IoT Platform Market Size, Analytical Overview, Growth Factors, Demand And Trends Forecasts 2030

 Global IoT Platform Market: Snapshot

The global IoT platform market is foretold to bank on the growing penetration of smartphones, tablets, and other connected and remote devices. Need to improve decision-making, emergency handling, and reduce production costs in organizations could be another powerful factor pushing the growth of the global IoT platform market. Easy integration of data communication, data storage, and hardware design with the help of IoT platform is anticipated to create lucrative opportunities in the global market.

The global IoT platform market is envisaged to clock a 21.0% CAGR between 2017 and 2025 to reach a valuation of US$10.0 bn by the final forecast year. In 2016, the global IoT platform market was worth a US$1.7 bn.

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iot platform market

Supply Chain Management Creates Higher Demand with Need for Asset Tracking

The global IoT platform market is bifurcated into inventory, human capital, customer service, enterprise performance, supply chain, infrastructure, and security and asset performance management on the basis of application. Among these applications, supply chain management is foreseen to become prominent in the global IoT platform market. Development of asset tracking is one of the important applications of supply chain management, which enables manufacturers to save time and money and helps to make informed business decisions.

By industry vertical, the global IoT platform market is cataloged into education and hospitality, energy, government and defense, manufacturing, transportation and logistics, oil and gas, BFSI, healthcare, and retail.

The global IoT platform market is also divided into cloud and on-premise as per the segmentation by deployment. Among these, on-premise deployment is predicted to lead the global IoT platform market due to the growing use of advanced security facilities it provides. On-premise deployment also promises improved latency and accessibility. On the other hand, cloud deployment may show a higher growth rate because of the rising adoption of cloud computing technologies, fast digitalization, and improved cost of IoT sensors.

North America Leads Market with Increasing Presence of IoT Solutions Providers

On the geographical front, the global IoT platform market is prophesied to witness the dominance of North America in the foreseeable future. Increasing adoption of advanced technologies and number of companies providing IoT solutions could create a surge in the growth of the IoT platform market in the region. However, North America is envisioned to tread upon the heels of Europe in terms of growth rate. Expected to show a higher growth rate, Europe could accelerate its growth in the global IoT platform market due to the rising uptake of Industry 4.0 and favorable government initiatives. Europe is forecast to benefit from the increase in demand for IoT platform in France, the U.K., and Germany.

Asia Pacific is also expected to show a promising rise in the global IoT platform market owing to the rapid acceptance of digitalization in Japan, China, and Australia. Latin America could rely on Brazil and Argentina for its growth in the global IoT platform market. The MEA is anticipated to depend on the adoption of IoT platform in the government sector and the oil and gas industry.

The global IoT platform market marks the presence of leading players such as Salesforce.com, Inc., General Electric, and Oracle Corporation.

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Intensive Need for Tackling Security Concerns to Boost Growth Rate of IoT Platform Market

The IoT platform market is growing rapidly on the back of the intensive connectivity they provide in terms of devices. They assist immensely in data storage mechanisms and decreasing production costs. Thus, these aspects prove to be vital growth generators for the IoT platform market.

  • The rising influence of e-commerce platforms and the increasing smartphone penetration among the global populace may prove to be key growth boosters for the IoT platform market. The heightening influence of connected devices may also serve as promising growth accelerators for the IoT platform market. The exceptional increase in demand for IoT-powered devices may also fuel the growth rate.
  • IoT platforms protect the valuable data of any company or organization. It guards against consistent cyber attacks and addresses key problems pertaining to malicious activities across the organization. These factors may add extra stars of growth to the IoT platform market.
  • The growing threat of data breaches has alerted many companies and has urged them to revamp their online security. This factor is seeing an increase in the demand for IoT platforms to a great extent. These platforms help in gaining efficiency in terms of design, production, and development. Thus, this aspect will further multiply the growth of the IoT platform market.
  • Transferring, downloading, and uploading large quantities of data have become a necessity. IoT platforms serve as a perfect platform for fulfilling this necessity. Thus, these aspects bring tremendous growth opportunities for the IoT platform market.
  • The COVID-19 outbreak proved to be a game-changer for the IoT platform market. The heightening adoption of Work-From-Home (WFH) mechanisms across the globe may serve as a prominent growth accelerator for the IoT platform market. The influence and popularity of IoT platforms have increased considerably due to the wide range of features they provide. Hence, these factors will serve as growth pillars for the IoT platform market.
 

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