"Smart Strategies, Giving Speed to your Growth Trajectory"

IoT Cloud Platform Market Size, Share & Industry Analysis, By Service Type (Application Management, Device Management, and Data Management), By Cloud Type (Private, Public, and Hybrid), By End-User (Healthcare, IT & Telecom, Retail & E-Commerce, Manufacturing, Transportation and Logistics, Automotive, Energy and Power, and Others), and Regional Forecast, 2024-2032

Last Updated: October 21, 2024 | Format: PDF | Report ID: FBI110364

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global IoT cloud platform market size was valued at USD 14.72 billion in 2023. The market is projected to be worth USD 17.91 billion in 2024 and reach USD 102.01 billion by 2032, exhibiting a CAGR of 24.3% during the forecast period.


IoT cloud platform, also recognized as cloud service IoT platform, incorporates IoT devices and cloud computing services, comprising both the ability to provide services through an end-to-end platform. This platform is critical to all IoT and cloud operations activities, including collecting data from IoT-enabled devices and analyzing and storing that data to develop a true vision. Demand for these platforms is increasing due to  factors such as  growing shift toward data management solutions, cloud-based data, increasing number of IoT connected devices, and the growing demand for technologies such as 5G, AI, edge computing and big data.


The outbreak of the COVID-19 pandemic played a major role in driving the market growth. The explosion of smart devices, the constant rollout of 5G networks, the prevalent implementation of IoT technology, the adoption of Industry 4.0, and the potential of large volumes of data generation by EduTech, HealthTech, FinTech, GamingTech, and media & entertainment, ACES mobility among other industries, are some of the significant factors driving the demand for IoT cloud platforms.


IoT-Cloud-Platform-Market


IoT Cloud Platform Market Trends


Rapid Adoption of Smart Connected Devices Across Industries Drives Market Growth


The growth of smart connected devices has led to a rapid increase in the use of Industrial IoT solutions in healthcare, logistics, manufacturing, and other sectors. IIoT applications use machines, connected sensors, and devices to optimize operations, improve productivity, and assist in predictive maintenance. IoT platforms form the backbone of the IIoT ecosystem by collecting real-time data from various sources, analyzing it to gain insights, and generating automated actions based on predefined rules. For instance,



  • According to a leading industry analysis, around 47% of energy executives are adopting Internet of Things (IoT) across the sector. Energy data sources include the use of robots (46%) and machines (49%). 45% of energy companies are using IoT to monitor asset performance. 43% of energy companies are using IoT to improve customer experience, and 40% of energy companies report an increase in overall productivity.

  • A recent survey by Cognizant found that manufacturing-intensive industries are leading the way in IoT implementation. More than half (53%) of IoT pioneers are from five production-intensive industries:  consumer products, manufacturing, life sciences, oil and gas, and utilities.


As more devices connect to the internet, the demand for IoT cloud platforms is expected to increase.


Request a Free sample to learn more about this report.


IoT Cloud Platform Market Growth Factors


Proliferation of IoT Devices Backed By Increased Adoption of Advanced Technologies to Boost Market Growth


The exponential increase in the number of connected devices is a primary driver. With the growing number of devices used in various sectors, the requirement for scalable and efficient data processing and storage solutions is on the rise, and that is where IoT cloud platforms play an important role. Additionally, the IoT cloud platforms are often coupled with a plethora of advanced analytics and machine learning capabilities that ensure the better processing and analyzing of the vast data generated by IoT devices for enriching the data network and thereby supporting the enhanced decision-making processes.


By integrating with AI, machine learning, and edge computing, cloud IoT platforms enable faster data processing, thereby reducing latency. Due to this, advanced cloud IoT-based applications are emerging. Additionally, the rollout of 5G networks provides the high-speed, low-latency connectivity required for advanced IoT applications. This technological advancement supports more robust and real-time IoT solutions. By leveraging these factors, the cloud IoT market is set to continue its growth trajectory, enabling more sophisticated, scalable, and cost-effective IoT solutions across various industries.


RESTRAINING FACTORS


Lack of Standardization of IoT Protocol Hamper Market Growth


The lack of standardization of IoT protocols is one of the biggest obstacles to the global IoT cloud platform market growth. This creates interoperability that can lead to compatibility issues and limited functionality. Different devices use different protocols, making it challenging to integrate them into a single system. This makes the system complex and difficult to manage. Moreover, it also increases the cost of setting up, maintaining, and updating the system.


IoT Cloud Platform Market Segmentation Analysis


By Service Type Analysis


Increased Number of Connected Devices to Dominate Market Owing to Generate IoT Devices


Based on service type, the market is segmented into application management, device management, and data management.


Among these, device management held the largest market share in 2023 due to the increasing number of connected devices across various sectors, such as healthcare, manufacturing, transportation, and smart homes. Additionally, the platform integrates advanced analytics and machine learning capabilities, allowing companies to derive actionable insights from the massive amounts of data generated by IoT devices.


Application management is expected to grow at the highest CAGR during the forecast period. IoT application enablement platforms allow developers to build, deploy, and monitor IoT applications effectively. These platforms allow rapid application development by providing frameworks and tools to collect, process, and evaluate data from connected devices. With capabilities, such as data storage, device connectivity, real-time analytics, and visualization, developers can design unique IoT solutions for specific use cases. Platforms, such as Google Cloud IoT, AWS IoT Core, Microsoft Azure IoT Suite, and IBM Watson IoT Platform, offer comprehensive suites of services that make it easy to build complete IoT applications. In the growing IoT space, application enablement platforms are a significant tool for unlocking the full potential of connected devices and data.


By Cloud Type Analysis


Increased Investment in Public Cloud Infrastructure Contributing to Segmental Growth


Based on the cloud, the market is segmented into public, private, and hybrid.


The public cloud held a major market share in 2023 and is expected to grow at the highest rate during the forecast period. The growth of the public cloud is primarily driven by factors, such as ease of flexibility, deployment, and cost-effective pricing structures. Increasing investments in public cloud infrastructure by developed countries, such as Australia, China, the U.S., the U.K., and Canada, are expected to boost the demand for public cloud options in the market. As a result of digital transformation, firms are changing their business models and operations. Public cloud services include a wide range of capabilities, from primary storage, processing, and networking performance to artificial intelligence, natural language processing, and regular office programs.


Private cloud is also growing considerably as communication with industries, external partners, and customers is on the rise, and the private cloud provides an ideal foundation for developing private inter-business networks.


By End-User Analysis


To know how our report can help streamline your business, Speak to Analyst


Rapid Usage of Wireless Devices in Healthcare Industry Contributing to Segmental Growth


Based on end-user, the market is studied into healthcare, IT & telecom, retail & e-commerce, manufacturing, transportation and logistics, automotive, energy and power, and others.


Healthcare held the highest IoT cloud platform market share in 2023. The growth of this sector is due to the availability of high-speed cellular networks, the increasing use of embedded sensors, and the use of wireless devices in the healthcare industry. Sensor and device communication enables healthcare companies to manage workflows, improve patient care in real-time, and optimize clinical operations even from remote locations. Hence, healthcare institutions are making great efforts to adopt reliable apps and connected technologies.


BFSI is expected to grow at the highest CAGR during the forecast period. The adoption of IoT in financial services is primarily driven by the rise in financial fraud, which has increased the demand for efficient security systems. The adoption of IoT in the banking and financial services sector is also expected to improve the operational efficiency of the sector, thereby driving segment expansion. Furthermore, the introduction of new IoT solutions integrated into BFSI is expected to create opportunities for market expansion. There has been an upsetting increase in banking and financial fraud in recent years. For instance,



  • According to a SEON report, around 36% of financial institutions were affected by card fraud in 2022, representing a 26% increase over the previous year.


REGIONAL INSIGHTS


Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.


North America IoT Cloud Platform Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


North America holds a major IoT cloud platform market share as it is likely to benefit from technological advancements and its status as a developed region. The widespread use of IoT-enabled devices, large research and development investments in IoT, and the presence of major market players, such as Google, Amazon Web Services (AWS), IBM, Microsoft, and Cisco Systems, are some of the key factors driving the adoption in the North American market. IoT is a rapidly growing industry in the U.S. Modern U.S. manufacturing facilities rely on new technologies and innovations to produce higher-quality products at lower costs. For instance,



  • According to the Consumer Technology Association, 791 million connected devices were shipped to the U.S. in 2022.


Europe has the second largest market share. The increasing trend toward cloud-based IoT software, the need for improved supply chain operations and customer relationship management, and advancements in industrial-grade digital products are the major factors contributing to the growth of the IoT market across the region.


Asia Pacific is expected to grow at the fastest CAGR during the forecast period.  As industries across the market continue to transition from traditional to digital ecosystems, a massive need for connected ecosystems is emerging, driving demand for IoT cloud platforms. For instance,



  • In January 2023, Schlag, a leading home security and access solutions provider, launched the Schlage Encode Smart Wi-Fi Lever. This Wi-Fi-enabled smart lock seamlessly integrates with other smart home technologies such as Amazon Alexa and Google Home.


South America and the Middle East & Africa have become increasingly popular in recent years. Increasing urbanization, the use of advanced technologies in industries, and improving economies are the major factors driving the market's growth. Moreover, the growing demand for remote monitoring and real-time streaming solutions for continuous control of equipment and site safety and operational efficiency, especially in sectors, such as agriculture, logistics, transportation, and manufacturing, is also supporting the growth of the IoT market in South America and the Middle East & Africa.


KEY INDUSTRY PLAYERS


Key Players to Emphasize on IoT Cloud Platform to Strengthen their Positions


The prominent players in the market, such as Google LLC, AWS, Inc., IBM Corp., and Oracle Corp., are expected to dominate the market. These players are focused on offering IoT Cloud Platform options to cater to the changing user requirements. Similarly, these players are adopting various strategies, such as product launches and partnerships, to continue their dominance in the upcoming years.


List of Top IoT Cloud Platform Companies:



KEY INDUSTRY DEVELOPMENTS:



  • April 2024: VVDN Technologies has partnered with Google to launch its innovative Internet of Things (IoT) cloud platform called Intelligent Cloud Engine (ICE). This platform provides data aggregation, analytics, visualization, and management.

  • April 2024: Since 2018, Palo Alto Networks has extended its partnership with Google Cloud. As a part of this longstanding partnership, Palo Alto Networks' Network Security platform and an AI-driven security operations platform enable the company to address complex security challenges using tools powered by Google Cloud’s generative AI.

  • January 2024: Arduino, an open-source hardware and software company, has introduced the Arduino IoT Cloud Remote app as part of its Arduino Cloud overhaul. This app will enable the users to receive real-time alerts on their mobile devices directly from their connected Arduino Cloud devices and services.

  • August 2023: A secure parking solution provider has partnered with Microsoft to develop a solution called "Voyager." This solution has Microsoft Dynamics 365 and Microsoft Azure as its core backend technology and is integrated with over 3,000 devices, including IoT edge controllers, boom gates, entry/exit terminals, and roller doors.

  • March 2023: Goliath, an IoT Cloud services provider, has partnered with Nordic Semiconductor. The partnership aims to integrate Golioth’s Cloud solution with Nordic’s wireless IoT products. This enabled Golioth’s users to streamline the entire process, from concept to managing IoT end devices in the field.


REPORT COVERAGE


The study on the market includes prominent areas globally to help the user get a better knowledge of the industry. Furthermore, the research provides insights into the most recent market trends and an analysis of technologies that are being adopted globally. It also emphasizes some of the growth-stimulating factors and restrictions, allowing the reader to obtain a thorough understanding of the market.


To gain extensive insights into the market, Request for Customization


REPORT SCOPE & SEGMENTATION










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion)



Growth Rate



CAGR of 24.3% from 2024 to 2032



Segmentation



By Service Type



  • Application Management

  • Device Management

  • Data Management


By Cloud Type



  • Private

  • Public

  • Hybrid


By End-User



  • IT & Telecom

  • Healthcare

  • Retail and E-Commerce

  • Manufacturing

  • Transportation and Logistics

  • Automotive

  • Energy and Power

  • Others


By Region



  • North America (By Service Type, Cloud Type, End-User, and Country)


    • U.S.

    • Canada

    • Mexico


  • Europe (By Service Type, Cloud Type, End-User, and Country)


    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Benelux

    • Nordics

    • Rest of Europe


  • Asia Pacific (By Service Type, Cloud Type, End-User, and Country)


    • China

    • Japan

    • India

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific


  • Middle East & Africa (By Service Type, Cloud Type, End-User, and Country)


    • Turkey

    • Israel

    • GCC

    • South Africa

    • North Africa

    • Rest of the Middle East & Africa


  • South America (By Service Type, Cloud Type, End-User, and Country)


    • Brazil

    • Argentina

    • Rest of South America







Frequently Asked Questions

The market is projected to reach USD 102.01 billion by 2032.

In 2023, the market stood at USD 14.72 billion.

The market is projected to record a CAGR of 24.3% during the forecast period of 2024-2032.

By industry, the healthcare is likely to lead the market.

Proliferation of IoT devices backed by increased adoption of advanced technologies to boost market growth

Google LLC, Cisco Systems, Inc., and IBM Corporation are the top players in the market.

North America is expected to hold the highest market share.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 150
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Information & Technology Clients
Dell
Bain & Company
ey
Kpmg
Lg
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X