Market Scope
The global IoT platform market is expected to grow from USD 8.7 billion in 2020 to USD 21.55 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 15.23% during the forecast period. Factors such as increasing demand for cloud-based solutions, growth in connected devices, and increasing demand for predictive maintenance and remote monitoring are driving the growth of the market. The IoT platform market is segmented into component, type, organization size, vertical, and region. Based on components, the market is divided into hardware, software, and services. The software segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for software solutions, such as cloud computing and analytics. The hardware segment held a larger share in 2020, owing to the need for hardware components, such as sensors, actuators, gateways, and controllers, for connecting IoT-enabled devices.
Top Boosters and Main Challenges
IoT has fundamentally changed the way businesses work, as home automation and Industry 4.0 gain significant traction across industries. IoT devices as well as embedded systems are becoming more and more prevalent since businesses across the globe now understand the potential and use cases of IoT. IoT platform offers connectivity to a variety of IoT-backed hardware devices like automotive telematics units, laptops, industrial control systems, mobiles, wearable fitness devices, and more.
The IoT platform market is largely supported by the heightened demand for data storage on the cloud. Given the rising number of connected devices in the IoT ecosystem, the need to transfer, download, and upload massive volumes of data has gone up significantly. This is another reason why the number of data centers is increasing at a rapid pace across the globe. Many companies are now able to expand their capabilities with respect to speed, agility, and expertise to handle IoT data resources.
A trend noted in the global market is the robust demand for cloud data storage to manage the mounting data traffic. Many of renowned vendors and service providers are striving to boost their backup servers and also mitigate the risks while ensuring system availability, speed, and uptime. This can greatly benefit the IoT platform market in the approaching years.
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Market Segmentation
Based on type, the market is divided into Device Management, Application Management, Network Management, and Security Management. The Device Management segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for managing and monitoring IoT-enabled devices.
By organization size, the market is divided into large enterprises and small and medium-sized enterprises. The large enterprises segment held a larger share in 2020, due to the higher adoption of IoT platforms in large enterprises compared to small and medium-sized enterprises.
Based on vertical, the market is divided into Manufacturing, Retail, Healthcare, Energy and Utilities, Transportation and Logistics, and Others. The Manufacturing segment held the largest share in 2020, owing to the increasing adoption of Industrial Internet of Things (IIoT) solutions.
The IoT platform market size can grow favorably over the coming years, the MRFR report reveals. The report also suggests the top segments by which the market has been studied, as platform, deployment, application and end user.
The platform-wise market segments are IaaS backend, connectivity/M2M platform, consumer/enterprise software extension and hardware-specific software platform. Connectivity/M2M platform was noted as the largest market in 2017 while hardware-specific software platform is on track to secure the highest growth rate of 31.5% in the years to come.
The market segments depending on deployment are cloud, hybrid as well as on-premises. On-premises had seized the largest share of 38.5% in the year 2017 while the hybrid segment can progress at the highest rate in the years ahead.
Applications of IoT platform have been identified as database management, device management, processing and analytics. The device management segment clinched the leading position in 2017 while the analytics segment exhibits the potential to advance at a pace of 32.7% in the next couple of years.
End users recognized in the global market are smart cities & homes, retail, manufacturing, healthcare and others. Manufacturing is the leading end-user segment with the biggest share of 28.0%, as of 2017. The smart cities & homes segment can acquire the highest growth rate of 29.6% and is set to be worth USD 19.20 billion by the end of the review period.
Top Vendors
The IoT platform market size is bound to increase in the following years, as more and more companies are putting in vigorous efforts to acquire a better position and note business growth. Some of the companies that are adopting strategic measures such as collaborations and partnerships in the global market include Amazon Web Services (US), Wipro Ltd (India), Google (US), IBM Corporation (US), General Electric (US), Intel Corporation (US), Microsoft Corporation (US), AT&T Inc. (US), Huawei Technologies Co. Ltd (China), Cisco Systems, Inc. (US), to mention a few.
Regional Insight
The IoT platform market is spread across the main regions of Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), South America and North America.
North America is projected to gain the highest traction in the global market for IoT platform, profiting significantly from the high adoption of cloud technology by enterprises. Moreover, the illustrious cloud infrastructure, elevating number of connected devices, and the striking advancements in artificial intelligence as well as machine learning technologies can drive the market progression in the coming period. Well-known vendors like Microsoft Corporation, IBM Corporation, C3, Inc., Amazon Web Services, Particle, Oracle Corporation and PTC Inc. are quite established in the region and are largely responsible for the strong market growth. These companies are focused on investing significantly in research and development to come up with highly advanced IoT platforms with better functionality.
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Europe ranks second in the global IoT platform market, as noted in 2017. The report suggests that Germany, the UK, France, and others can take the lead in the regional market during the appraisal period. However, there is a high probability that the UK can claim the top position in the region market, with Germany, France, and others following suit. High number of IoT-backed and intelligent devices among enterprises and the fast-paced use of corporate-owned personally enabled (COPE) and bring your own device (BYOD) devices has boosted the market growth to a fair degree in the region. Most of the countries in Eastern Europe are catching up with the rest of the region, thanks to the rising adoption of cloud technology, in the backdrop of high implementation of strict regulations that mandate the streamlining and securing of data storage.
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