Published Date: 21-Feb-2023
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According to a new report, published by KBV research, 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.
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. The industrial automation and smart manufacturing industries use IoT cloud platforms to improve operations, increase productivity, and address device management issues. Additionally, it facilitates the creation of efficient, responsive, and cost-effective system architectures.
The Small & Medium Sized Organizations segment is showcasing a CAGR of 15.5% during (2022 - 2028). The segment growth is anticipated to be aided by the growing acceptance of IoT devices in SMEs due to its advantages, including reduced redundancies, increased efficiency, real-time tracking, and enhanced productivity. It is anticipated that the growing number of technological investments made by small-scale businesses to make up for their smaller fleet of employees will aid in the spread of IoT in SMEs. More SMEs are deploying IoT solutions due to their numerous advantages.
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. Solutions for device administration, analytics, and networking & communication are all part of the platform segment. The IoT cloud platform incorporates the strengths of IoT devices and solutions primarily to offer value for both commercial and consumer applications. Along with lowering operations and development expenses, it also lowers risk.
The Hybrid segment has shown the growth rate of 15.1% during (2022 - 2028). Segment growth is being fueled by the growing acceptance of hybrid cloud systems among businesses that require the elasticity and flexibility of the cloud. For businesses wishing to develop IoT solutions, a hybrid IoT platform strategy offers significant advantages since it strikes the ideal mix between time-to-market and flexibility for a variety of businesses and their IoT application cases.
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.The Europe market is exhibiting a CAGR of 14.1% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 15.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/iot-cloud-platform-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Organization Size
By Deployment Type
Unique Offerings from KBV Research
North America IoT Cloud Platform Market Future Scope & Opportunities 2022-2028
Europe IoT Cloud Platform Market Size & Growth Forecast 2022-2028
Asia Pacific IoT Cloud Platform Market Size, Share & Industry Outlook to 2028
LAMEA IoT Cloud Platform Market Growth, Trends & Forecasts 2022-2028