Latest News- IoT Platform Market: Manufacturing is expected to lead the End-user segment during 2024-2028

The IoT Platform Market is being driven by Large-scale benefits of using IoT devices

The IoT Platform Market is expected to grow at a CAGR of 26.06% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20716.2 million. OpenWireless.org is a cyber advocacy group dedicated to enhancing Internet connectivity and accessibility through user collaboration. They have engineered software that transforms a mobile device's wireless router into a wireless access point, enabling the creation of a widespread public network. This innovation could alleviate network congestion by allowing devices to transmit signals over shorter distances and facilitating simultaneous connections on the same frequency. Moreover, these networks would offer cost-effective Internet access to a larger population. Notably, OpenWireless.org asserts that a significant portion of locked wireless networks remain inactive throughout the day, making this initiative even more impactful. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Manufacturing
  • Retail
  • Healthcare
  • ICT
  • Others
• Deployment
  • Public cloud
  • Private cloud
  • Hybrid
• Geography
  • North America
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Large-scale benefits of using IoT devices
• Growing demand for smart homes
• Growth in industrial automation

However, the market also witnesses some limitations, which are as follows:

• Rise in privacy and security issues
• Connectivity issues and lack of infrastructure
• Lack of awareness about IoT devices

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Market Scope in IoT Platform Market Research Report

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Research Analysis Overview

The Internet of Things (IoT) market is experiencing exponential growth, with various industries, including EduTech and HealthTech, adopting IoT technology to enhance efficiency and productivity. The integration of 5G networks, Industry 4.0, and AI is revolutionizing the IoT landscape. IoT Analytics Platforms and IoT Connectivity Platforms are the backbone of this technology, enabling real-time data processing and analysis from IoT devices. MRFR reports that the global IoT platforms market size is expected to grow at a CAGR of 23.5% between 2020 and 2025. IoT devices, including actuators and commercial sensors, are connected through a connectivity module and a memory unit, while a processing unit and middleware facilitate data processing and communication. IoT Carrier 1NCE offers IoT connectivity solutions, enabling seamless device connectivity and communication. IoT architecture includes edge computing, allowing data processing closer to the source, reducing latency and bandwidth requirements. Big data and AI are integrated into IoT platforms to derive valuable insights from the vast amounts of data generated by IoT devices. Overall, the IoT market is transforming industries, offering endless opportunities for innovation and growth.

Market Research Overview

The IT software market encompasses businesses specializing in the development and production of application, system, and database management software. Technavio's market analysis covers the consolidated revenue of organizations providing various types of IT software solutions, including cloud-based services. This market segment includes enterprise and technical software providers, excluding those engaged in interactive home entertainment or producing systems software or database management software.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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