Global Internet of Things (IoT) Platform Market Set for Rapid Growth Amid Rising Demand for Connected Solutions
The global Internet of Things (IoT) platform market, valued at USD 9 billion in 2022, is projected to expand significantly, with an anticipated compound annual growth rate (CAGR) of 15.0% in the coming years. Key factors propelling this growth include the rapid proliferation of IoT devices, a shift towards cloud-based data management, and increasing government support for IoT-focused research and development.
Drivers of IoT Platform Market Growth
The swift rise in IoT devices across industries can be attributed to technological innovation, greater connectivity, and a push for efficiency and data-driven insights. As IoT devices become integral in sectors ranging from healthcare to manufacturing, managing these ecosystems has become essential for enhancing productivity and providing real-time insights. Governments around the world are increasingly backing IoT advancements, which further supports the development of the IoT platform market.
Despite its advantages, IoT expansion brings challenges in securing devices from cyber threats. Conventional security measures are often insufficient as many IoT devices lack antivirus protection and detailed logging capabilities. To counteract these vulnerabilities, businesses are adopting new security measures, including credential protection and other specialized techniques, to safeguard IoT ecosystems.
IoT platforms play a critical role in helping organizations manage these complex networks, providing a centralized solution for overseeing connected devices and extracting valuable data insights. This capability is crucial as many businesses may not have in-house expertise to handle the intricacies of IoT management. By simplifying operations, IoT platforms allow businesses to make the most of IoT technology while boosting operational efficiency.
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Challenges Facing IoT Platform Adoption
However, a shortage of skilled technical workers is one of the main challenges hindering market growth. As IoT technology advances, companies face a competitive talent market, with larger tech firms often attracting top talent and leaving smaller companies struggling to find qualified professionals. Many companies are addressing this challenge through upskilling initiatives, hiring for diversity, and automating certain processes to reduce the burden on their workforce and promote innovation. These efforts are essential for IoT’s long-term growth and competitive landscape.
Emerging Trends in the IoT Platform Market
An emerging trend within the IoT sector is the integration of blockchain technology to enhance data security. Blockchain provides a secure and decentralized system ideal for the IoT landscape, offering protection for data exchanges among connected devices. As data privacy and integrity become increasingly important, the convergence of blockchain and IoT is expected to reshape data security within the industry.
Market Segment Insights
The IoT platform market can be divided into several segments, with “Internet connectivity” as the dominant segment in 2022. The increasing need for reliable, high-speed connectivity across both consumer and industrial IoT applications is fueling demand for internet connectivity solutions. As more industries integrate IoT into their operations, the need for robust connectivity will continue to grow, further driving market expansion.
Meanwhile, the consumer/enterprise software extension segment is projected to witness steady growth. IoT platforms increasingly focus on user-friendly solutions tailored to individual consumers and business needs. This customer-centric approach not only enhances user experience but also attracts a broader customer base, contributing to revenue growth in this segment.
The global IoT platform market, through its innovative solutions and significant support from government and industry, is set to transform the way businesses and consumers interact with technology, delivering smarter and more secure connected environments across various sectors. As IoT continues to expand, so will the demand for dependable, streamlined platforms capable of supporting this rapid growth trajectory.
Internet of Thongs (IoT) Platform Top Companies and Competitive Landscape
The global IoT platform market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major businesses are using a variety of tactics, making mergers and acquisitions, strategic agreements, and contracts, as well as creating, experimenting with, and introducing more efficient IoT platform solutions.
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Some major players included in the global Internet of Things (IoT) platform market report are:
Cisco Systems, Inc.
Amazon Web Services, Inc.
Microsoft
IBM
Google
Oracle
GE DIGITAL
Particle Industries, Inc.
IO GmbH
Alibaba Cloud
Telit
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Internet of Things (IoT) Platform Latest Industry Updates
On 16 October 2023, IoT Squared, a division of the STC Group, formed a strategic partnership with AHOY Technology, a logistics and smart transportation infrastructure provider, as a part of Saudi Vision 2030’s goals. This collaboration focuses on advancing Internet of Things (IoT) technology in the logistics sector. In addition, this partnership will facilitate the development of state-of-the-art smart logistics solutions, software platforms, and technology infrastructure.
IoT Squared will market products such as COMET software platform and FLY+ platform, enhancing logistics services. Moreover, this partnership aims to empower customers to create more value, particularly in areas such as Smart Cities, Industry 4.0, and Smart Mobility and Logistics services.
On 21 June 2022, Avnet and Amazon Web Services (AWS) entered into a global strategic collaboration to accelerate Original Equipment Manufacturers (OEMs) of IoT solutions’ time to market. This partnership integrates AWS’s extensive services portfolio into Avnet’s IoTConnect Platform, enabling a scalable, secure platform preconfigured for application-specific usage.
This integration helps lean Original Equipment Manufacturers (OEMs) by providing cloud-connected experiences and pre-integrated and abstracted capabilities for rapid deployment, thus reducing overhead. Avnet’s IoTConnect Platform, powered by AWS, will deliver advanced edge-to-cloud hardware designs and secure device management. It will allow OEMs to focus on feature development and speed up product launches.
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Internet of Things (IoT) Platform Market Segmentation Analysis
For the purpose of this report, Emergen Research has segmented global Internet of Things (IoT) platform market on the basis of type, application, deployment, enterprise size, component, vertical, and region:
Platform Outlook (Revenue, USD Billion; 2019-2032)
Internet Connectivity
IaaS Backend
Hardware-Specific Software
Consumer/Enterprise Software Extension
Deployment Outlook (Revenue, USD Billion; 2019-2032)
On-Premises
Cloud
Hybrid
Service Outlook (Revenue, USD Billion; 2019-2032)
Training and Consulting
Integration and Deployment
Support and Maintenance
Application Outlook (Revenue, USD Billion; 2019-2032)
Device Management
Database Management
Analytics
Processing
End-use Outlook (Revenue, USD Billion; 2019-2032)
Manufacturing
Smart Cities and Homes
Retail
Healthcare
Others
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
View Additional Related Reports:
Internet of Things (IoT) Platform Market Size: https://www.emergenresearch.com/industry-report/internet-of-things-platform-market/market-size
Internet of Things (IoT) Platform Market Share: https://www.emergenresearch.com/industry-report/internet-of-things-platform-market/market-share
Internet of Things (IoT) Platform Market Trends: https://www.emergenresearch.com/industry-report/internet-of-things-platform-market/market-trends
Internet of Things (IoT) Platform Regional Market Demand: https://www.emergenresearch.com/industry-report/internet-of-things-platform-market/regional-market-demand
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