According to a new market research report “IoT Cloud Platform Market by Offering (Platform and Service), Deployment Mode (Public Cloud, Private Cloud, and Hybrid), Organization Size, Application Area (Building & Home Automation and Connected Healthcare), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the global Internet of Things (IoT) cloud platform market size to grow from USD 6.4 billion in 2020 to USD 11.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.
Major factors expected to drive the growth of the IoT cloud platform market include the proliferation of IoT devices, need to increase operational efficiency, rapidly decreasing costs of IoT-based sensors connectivity hardware, and government initiatives for Research and Development (R&D) activities related to IoT.
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Based on offering, the platform segment to hold a higher market share during the forecast period
The IoT cloud platform market is a platform-driven market. The platform plays a crucial role in handling all the IoT and cloud operations related activities that include collecting data from IoT-enabled devices to the storage and analysis of collected data for gaining real-time insights. The rising number IoT devices in various application areas is one of the major factors driving the growth of platform segment in the IoT cloud platform market.
Based on organization size, the large enterprises segment to hold a higher market share during the forecast period
Large enterprises possess strong budget capabilities and are significantly investing in the adoption of the IoT cloud platform and associated services to manage their subscription base efficiently. The growth of the large enterprises segment is mainly governed by the increasing number of installed IoT devices across large enterprises. Large enterprises from smart city, retail, healthcare, manufacturing, and transportation verticals are widely adopting IoT cloud platforms to monitor and optimize their IoT business processes.
Based on application area, the connected healthcare segment to grow at the highest growth rate during the forecast period
Application of IoT cloud platform in the connected healthcare segment has widened, due to the increasing use of embedded sensors, availability of fast cellular networks, and rising adoption of wireless devices. Communication between sensors and devices enables healthcare organizations to streamline their clinical operations, manage workflows, and aid in real-time patient care, even from remote locations. Hence, healthcare organizations are focusing on implementing robust applications and connected technologies. Some of the major applications of IoT in connected healthcare area are remote patient monitoring, healthcare workflow management, medication management, and medical asset tracking.
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Based on regions, North America to hold the largest market size during the forecast period
North America is expected to hold the largest market size during the forecast period, as this market growth is likely to benefit from its technological advancements and its position as a developed region. Proliferation of IoT-enabled devices, significant R&D investment on IoT, and presence of key market players, such as Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco are some of the major driving factors driving the adoption of IoT cloud platform in North America. Due to the early adoption of trending technologies, such as IoT, cloud, Artificial Intelligence (AI), big data, and mobility, North American organizations are keen to integrate IoT technologies into their processes. Though the US is the leader in IoT cloud platforms market in North America, Canada is also expected to witness a surge in the adoption of IoT cloud platforms.
Key Market Players in the United States
Key and emerging market players in the US IoT cloud platform market include AWS (US), Microsoft (US), Google (US), Cisco Systems (US), IBM (US), Oracle (US), Salesforce.com (US), PTC (US), Autodesk (US), AT&T (US), GE Digital (US), Zoho Corporation (US), and Particle (US). These players have adopted various business growth strategies to grow in the global IoT cloud platform market.
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