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Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global IoT Cloud Platform Market Outlook

The global IoT cloud platform market size reached approximately USD 13.20 billion in 2023. The market is assessed to grow at a CAGR of 13.8% between 2024 and 2032, reaching a value of around USD 42.26 billion by 2032.

Key Trends in the Market

IoT, the Internet of Things, refers to a wide network of digital devices interconnected to facilitate real-time collection and exchange of data. IoT cloud computing deals with the integration of cloud technologies to utilise connectivity options and establish an effective and flexible network between a large number of IoT devices.

  • One of the prominent drivers augmenting the global IoT cloud platform market demand is the rising utilisation of linked devices to strengthen communication within an organisation and between different organisations. Companies are increasingly integrating different systems to streamline workflow, aiding the market.
  • The rapidly advancing wireless network technologies present lucrative development opportunities for the IoT cloud platform market growth during the forecast period. The widespread deployment of 5G network services and increasing focus on the development of 6G technology is a major factor aiding the expansion of the market.
  • The rising implementation of artificial intelligence and machine learning technologies is one of the major IoT cloud platform market trends. With the integrated network of IoT devices and applications, data management becomes significantly straightforward and provides a suitable platform to develop memory-intensive and complex models.

Market Analysis

Based on the offering, the market is segmented into platform and services. The global IoT cloud platform market segmentation, on the basis of the deployment mode, includes private, commercial, and hybrid. Based on organisation size, the market is categorised into small and medium-sized organisations, and large size organisations.

The market, based on application, is segmented into smart infrastructure, automotive, industrial automation and smart manufacturing, healthcare, retail and e-commerce, and BFSI, among others. The major regional markets for IoT cloud platforms are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT cloud platform market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

  • Microsoft Corporation 
  • Amazon Web Services, Inc. 
  • Alphabet Inc. (Google LLC) 
  • IBM Corporation 
  • Oracle Corporation 
  • Bosch.IO GmbH 
  • Cisco Systems, Inc.  
  • General Electric Company 
  • Siemens AG 
  • PTC Inc. 
  • Particle Industries, Inc. 
  • Telit Corporate Group
  • Others

Market Share by Application

The healthcare sector is extensively utilising IoT cloud platforms to seamlessly store and share data through various IoT devices. The IoT cloud platform market share in this sector is expected to rise due to the development of embedded sensors and the increasing adoption of wireless devices to enhance healthcare quality. Growing technological advancements in the healthcare sector amid the rising focus on remote patient monitoring are likely to boost the segment’s growth in the coming years.

Market Share by Region

According to the IoT cloud platform market analysis, North America is likely to experience a healthy growth during the forecast period. The companies present in the region are rapidly adopting IoT cloud platforms and the presence of key players allows the regional market to show constant and robust growth.

Competitive Landscape

Microsoft Corporation is one of the most prominent players in the technology development sector. It is known for its operating system called Windows. The company was founded in 1975 and since then it has developed its expertise in many sectors, including cloud computing, machine learning, and artificial intelligence, among others.

Alphabet Inc. (Google LLC) is a global leader in the software development sector, and it is the parent organisation of Google. It was formed as a holding company after the restructuring of Google in 2015. It was done to separate the internet-based business ventures of Google from the experimental ventures, which are now under Alphabet.

Amazon Web Services, Inc. is an IT service management company and has been operating as a subsidiary of Amazon since its foundation in 2006. With the development of AWS, the company’s cloud computing platform, it has established a significant hold in the cloud computing sector.

Other IoT cloud platform market players include IBM Corporation, Oracle Corporation, Bosch.IO GmbH, Cisco Systems, Inc., General Electric Company, Siemens AG, PTC Inc., Particle Industries, Inc., and Telit Corporate Group, among others.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Offering
  • Deployment Mode
  • Organisation Size
  • Application
  • Region
Breakup by Offering
  • Platform
  • Services
Breakup by Deployment Mode
  • Private
  • Commercial
  • Hybrid
Breakup by Organisation Size
  • Small and Medium-Sized Organizations
  • Large Size Organizations
Breakup by Application
  • Smart Infrastructure
  • Automotive
  • Industrial Automation and Smart Manufacturing
  • Healthcare
  • Retail and E-commerce
  • BFSI
  • Others
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Microsoft Corporation 
  • Amazon Web Services, Inc. 
  • Alphabet Inc. (Google LLC) 
  • IBM Corporation 
  • Oracle Corporation 
  • Bosch.IO GmbH 
  • Cisco Systems, Inc.  
  • General Electric Company 
  • Siemens AG 
  • PTC Inc. 
  • Particle Industries, Inc. 
  • Telit Corporate Group
  • Others

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the market reached an approximate value of USD 13.20 billion.

The market is projected to grow at a CAGR of 13.8% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 42.26 billion by 2032.

The market is being driven by the rising adoption of IoT devices in organisations of different sectors and advancements in wireless network technologies.

The market is guided by the increasing adoption of artificial intelligence and machine learning as cloud platforms and the rising demand for IoT cloud platforms in the healthcare sector.

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The different applications of the product include smart infrastructure, automotive, industrial automation and smart manufacturing, healthcare, retail and e-commerce, and BFSI, among others.

The key players in the market include Microsoft Corporation, Amazon Web Services, Inc., Alphabet Inc. (Google LLC), IBM Corporation, Oracle Corporation, Bosch.IO GmbH, Cisco Systems, Inc., General Electric Company, Siemens AG, PTC Inc., Particle Industries, Inc., and Telit Corporate Group, among others.

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40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.

+63 287899028, +63 967 048 3306

6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London

+44-753-713-2163

193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City

+84865399124