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Open IoT Platform Market Size

ID: MRFR//2609-HCR | 100 Pages | Author: Aarti Dhapte| May 2024

The Open IoT Platform market is influenced by a multitude of factors, both internal and external, which shape its dynamics and growth trajectory. One significant market factor is technological innovation. As advancements continue to revolutionize the IoT landscape, platforms must adapt to incorporate cutting-edge technologies such as artificial intelligence, machine learning, and edge computing to stay competitive. Moreover, the increasing demand for interoperability drives the development of open-source platforms that facilitate seamless integration of diverse devices and systems, fostering collaboration and compatibility across various industries.


Another key market factor is the proliferation of connected devices. With the exponential growth of IoT devices across consumer, industrial, and enterprise sectors, the need for scalable and flexible platforms becomes paramount. Open IoT platforms offer the versatility to support a diverse array of devices, sensors, and protocols, enabling organizations to harness the full potential of their interconnected ecosystems. Additionally, the rise of smart cities and connected infrastructure projects further fuels the demand for comprehensive IoT solutions, driving the expansion of the open IoT platform market.


Market dynamics are also shaped by regulatory policies and standards. As governments worldwide enact regulations to govern data privacy, security, and interoperability in IoT deployments, platform providers must ensure compliance with these standards to build trust and credibility among customers. Moreover, initiatives promoting open standards and frameworks drive the adoption of open IoT platforms, fostering innovation and collaboration within the industry while reducing vendor lock-in and promoting vendor-neutral solutions.


Furthermore, market factors such as competitive landscape and industry partnerships play a crucial role in shaping the trajectory of the open IoT platform market. With a growing number of players entering the market, competition intensifies, driving providers to differentiate themselves through features, pricing, and service offerings. Strategic partnerships and collaborations with technology providers, system integrators, and industry consortia enable platform vendors to expand their market reach, enhance product capabilities, and address evolving customer needs more effectively.


Moreover, economic factors such as cost-effectiveness and return on investment (ROI) significantly influence purchasing decisions in the open IoT platform market. Organizations seek platforms that offer a balance between affordability and performance, providing robust features and scalability while minimizing upfront costs and total cost of ownership. Cloud-based deployment models and subscription-based pricing structures appeal to businesses looking to streamline operations and optimize resource allocation in an increasingly competitive market landscape.


Consumer behavior and industry trends also contribute to market dynamics, driving demand for specific features and functionalities in open IoT platforms. As end-users become more discerning and tech-savvy, they expect platforms to deliver personalized experiences, real-time insights, and seamless integration with existing systems and applications. Platforms that offer comprehensive developer tools, APIs, and ecosystem support gain a competitive edge by empowering customers to innovate and customize their IoT solutions according to their unique requirements.

Covered Aspects:

Report Attribute/Metric Details

Open IoT Platform Market Overview


The global open (Internet of Things) platform market is estimated to reach up to USD 58.4 Billion by the year with a CAGR of 22%. The rapid growth is caused by a rise in demand for industrial automation among the manufacturing industries.


Primarily, the IoT devices collect data regarding and performance from the sensors. This is done by analytical calculation in a particular network or sharing some data to a cloud platform. The IoT platform can connect with different hardware devices like mobiles, personal computer, laptops, fitness devices, control systems, etc.


There is a high demand for centralised monitoring, cost-effective and intelligent devices, safe, reliable and strong network connectivity, and cloud systems usage. The Open IoT Platform Market will grow at a very rapid rate in the coming few years. 


COVID-19 Analysis


The coronavirus or COVID-19 outbreak has largely affected the Open IoT Platform Market. Due to the lockdown for several months, there has been a continuous slowdown that affected businesses worldwide. 


Reports say that if the COVID-19 outbreak remains for the upcoming months, the industry will face huge problems due to the unavailability or shortage of necessary materials. It has reduced the growth of the IoT market, mainly among the manufacturing industries.


Several countries have lifted the lockdown, but the numbers of coronavirus cases are still scaring everyone. The Open IoT Platform Market will see a significant rise in the prices and demands of the materials.


Market Dynamics




  • Drivers¬†




As per the Open IoT Platform Market Research Report, the significant expansion of the internet connection, usage of mobile handsets, and rise in the new mobile technologies are considered the Iot market drivers. The increasing demand for cloud storage, various usages of data like downloading, transferring, and uploading main factors of growth of IoT platforms.




  • Opportunities




Wireless networks will largely dominate the IoT platform. The quality of the 5G network will help the IoT industry to thrive. Many countries have developed various research and development policies, and 5G connectivity will increase the IoT demand.




  • Restraints




The spike in the IoT market demand will be beneficial, but it will also increase the fear of breaching the privacy and security concerns among users. Reports say that over 70% of devices that is used in IoT comprise serious security hazards.




  • Challenges¬†




The Open IoT Platform Market Research Report says that it will have a huge lack of funds or investments initially. The IoT enhances the manufacturing process and ensures proper usage, reliability, and better returns. Though, initially, the IoT dominated industries require heavy investments at the beginning. The investments will be used for improving the hardware such as sensors, cloud storage, technical assistance and labour.




  • Cumulative Growth Analysis




According to Open IoT Platform Market Research Report, the global market of IoT will generate a CAGR of 154.5% during the forecast period of 2019-2025. The global IoT market platform plays a significant role in transmitting their data or connecting the project to the internet. The Iot platforms are the main elements of the IoT, which plays a significant role to connect the virtual world to the real world. It helps to establish communication among various objects, control data flow, application development, etc. 




  • Value Chain Analysis




The Open IoT Platform Market will boost network connectivity among devices such as sensors, mobile phones, laptops, fitness bands, smart homes, etc. In the next few years, we will be surrounded by Iot led devices such as Iot homes, transportation, etc. On the industrial platform, the devices can also be connected to different machines in the factories and the cameras and sensors to manage effortlessly.


Segment Overview


The Global Open IoT Platform market is divided into several segments: deployment, size, industry, and component.


By Deployment-



  • On-Premise

  • Cloud


By Component-



  • Services

  • Hardware

  • Software


By Size-



  • Small and Medium Enterprises

  • Large Enterprises


By Industry-



  • Retail

  • Manufacturing

  • Automotive

  • Healthcare


By Application-



  • Database Management

  • Devise Management

  • Processing and Application

  • Other various applications


Regional Analysis


The open Iot Platform Market's regional segmentation is divided into three segments. Europe, Middle-East and Africa, South America and Asia-Pacific. According to reports, the IoT market is largely dominated by the North-American region. It is because the people adopt the latest technology at a very early stage than compared to others. Oracle Corporation, Google Inc., and IBM Corporation are the leading companies in the Iot market.


The Asia-Pacific region is expected to reach the highest CAGR in the forecast period (2019-2025). It is because global leading companies like Ericsson and Samsung having a strong presence in this region. One of the major factors for the rapid growth of the open Iot platform market in Asia-Pacific is that the population adopt smart devices earlier than in other regions. 


The European region holds the second-largest share in the open Iot Platform Market. This region has highly invested in this field for research and development. It plays a crucial role in the enhancement and development of Iot technologies and necessary services.


The IoT platform is gradually rising in the Middle East and African region. According to GlobalData, various stakeholders identify the key areas for improvement as the IoT platform is still in the early stages under these regions. In upcoming years, Africa and the Middle East will be the fastest region to generate IoT after Asia. 


Competitive Landscape


The open IoT platform market has emerged as a highly competitive market due to various market key players worldwide. The companies use various market strategies to improve the service and maintain their position in the global market.


Cisco system has emerged as one of the key market players in the open IoT market platform research report. It has been providing various services such as retail, transportation, manufacturing, etc. Companies have invested a large amount in research and development to improve its services and provide solutions to 67,000 growing businesses worldwide.  


Here are some of the key market players of open IoT market platform



  • Cisco Systems Inc. (US)

  • Bosch Software Innovations GmbH (Germany)

  • Siemens (Germany)

  • Wipro Ltd. (India)

  • Microsoft Corporation (US)

  • Google Inc. (US)

  • Oracle Corporation (US)

  • Amazon.com.Inc. (US)

  • SAP SE (Germany)

  • Huawei Technologies Co.Ltd.

  • Intel Corporation (US)

  • PTC Inc. (US)


Recent Developments


In October 2020, ZEISS and Microsoft collaborated to provide better healthcare services to improve service and manufacturing quality. ZEISS and Microsoft will focus on providing management solutions, energy-efficient microchips, improved treatments, etc.


In November 2018, Amazon Web Series Inc. introduced AWS IoT SiteWise that gives managed service for different industrial facilities. The company collects the data, labels them, and produces key performance indicators (KPI).


IBM Corporation, in September 2018, introduced a developed version of Watson, which is also an IoT platform. It was built to improve its already existing IoT connection Service.Market Segmentations


By Components



  • Solutions

  • Services


By Deployment



  • Cloud

  • On-Premise


By Solutions or Applications



  • Surveillance

  • Application management

  • Device Management

  • Data Management


By User-End Industry



  • Manufacturing

  • Healthcare

  • Automotive

  • Other industries

  • Retail¬†


By Region



  • Europe

  • North America

  • Asia-Pacific

  • Middle East Latin America

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