Global IoT Cloud Platform Market Size, Share & Industry Trends Analysis Report By Application, By Organization Size, By Offering (Platform (Without Services) and Services), By Deployment Type (Commercial, Private and Hybrid), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the IoT Cloud Platform Market
Market Report Description
The Global IoT Cloud Platform Market size is expected to reach $39.8 billion by 2028, rising at a market growth of 14.6% CAGR during the forecast period.
A network of actual physical objects that are outfitted with software, sensors, and other technologies in order to connect and exchange data with other systems and devices through the internet is known as the Internet of Things (IoT). IoT technology encompasses web-connected smart devices that collect data from their surroundings and use embedded systems made up of sensors, processors, and communication gear to receive, process, and store information.
Businesses across a wide range of industries are gradually embracing IoT technology to improve organizational performance and better understand their customers so they can provide better, more individualized customer care, make smarter decisions, and increase the value of their company.
The adoption of IoT cloud platforms is increasing due to factors like development of advanced data analytics, the improvement in cloud platform usage, the upgrading of wireless networking technologies, and the falling cost of connected devices. The internet of things is always in favor when it comes to tying together various smart gadgets to simplify operations and data sharing among themselves.
Numerous smart devices, including smartphones, sensors, and wearables, collect pertinent data from the devices that are then used to speed up the client experience. Over the course of the projection period, it is predicted that the IoT cloud platform market would see increased demand due to the growing need for data analysis and analytics integration.
COVID-19 Impact Analysis
Numerous business environment sectors were impacted by the COVID-19 pandemic. This is attributed to a sharp increase in demand for cloud based IoT solutions, which continued to be essential for businesses to thrive during the pandemic. The relaxation of lockdown and mobility restrictions in public spaces by governments across many nations induced a gain in income, which demonstrated that the negative effects of pandemic on the supply chain have been outweighed by the deployment of IoT. For the past few months, many businesses have made work from home the routine, and wherever practicable, this trend will continue. More flexibility is offered by IoT cloud platforms, businesses can save money on physical places and collaborate across geographical boundaries. Therefore, the pandemic had a positive impact on the IoT cloud platform market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The below illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Market Growth Factors
IOT applications in the banking sector are growing.
Networked technologies including IoT devices and edge computing are becoming increasingly well-liked on the market as a result of their numerous high-throughput and productivity-boosting applications. The production of IoT devices by a wide range of vendors is another factor that is accelerating the proliferation of connected devices in the modern business environment. A few examples of typical technologies and protocols used by IoT systems include radiofrequency identification (RFID), near-field communication (NFC), low-energy Bluetooth, low-energy wireless, low-energy radio protocols, LTE-A, and Wi-Fi-direct. Thus, propel the growth of the IoT cloud platform market.
Increasing funding for smart city initiatives
The demand for IoT devices will rise as the world becomes more urbanized, as will the number of smart city initiatives and government funding for the digital economy. In order to improve infrastructure, public services, and utilities, the platform and devices are used to keep a careful eye on mobility, infrastructures, and air and water quality. Organizations have good opportunity to obtain the necessary data, such as consumer behavior in retail stores, for real-time marketing research, sensor-driven decision analytics, and fast control response in complex autonomous systems owing to internet connectivity and linked devices. Therefore, the growing efforts of transforming cities into smart cities are expediting the expansion of the IoT cloud platform market.
Market Restraining Factor
Higher probability of data breaches and security issues
User’s sensitive and private information may be collected by the IoT cloud platform. The cloud platform stores biometric data, organizational data, and customer records. Additionally, networked devices are crucial to the IoT cloud platform. These elements may increase the likelihood of a data breach. Any firm may experience revenue losses as a result of data breaches. The growing number of data breaches on cloud platforms is a serious problem. It is a critical factor that might prevent many sectors from adopting IoT cloud platforms, which is disadvantageous for the market.
Based on offering, the IoT cloud platform market is categorized into platform (without services) and services. The services segment recorded a significant revenue share in the IoT cloud platform market in 2021. The requirement for IoT cloud services to conduct remote maintenance tasks and track the health of the company network and infrastructure is driving the segment's expansion. The majority of the building blocks of an IoT ecosystem needs are provided by service platforms. With service provider, users don't need to be concerned with the underlying server hardware.
Deployment Type Outlook
On the basis of deployment type, the IoT cloud platform market is divided into commercial, private, and hybrid. The commercial segment procured the highest revenue share in the IoT cloud platform market in 2021. A large part of the commercial segment's expansion can be ascribed to elements like simple deployment, adaptability, and affordable pricing. The increasing demand for commercial clouds is also being fueled by rising investments in public cloud infrastructure and an industry-wide digital transformation that is accelerating. Furthermore, the widespread use of mobile devices and the internet also increase the accessibility of cloud platforms.
Organization Size Outlook
Based on organization size, the IoT cloud platform market is segmented into small & medium sized organizations and large size organizations. The large size organizations segment recorded the largest revenue share in the IoT cloud platform market in 2021. To effectively manage their corporate operations, large-size enterprises are actively investing in the integration of IoT devices with cloud platforms. The expansion of the segment is being fueled by the increasing number of operational IoT devices throughout large companies. Customers of large-sized enterprises utilize IoT to uncover fresh insights from massively diversified data sets made up of both historical and current data.
On the basis of application, the IoT cloud platform market is fragmented into industrial automation & smart manufacturing, smart infrastructure, automotive, healthcare, retail & e-commerce, BFSI, and others. The healthcare segment procured a significant revenue share in the IoT cloud platform market in 2021. The adoption of IoT cloud platforms in healthcare applications is anticipated to rise as a result of factors including the rising acceptance of embedded sensors, the increased utilization of wireless devices, as well as the quick development of healthcare IT. This is propelling the growth of the segment. As a result, healthcare institutions are putting a lot of effort into adopting reliable apps and connected technology.
|Market size value in 2021||USD 15.6 Billion|
|Market size forecast in 2028||USD 39.8 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 14.6% from 2022 to 2028|
|Number of Pages||342|
|Number of Tables||553|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling|
|Segments covered||Offering, Deployment Type, Organization Size, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on region, the IoT cloud platform market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment recorded the highest revenue share in the IoT cloud platform market in 2021. The development of the IoT cloud platform in the region is being fueled by the spread of IoT-enabled devices, rising adoption of technologies like industry 4.0, edge computing, and cloud. The rising R&D investments in the IoT sector and the presence of significant market players like Google, IBM, and Microsoft are also propelling the incorporation of these advanced technologies.
Free Valuable Insights: Global IoT Cloud Platform Market size to reach USD 39.8 Billion by 2028
KBV Cardinal Matrix - IoT Cloud Platform Market Competition Analysis
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.) are the forerunners in the IoT Cloud Platform Market. Companies such as Cisco Systems, Inc., Alibaba Group Holding Limited, and Siemens AG are some of the key innovators in IoT Cloud Platform Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Google LLC, Cisco Systems, Inc., IBM Corporation, Oracle Corporation, Salesforce, Inc., Siemens AG, Alibaba Group Holding Limited, and Robert Bosch GmbH.
Recent Strategies Deployed in IoT Cloud Platform Market
» Partnerships, Collaborations and Agreements:
- Dec-2022: Amazon Web Services, Inc., part of Amazon.com, Inc., signed an agreement with Slalom LLC, a global technology and business consulting company. Under this collaboration, Amazon Web Services, and Slalom, LLC would offer AWS | Slalom Launch Centers which would support enterprises boost their business transformations and upgrade IT services.
- Dec-2022: Amazon Web Services announced a collaboration with Visteon, a technology company serving the mobility industry. Through this collaboration, Visteon’s AllGo connected services supported by AWS are expected to offer value to a constituent in every vertical of the automotive industry consisting of manufacturers, vehicle app consumers, and developers. Additionally, this collaboration uses various AWS technology solutions across compute, storage, and IoT categories and a secure fast cloud environment to manage crucially connected vehicle activities and build the car's digital ecosystem.
- Dec-2022: Google Cloud partnered with KORE, a leader in the Internet of Things solutions and global IoT Connectivity-as-a-Service. This partnership was aimed to bring IoT capabilities to global enterprises. Additionally, the alliance would help companies to build robust IoT solutions that enhance Google cloud capabilities and infrastructure.
- Nov-2022: Oracle came into partnership with ZainTech, a regional Digital & ICT solutions arm. Additionally, the company would boost technology transformation for businesses in the region.
- Oct-2022: Amazon Web Services, Inc. collaborated with BMW Group, a manufacturer of luxury motorcycles and vehicles. Through this collaboration, Bpth companies would advance a customizable cloud software that would ease the distribution and management of data from millions of connected vehicles.
- Jun-2022: Cisco teamed up with Axians, an independent IT company with software, services, hardware, and IT operations. The collaboration is aimed to provide Cisco private 5G to companies across industries in the Netherlands and Germany.
- May-2022: Amazon Web Services, Inc. teamed up with STMicroelectronics, a global company engaged in the development and creation of semiconductor technologies. In this Collaboration, both companies would securely connect Internet of Things devices to the AWS cloud.
- Mar-2022: Cisco collaborated with Mobily, a Saudi telecom operator. Together both companies would create an IoT cloud platform in Saudi Arabia. The latest cloud platform allows fully automated management for IoT devices supported by Cisco's IoT solution with machine learning and AI capabilities.
- Feb-2022: Oracle signed an agreement with Telefónica Tech, a leading company in digital transformation. Under this agreement, both companies would jointly provide cloud platform-as-a-service and applications to enterprise and public sector organizations across Telefónica Tech’s customer base. Additionally, the services would allow Telefónica Tech to offer Oracle Cloud Infrastructure (OCI) services as part of its offering as well as help customers through managed and professional services.
- Nov-2021: Google Cloud teamed up with Qualcomm Technologies, Inc., a multinational corporation based in California. This collaboration would boost neural network development and differentiation for the Snapdragon Ride™ Platform, Snapdragon® mobile, ACPC, and XR platforms, and Qualcomm Technologies’ IoT platforms by using Google Cloud Vertex AI Neural Architecture Search (NAS) with the Qualcomm® Artificial Intelligence (AI) Engine.
- Nov-2021: Siemens Digital Industries Software announced expanded collaboration with Amazon Web Services, Inc., a provider of on-demand cloud computing platforms. This collaboration would help enterprises optimize factory operations, and engineering efforts, improve customer experiences and speed engineering efforts from chip to edge to the cloud.
- Feb-2021: Microsoft collaborated with Bosch, a Germany-based engineering and technology company. This collaboration was aimed to simplify and boost the development and deployment of vehicle software throughout a car's lifetime under automotive quality standards.
- Feb-2021: Siemens teamed up with IBM, a global technology corporation. The collaboration is aimed to create easy-to-build edge computing applications that analyze and process data as it is being built.
- Sep-2020: Microsoft teamed up with AT&T, a telecommunication holding company. Through this collaboration, companies would aim to provide an integrated IoT solution to allow companies to smoothly connect machines to the cloud with highly protected network connectivity.
- Mar-2020: IBM announced a partnership with Infosys, a next-generation consulting and digital service. This partnership is aimed to help companies boost their digital transformation journey through Ibm public cloud.
» Product Launches and Product Expansions:
- Nov-2022: Alibaba Cloud introduced ModelScope, an open-source Model-as-a-Service (MaaS) platform. This product is launched with over 300 ready-to-deploy AI models advanced by Alibaba DAMO Academy. The platform consists of over 150 state-of-the-art models. The product is aimed to make running and developing AI models simple and highly cost-effective.
- Jun-2022: Siemens introduced Siemens Xcelerator, an open digital business platform. This launch is aimed to boost digital transformation and value creation for customers of all sizes in grids, mobility, industry, and buildings. The business platform makes digital transformation faster, scalable, and easier.
- Nov-2021: Amazon Web Services, Inc. launched AWS IoT TwinMaker, a service that makes it simple and faster for developers to build digital twins of real-world systems like industrial equipment, production lines, factories, and buildings.
- Mar-2021: IBM introduced IBM Cloud Satellite. The product would enable its enterprise clients to release constant cloud services anywhere and, in any environment, - across any cloud, at the edge, or on-premises. This would offer clients across multiple industries consisting of government, retail and financial services.
- Mar-2021: Robert Bosch Engineering and Business Solutions released the latest Phantom Edge – an AIoT platform. The product integrates the power of AI and IoT to offer a live view of appliance-level information, electrical energy consumption, electrical parameters, and operating usage.
» Acquisitions and Mergers:
- Oct-2021: Siemens took over Wattsense, a simple and open IoT solution. This acquisition broadens Siemens' building automation portfolio for small and mid-size buildings.
- Jun-2020: Microsoft took over CyberX, a security startup that is engaged in focusing particularly on detecting predicting and stopping security breaches on IoT networks. With this collaboration, CyberX would align with the existing devices including those utilized in infrastructure scenarios, industrial IoT, and Operational Technology.
Scope of the Study
Market Segments Covered in the Report:
- Industrial Automation & Smart Manufacturing
- Smart Infrastructure
- Retail & E-commerce
By Organization Size
- Large Size Organizations
- Small & Medium Sized Organizations
- Platform (Without Services)
- Device Management
- Connectivity & Communication
By Deployment Type
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Microsoft Corporation
- Google LLC
- Cisco Systems, Inc.
- IBM Corporation
- Oracle Corporation
- Salesforce, Inc.
- Siemens AG
- Alibaba Group Holding Limited
- Robert Bosch GmbH
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North America IoT Cloud Platform Market Report 2022-2028
Europe IoT Cloud Platform Market Report 2022-2028
Asia Pacific IoT Cloud Platform Market Report 2022-2028
What would be the size of the IoT Cloud Platform Market by 2028?
The global IoT Cloud Platform Market size is expected to reach $39.8 billion by 2028.
What are the key driving factors and challenges in the IoT Cloud Platform Market?
IoT applications in the banking sector are growing which is driving the market in coming years, however, Higher probability of data breaches and security issues restraints the growth of the market.
What are the major top companies in the competitive landscape?
Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Google LLC, Cisco Systems, Inc., IBM Corporation, Oracle Corporation, Salesforce, Inc., Siemens AG, Alibaba Group Holding Limited, and Robert Bosch GmbH.
Which segment shows a high revenue share of the IoT Cloud Platform Market in 2021?
The Industrial Automation & Smart Manufacturing segment acquired maximum revenue share in the Global IoT Cloud Platform Market by Application in 2021 thereby, achieving a market value of $8.7 billion by 2028.
Which segment is leading the market in 2021?
The Platform (Without Services) segment is leading the Global IoT Cloud Platform Market by Offering in 2021 thereby, achieving a market value of $27.4 billion by 2028.
Which region dominated the IoT Cloud Platform Market in 2021?
The North America market dominated the Global IoT Cloud Platform Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $14.1 billion by 2028.