Iot Platform Market Size to grow by USD 20716.2 million between 2024-2028
According to a research report “ Iot Platform Market” by End-user (Manufacturing, Retail, Healthcare, ICT, Others) Deployment (Public cloud, Private cloud, Hybrid) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 20716.2 million, at a CAGR of 26.06% during the forecast period. The Internet of Things (IoT) market is experiencing exponential growth due to the increasing demand for a connected environment. According to industry estimates, approximately 35 billion IoT devices were projected to be in use by the end of 2021. These devices leverage sensors and actuators to collect real-time data, which is transmitted to a centralized location for analysis. This data enables informed decision-making for end-users. The adoption of IoT technology is gaining traction across various sectors, including consumer electronics, automotive, and healthcare. Organizations, industries, and technologists are increasingly embracing IoT due to its potential applications and numerous advantages. IoT encompasses technologies such as data communication, data storage, hardware design, and analytics, making it a significant trend in the global technology landscape.
Browse market data tables, figures, and in-depth TOC on “Iot Platform Market” by End-user (Manufacturing, Retail, Healthcare, ICT, Others) Deployment (Public cloud, Private cloud, Hybrid) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By End-user, the Manufacturing segment is projected to dominate the market size in 2024
The Internet of Things (IoT) platform market is experiencing significant growth due to the increasing adoption of connected devices in various industries. Companies are investing in IoT platforms to streamline operations, enhance productivity, and gain valuable insights from data generated by their connected assets. These platforms offer advanced features such as data analytics, machine learning, and real-time monitoring, enabling businesses to make informed decisions and optimize their processes. The market is expected to continue its upward trajectory, driven by the increasing demand for smart cities, industrial automation, and consumer applications.
By Deployment, Public cloud segment is expected to hold the largest market size for the year 2024
The IoT platform market is experiencing significant growth as businesses increasingly adopt connected devices to streamline operations and enhance productivity. These platforms enable real-time data collection, analysis, and actionable insights, leading to improved efficiency and cost savings. Key players in this market offer various features such as device management, data security, and integration with other business systems, making IoT an essential component of modern enterprise solutions.
North America is forecasted to hold the largest market size by region in 2024
The IoT platform market is experiencing significant growth as businesses increasingly adopt connected devices to streamline operations and enhance productivity. These platforms enable real-time data collection, analysis, and actionable insights, leading to improved efficiency and cost savings. Key features include scalability, security, and seamless integration with various devices and applications. Leading players in this market include Microsoft, IBM, and Amazon Web Services, who continue to innovate and expand their offerings to meet evolving business needs.
The Iot Platform Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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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 IoT (Internet of Things) platform market is experiencing rapid growth, with large-size organizations and the hybrid segment leading the way. Connectivity & communication, device management, and platform segment are the key areas of focus. Media & entertainment, ACES mobility, GamingTech, FinTech, EduTech, HealthTech, Industry 4.0, and IoT technology are some of the industries adopting IoT. IoT technology integrates big data, edge computing, 5G, and AI to enhance productivity and efficiency. Companies like AWS and Microsoft are leading the way with IoT Integration Platforms, IoT Analytics Platforms, and IoT Connectivity Platforms. Industrial IoT (IIoT) and Enterprise IoT are major segments, with applications in Smart Transportation, Smart Retail, Connected Healthcare, Smart Infrastructure, and Smart Manufacturing. IoT devices, including audio equipment products, require on-premises and cloud-based solutions for data analytics, data storage, and IoT ecosystem management. 5G networks, telecommunications, and IoT Carrier 1NCE are crucial for seamless connectivity. Actuators, commercial sensors, connectivity modules, memory units, processing units, and middleware are essential components of IoT architecture. In the healthcare sector, IoT is transforming medical facilities and healthcare workers' roles, with connected medical devices, PPE, and healthcare organizations leveraging IoT for data analytics and data centers. BICS SA/NV and Medtronic's ventilator are examples of IoT innovation in this space.
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