IoT Cloud Platform Market Is Expected To Reach USD 23.66 Billion at a 14.10 % CAGR by 2030 – Report by Market Research Future (MRFR)
Increasing number of IoT devices in application sectors will boost the IoT cloud platform market growth
New York, US, April 10, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “IoT Cloud Platform Market Research Report Information By Deployment, By Application, By End-user, And By Region – Market Forecast Till 2030., the market is anticipated to acquire a valuation of approximately USD 23.66 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 14.10% during the assessment timeframe.
The market research report by MRFR provides a comprehensive analysis of the key players in the IoT cloud platform market, including-
- Amazon Web Services, Google
- IBM, Microsoft
- Oracle, Salesforce
- Cisco Systems,
- Bosch Software Innovations
- General Electric.
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|Revenue Forecast in 2030||USD 23.66 Billion|
|Growth Rate||CAGR of 14.10% from 2023 to 2030|
|Key Market Opportunities||The evolution of high-speed networking technologies|
|Key Market Drivers||Increasing Demand for data cloud storage|
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IoT Cloud Platform Market Drivers:
The adoption of cloud computing has revolutionized the way businesses operate, providing a flexible and scalable platform for hosting applications and managing data. This has led to an increase in the adoption of cloud-based IoT platforms, which allow businesses to connect and manage their devices, sensors, and data in real-time.
The proliferation of connected devices, including smartphones, wearables, and smart home appliances, has created a massive amount of data that needs to be processed, analyzed, and stored. IoT cloud platforms provide a centralized platform for managing this data, allowing businesses to gain valuable insights into customer behavior, product performance, and operational efficiency.
IoT Cloud Platform Market Challenges:
Despite the numerous benefits of IoT cloud platforms, there are several challenges that need to be addressed. One of the main challenges is data security and privacy concerns, as the use of connected devices and cloud-based platforms creates new vulnerabilities that can be exploited by hackers and cybercriminals.
Another challenge is the lack of interoperability standards, which makes it difficult for different devices and platforms to communicate with each other. This can lead to compatibility issues and can limit the effectiveness of IoT solutions.
IoT Cloud Platform Market Segmentation:
The market research report by MRFR provides a detailed segmentation analysis of the IoT cloud platform market based on deployment model, application, platform, and region.
Based on deployment model, the market is segmented into public cloud, private cloud, and hybrid cloud. Based on application, the market is segmented into smart homes, smart cities, industrial automation, healthcare, and others. Based on platform, the market is segmented into device management, application management, connectivity management, and others.
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The market research report by MRFR provides a comprehensive regional analysis of the IoT cloud platform market, covering North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the market during the forecast period, due to the presence of major IoT players in the region, as well as the high adoption of cloud computing and connected devices.
Asia-Pacific is expected to grow at the highest CAGR during the forecast period, due to the rapid digitization of businesses and the increasing adoption of IoT technologies in the region.
The market research report by MRFR highlights several industry trends that are expected to shape the future of the IoT cloud platform market, including the increasing adoption of edge computing, the rise of 5G networks, and the emergence of blockchain technology.
The market research report by MRFR highlights several recent developments in the IoT cloud platform market, including the launch of new platforms and services, partnerships and collaborations between key players, and acquisitions and mergers.
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In June 2022, Amazon Web Services (AWS) launched a new IoT device management service, AWS IoT Device Management, which allows customers to easily onboard, organize, monitor, and remotely manage their IoT devices at scale.
In August 2022, Microsoft announced a partnership with Bosch to develop a new IoT platform for the automotive industry. The platform, called Bosch Automotive Cloud Suite powered by Microsoft Azure, will provide real-time data analytics and insights to improve vehicle performance and maintenance.
In September 2022, Salesforce announced the acquisition of Slack, a collaboration platform that will enable Salesforce to integrate real-time communication and collaboration into its IoT cloud platform.
The market research report by MRFR highlights several opportunities in the IoT cloud platform market, including the adoption of edge computing, the rise of 5G networks, and the emergence of blockchain technology.
Edge computing is a distributed computing paradigm that brings computation and data storage closer to the sources of data, such as sensors and IoT devices. This reduces latency and improves data processing, making it an ideal solution for real-time applications, such as autonomous vehicles and industrial automation.
The rise of 5G networks is expected to revolutionize the IoT industry, providing faster speeds, lower latency, and greater connectivity. This will enable the development of new applications and services that require real-time data processing and analysis, such as remote healthcare monitoring and smart city management.
Blockchain technology is another emerging trend in the IoT industry, providing a secure and decentralized platform for managing IoT devices and data. This technology has the potential to address the security and privacy concerns associated with IoT devices and cloud-based platforms, making it an ideal solution for industries that require high levels of security, such as finance and healthcare.
The global IoT cloud platform market is undergoing significant growth, driven by the increasing adoption of cloud computing and connected devices. The market is expected to grow at a significant rate during the forecast period of 2023 to 2028, with several key players leading the way in terms of innovation and market share. As the market continues to evolve, opportunities will emerge for new players to enter the market and for existing players to expand their offerings and capabilities.
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