IoT Cloud Platform Market Size Worth $51.3 Billion by 2030: Grand View Research, Inc.

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Jan 10, 2023, 05:40 ET

SAN FRANCISCO, Jan. 10, 2023 /PRNewswire/ -- The global IoT cloud platform market size is anticipated to reach USD 51.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 14.6% from 2023 to 2030. The rapid adoption of internet of things (IoT) cloud platforms to connect hardware, such as sensors and smart devices to the cloud, to handle different communication protocols, and provide reliability, security, and authentication for users and devices is driving the IoT cloud platform market growth.

Key Industry Insights & Findings from the report:

By offering, the platform segment accounted for the major revenue share of 68.3% in 2022 and is anticipated to maintain its dominance over the forecast period. Increased adoption of IoT cloud platform as it helps to minimize risk and reduce development & operational costs are driving the segment growth. It also offers capabilities to help and analyze organizations to achieve business-critical needs with increased agility.
The service segment is expected to witness the fastest growth rate of 15.5% during the forecast period. Growing demand for IoT cloud services such as training, consulting, integration, deployment, support, and maintenance services are boosting the segment's growth.
Commercial deployment segment held the largest market share of 47.3% in 2022 and is expected to retain its position over the forecast period. Increasing use of commercial cloud deployment model owing to its benefits such as high flexibility and scalability, easy deployment, and minimal maintenance costs is boosting the segment growth.
Hybrid deployment segment is expected to grow at the fastest CAGR of 15.5% during the forecast period owing to its low cost and greater security and control over critical workloads.
In terms of organization size, large-size organizations segment dominated the market and captured the largest revenue share of 67.3% in 2022. The increasing use of IoT cloud platforms by large enterprises from manufacturing, retail, smart city, transportation, and healthcare verticals to optimize and monitor their IoT business processes is attributed to segment growth.
The small and medium sized organizations segment is expected to witness the fastest growth rate of 15.3% during the forecast period. Growing investments in the adoption of new and advanced technologies and the rising shifts towards cloud-based services are propelling segment growth.
In terms of the application, the industrial automation & smart manufacturing segment accounted for the major revenue share of 21.5% in 2022 and is anticipated to maintain its dominance over the estimated timeframe. Factors such as the increasing involvement of the government in supporting smart manufacturing and the adoption of cloud technologies are driving the segment growth.
The healthcare segment is expected to grow at a CAGR of 15.9% during the forecast period. With the growing use of smart devices, Artificial Intelligence (AI), and cloud technologies, the demand for IoT cloud platforms is expected to increase in the healthcare industry.
North America held the largest market share of 32.0% in 2022 and is expected to retain its position over the forecast period. An increase in IoT spending across the U.S. and Canada, early adoption of IoT platforms across the industrial segment, and the presence of leading market players such as Microsoft (U.S.), AWS (U.S.), and Google (U.S.) are driving the IoT cloud platform market growth in this region.
Asia Pacific is expected to grow at the fastest CAGR of 15.8% during the forecast period owing to the rise in investments in smart manufacturing, smart cities, and the connected vehicle sector.

Read 200-page market research report, "IoT Cloud Platform Market Size, Share & Trends Analysis Report By Offering (Platform, Service), By Deployment Type, By Organization Size, By Application, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

IoT Cloud Platform Market Growth & Trends

In addition, the growing use of AI and ML integrated IoT platforms among organizations to reduce costs and maintain a competitive advantage is expected to boost the IoT cloud platform market growth. A rise in the demand for IoT cloud platforms from the healthcare sector is driving the market growth. The growing use of IoT cloud platforms and services during the COVID-19 pandemic period owing to their ability to transform a complete healthcare delivery system is fueling the growth of the IoT cloud platform market. Telemedicine, robotic sanitization, contact tracing, and data protection and privacy are some of the important services provided by IoT in the healthcare sector. In addition, the adoption of IoT cloud in database design to integrate the cloud and the smart hospital information system is also expected to boost market growth.

IoT Cloud Platform Market Segmentation

Grand View Research has segmented the IoT cloud platform market based on offering, deployment type, organization size, application, and region:

IoT Cloud Platform Market - Offering Outlook (Revenue, USD Million, 2017 - 2030)

Platform

Device Management
Analytics
Connectivity & Communication

Service

Professional
Managed

IoT Cloud Platform Market - Deployment Type Outlook (Revenue, USD Million, 2017 - 2030)

Commercial
Private
Hybrid

IoT Cloud Platform Market - Organization Size Outlook (Revenue, USD Million, 2017 - 2030)

Small & Medium Sized Organizations
Large Size Organizations

IoT Cloud Platform Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

Industrial Automation & Smart Manufacturing
Smart Infrastructure
Automotive
Healthcare
Retail & E-commerce
BFSI
Others

IoT Cloud Platform Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

North America

U.S.
Canada

Europe

U.K.
Germany
Italy
France
Spain
Netherlands

Asia Pacific

China
India
Japan
Australia
South Korea

Latin America

Brazil
Mexico
Argentina
Chile

Middle East & Africa

UAE
Saudi Arabia
South Africa

List of Key Players of IoT Cloud Platform Market

Amazon Web Services, Inc.
Microsoft
Google
Cisco Systems, Inc.
IBM
Oracle
Salesforce, Inc.
PTC
GE DIGITAL
Particle Industries, Inc.
Bosch.IO GmbH
Alibaba Cloud
Telit
Siemens

Check out more related studies published by Grand View Research:

IoT Device Management Market - The global IoT device management market size is expected to reach USD 19.77 billion by 2030, registering a CAGR of 34.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market has been evolving continuously in line with the advances in technology and the changing needs of the incumbents of various end-use industries and industry verticals, especially small and medium enterprises.
Aviation IoT Market - The global aviation IoT market size is anticipated to reach USD 22.51 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.4% from 2021 to 2028. The aviation industry is tectonically shifting toward automated and intelligent systems in line with the continued advances in technology.
Smart Home Platforms Market - The global smart home platforms market size is expected to reach USD 60.2 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.9% from 2022 to 2028. Improved experience gained by the users owing to the integration of smart home platforms is the key factor fueling the growth of the market.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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