Global IoT Platform Market Size to Reach USD 36.01 Billion in 2032 | Emergen Research

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Increasing proliferation of IoT devices and shift from on-premises to cloud-based data management strategy, rising government initiatives for Research & Development (R&D) activities related to Internet of Things (IoT) are key factors driving market revenue growth

Vancouver, Nov. 22, 2023 (GLOBE NEWSWIRE) — The global Internet of Things (IoT) platform market, valued at USD 36.01 Billion in 2032, is set to experience a rapid revenue Compound Annual Growth Rate (CAGR) of 15.0% during the forecast period. Key drivers include the increasing adoption of IoT devices, a shift to cloud-based data management, and growing government initiatives for Research & Development (R&D) in IoT.

The proliferation of IoT devices is fueled by technological advancements, connectivity, consumer demand, industry adoption, economic incentives, data analytics, and smart city initiatives. While this presents opportunities for convenience and efficiency, it poses challenges for security professionals grappling with the vulnerability of these devices to cyberattacks.

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To address IoT security concerns, organizations are exploring innovative strategies such as credential protection and deception techniques. The rising need to enhance operational efficiency in managing complex IoT ecosystems further drives the adoption of IoT platforms.

Scope of Research

Report Details Outcome
Market Size in 2022 USD 9.00 Billion
CAGR (2023–2032) 15.0%
Revenue Forecast To 2032 USD 36.01 Billion
Base Year For Estimation 2022
Historical Data 2019-2021
Forecast Period 2023–2032
Quantitative Units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered Platform, deployment, service, application, end-use, and Region
Regional Scope North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled Cisco Systems, Inc., Amazon Web Services, Inc., Microsoft, IBM, Google, Oracle, GE DIGITAL, Particle Industries, Inc., Bosch.IO GmbH, Alibaba Cloud, Telit, Siemens, PTC, Hitachi, Ericsson, SAP, Relayr, Huawei, C3 IoT, and Sierra Wireless
Customization Scope 10 hours of free customization and expert consultation

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MAJOR COMPANIES and Market Share Analysis

The global IoT platform market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient IoT platform solutions.
Some major players included in the global Internet of Things (IoT) platform market report are:

  • Cisco Systems, Inc.
  • Amazon Web Services, Inc.
  • Microsoft
  • IBM
  • Google
  • Oracle
  • GE DIGITAL
  • Particle Industries, Inc.
  • Bosch.IO GmbH
  • Alibaba Cloud
  • Telit
  • Siemens
  • PTC
  • Hitachi
  • Ericsson
  • SAP
  • Relayr
  • Huawei
  • C3 IoT
  • Sierra Wireless

Strategic Development

•On 16 October 2023, IoT Squared, a division of the STC Group, formed a strategic partnership with AHOY Technology, a logistics and smart transportation infrastructure provider, as a part of Saudi Vision 2030’s goals. This collaboration focuses on advancing Internet of Things (IoT) technology in the logistics sector. In addition, this partnership will facilitate the development of state-of-the-art smart logistics solutions, software platforms, and technology infrastructure.

•IoT Squared will market products such as COMET software platform and FLY+ platform, enhancing logistics services. Moreover, this partnership aims to empower customers to create more value, particularly in areas such as Smart Cities, Industry 4.0, and Smart Mobility and Logistics services.

•On 21 June 2022, Avnet and Amazon Web Services (AWS) entered into a global strategic collaboration to accelerate Original Equipment Manufacturers (OEMs) of IoT solutions’ time to market. This partnership integrates AWS’s extensive services portfolio into Avnet’s IoTConnect Platform, enabling a scalable, secure platform preconfigured for application-specific usage.

•This integration helps lean Original Equipment Manufacturers (OEMs) by providing cloud-connected experiences and pre-integrated and abstracted capabilities for rapid deployment, thus reducing overhead. Avnet’s IoTConnect Platform, powered by AWS, will deliver advanced edge-to-cloud hardware designs and secure device management. It will allow OEMs to focus on feature development and speed up product launches.

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Some Key Highlights from the Report

  • A significant challenge for the IoT platform market is the lack of a technically skilled workforce. The rapid evolution of technology, intense competition for IT talent, inadequate STEM education, and the departure of experienced workers contribute to this shortage. Tech giants attracting top talent leave smaller IoT businesses struggling to compete.
  • Segments include manufacturing, smart cities and homes, retail, healthcare, and others. The smart cities and homes segment is expected to lead due to urbanization and infrastructure development. Healthcare is projected to register the fastest growth, empowering professionals with real-time patient data for personalized treatment plans.
  • The region accounted for the largest revenue share, driven by the increasing use of IoT platforms to tackle urban challenges. Smart city applications leverage IoT to enhance efficiency in areas such as traffic management and waste control.
  • This region is expected to experience the fastest revenue growth, attributed to the rising adoption of IoT platforms across sectors like manufacturing. Key market players are engaging in partnership activities to support global IoT device management.
  • The European market is expected to account for a considerable revenue share, driven by consumer adoption in various industries, the deployment of 5G networks, and the development of smart environments.
  • the global IoT platform market is poised for robust growth, with the increasing adoption of IoT devices, cloud-based solutions, and innovative security measures. While challenges exist in the form of a skilled workforce shortage, addressing these challenges through upskilling and automation can further drive the competitiveness of the IoT sector.

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For the purpose of this report, Emergen Research has segmented global Internet of Things (IoT) platform market on the basis of type, application, deployment, enterprise size, component, vertical, and region:

  • Platform Outlook (Revenue, USD Billion; 2019-2032) [h3]
    • Internet Connectivity
    • IaaS Backend
    • Hardware-Specific Software
    • Consumer/Enterprise Software Extension
  • Deployment Outlook (Revenue, USD Billion; 2019-2032)
    • On-Premises
    • Cloud
    • Hybrid
  • Service Outlook (Revenue, USD Billion; 2019-2032)
    • Training and Consulting
    • Integration and Deployment
    • Support and Maintenance
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Device Management
    • Database Management
    • Analytics
    • Processing
  • End-use Outlook (Revenue, USD Billion; 2019-2032)
    • Manufacturing
    • Smart Cities and Homes
    • Retail
    • Healthcare
    • Others
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa

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