturers in the IoT Platform industry to benefit clients and expand the market sector is to critical business solutions worldwide with high availability, and scalability. In recent years, IoT Platform industry has provided solution with some of the most significant benefits. The IoT Platform market major player such as SAMSUNG, Robert Bosch GmbH, Ayla Networks Inc., GENERAL ELECTRIC, KaaIoT Technologies LLC, The ThingsBoard Authors and others are working to expand the market demand by investing in research and development activities.


Samsung provides turnkey solutions for all IoT fields, from smart home to B2B and industrial, with secured connectivity and faster processing power. Samsung delivers ultra-high-level safety for IoT with an unrivaled on-chip security solution and dedicated software. In January 2023, Samsung launched IOT-enabled, 100% made in India side-by-side refrigerator range. It has Curd MaestroTM, which enables customers to manufacture curd at home in a healthy and hygienic method, as well as Samsung's Twin Cooling PlusTM technology for accurate cooling and a convertible 5-in-1 mode for adaptable storage space.


Also, Cisco IoT solutions offers secure, reliable, and scalable solutions to connect your EV charging networks. Its solutions helps to increase EV network uptime, improve customer experience, and enable additional services. In December 2022, Cisco collaborated with NeutraDC to establish the data centre for the Cisco Platform Mobile IoT (Control Centre) and further develop Telkom’s data centre network infrastructure using software defined network (SDN) technology. The partnership intended to accelerate digitisation and 5G adoption across the country and the wider ASEAN region by tapping on the benefits of Internet of Things (IoT) services and SDN for public use.


Key Companies in the IoT Platform market include




  • SAMSUNG




  • Robert Bosch GmbH




  • Ayla Networks Inc.




  • GENERAL ELECTRIC




  • 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




IoT Platform Industry Developments


November 2021: Ayla Networks, a company in the Internet of Things (IoT) platforms, announced that Canadian Tire selected its turnkey IoT firmware to power a new, ly available line of smart home products.


March 2022: Sierra Wireless, an MVNO and provider of IoT solutions, announced an agreement with T-Mobile, one of the market leader in 5G and owner of the largest and fastest nationwide 5G network in the United States. The collaboration makes T-multi-band Mobile's 5G connectivity available to customers in the US, along with 4G LTE ultra-high data offers for fixed applications like commercial security/video surveillance, telehealth services, digital vending, signage, and others that demand high throughput and low latency.


IoT Platform Market Segmentation


IoT Platform Platform Outlook




  • Connectivity/M2M Platform




  • Laas Back-End




  • Hardware-Specific Software Platform




  • Consumer/ Enterprise Software Extension




IoT Platform Application Outlook




  • Device Management




  • Database Management




  • Analytics




  • Processing




IoT Platform End-User Outlook




  • Smart Cities and Homes




  • Retail




  • Health Care




IoT Platform Regional Outlook




  • North America



    • US

    • Canada






  • Europe



    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe






  • Asia-Pacific



    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific





  • Rest of the World





    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2021 USD 7.30 billion
Market Size 2022 USD 8.40 billion
Market Size 2030 USD 22.64 billion
Compound Annual Growth Rate (CAGR) 15.20% (2022-2030)
Base Year 2021
Market Forecast Period 2022-2030
Historical Data 2018 & 2020
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Platform, Application, End-Users, and Region
Geographies Covered North America, Europe, Asia Pacific, and Rest of the World
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled SAMSUNG, Robert Bosch GmbH, Ayla Networks Inc., GENERAL ELECTRIC, and others
Key Market Opportunities Growing demand for centralized monitoring and predictive maintenance of asset
Key Market Dynamics Growing adoption of IoT platforms among end-users
 

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Frequently Asked Questions (FAQ) :

The IoT Platform market size was valued at USD 7.30 Billion in 2021.

The market is projected to grow at a CAGR of 15.20% during the forecast period, 2022-2030.

North America had the largest share in the market

The key players in the market are SAMSUNG, Robert Bosch GmbH, Ayla Networks Inc., GENERAL ELECTRIC, and others.

The connectivity/M2M platform category dominated the market in 2021.

The device management application had the largest share in the market.