IoT Cloud Platform Market Insights and Forecast to 2028

IoT Cloud Platform Market Forecast, Trends - 2028

The global IoT Cloud Platform market size is projected to reach USD 10330 million by 2028, from USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.

Key drivers of the IoT cloud platform market include the rapid surge in IoT devices and reducing costs of IoT-based sensors, and hardware.

The advent of Internet protocol version 6(IPV6) based cloud networks will spur the growth of the IoT cloud platform market share in the coming years.

The R&D initiatives in IoT technology and the gradual transition to cloud-based data management by several organizations will fuel the demand for the market during the forecast period. 

IoT Cloud Platform

The evolution of high speed networking technology across the globe and the increasing adoption of connected and intelligent devices are some of the factors expected to drive the Internet of Things (IoT) cloud platform market.

Trends Influencing IoT Cloud Platform Market 

Cheaper costs

IoT devices are proliferating in every sector possible. The sensor and hardware prices are coming down and newer business models are emerging. The number of connected IoT devices is going to skyrocket moving forward. This is due to businesses allocating dedicated resources for software as a service or product as a service platform. There are subscription or lease models available that eliminate the need for paying for the full equipment. The cost depends upon the usage. These factors will spur the growth of the IoT cloud platform market in the upcoming years. 

IPV6

The growing number of internet users and the amount of sheer data generated every day require robust network infrastructure. The internet protocol version 6 has been around for a long period of time but it has started gaining prominence with the advent of IoT and cloud-based networks. It offers enhanced security, standardization, scalability, migration support, and fully compliant gateways for a range of IoT-connected devices. Such factors are expected to boost the demand for the IoT cloud platform market during the forecast period.  

Cloud-based data management

The rapid R&D initiatives by key players for tackling the huge influx of data volume is driving numerous innovations in the IoT space. Cloud computing has emerged as a major industry trend. It enables multiple data access points without losing out on security or data loss due to software or hardware failure. Scaling becomes quick with the easy handling of different workloads. The payment is flexible with automated backups and disaster recovery. This is leading industries to forego on-premise solutions in turn driving the growth of the IoT cloud platform market during the review period. 

IoT Cloud Platform Market Size and Share

Based on type, the public deployment model is expected to provide lucrative opportunities for growth in the IoT cloud platform market due to quick scalability, cheaper infrastructure, and flexibility. 

Based on application, the healthcare segment will witness huge growth in the IoT cloud platform market share due to the extensive use of IoT sensors and devices for streamlining workflow operations, patient management, etc. 

Based on region, North America will maintain the lead in the IoT cloud platform market share due to the presence of industry players, widespread adoption of connected devices, and growing R&D initiatives.

With industry-standard accuracy in analysis and high data integrity, the report makes a brilliant attempt to unveil key opportunities available in the global IoT Cloud Platform market to help players in achieving a strong market position. Buyers of the report can access verified and reliable market forecasts, including those for the overall size of the global IoT Cloud Platform market in terms of revenue.

Overall, the report proves to be an effective tool that players can use to gain a competitive edge over their competitors and ensure lasting success in the global IoT Cloud Platform market. All of the findings, data, and information provided in the report are validated and revalidated with the help of trustworthy sources. The analysts who have authored the report took a unique and industry-best research and analysis approach for an in-depth study of the global IoT Cloud Platform market.

IoT Cloud Platform Market Segments

IoT Cloud Platform market is segmented by players, region (country), by Type and by Application. Players, stakeholders, and other participants in the global IoT Cloud Platform market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application for the period 2017-2028.

Segment By Type 

• Private Deployment Model
• Public Deployment Model
• Hybrid Deployment Model

Segment By Application

• Industrial Automation
• Connected Traffic
• Health Care
• Smart Retail
• Intelligent Agriculture
• Networked Logistics
• Other

By Company

• Amazon Web Services
• Google
• IBM
• Microsoft
• Salesforce
• General Electric
• Ptc
• Samsung Electronics
• Sap Se
• Telit

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA