Newark, May 10, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global IoT cloud platform market is expected to grow from USD 6.1 Billion in 2020 to USD 20.34 Billion by 2030, at a CAGR of 12.80% during the forecast period 2021-2030
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The IoT cloud platform market is platform-driven market. In holding all the IoT and cloud operations-related activities, the platform plays a vital role, including data collection from IoT-enabled devices to store and analyse that data for gaining actual vision. The IoT cloud platform combines cloud computing services and IoT devices, which includes the capabilities of both to deliver as a service over an end-to-end platform, also known as a cloud service IoT platform. IoT cloud platform consists of the services and standards necessary for connecting, securing managing various IoT applications and devices. The IoT cloud platform also combines the capabilities of IoT devices and solutions to get additional value for consumers and business applications. It helps to minimize risk, development costs, and reduce operational cost. An IoT cloud platform facilitates communication, device management, data flow, and the functionality of applications.
The adoption of cloud services in various business sectors was very costly to develop, on-site IoT architecture, which acts as a significant driving factor behind the market growth of IoT cloud development platforms. IoT cloud platform provides some benefits such as scalability, security, data mobility, time to market, and cost-effectiveness, which ultimately propel the market's growth. But still, the lack of consistency in IoT protocols and difficulties in managing unformed data are significant obstruct factors that could hold the development of the market. The absence of technically sound employees and safety and privacy problems regarding IoT cloud platforms could hamper the market's growth.
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Key players operating in the global IoT cloud platform market is Accenture Plc, Amazon Web Services Inc., Apple Inc., Cisco, Google, Happiest Minds, Hewlett Packard Enterprise Development LP, IBM, Intel Corporation, Italtel S.P.A., Microsoft, Oracle, PTC, SAMSUNG, SAP SE, Siemens, Sitewhere LLC and Time Inc. To enhance their market position in the global IoT cloud platform market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
• Microsoft declared a partnership with Cisco to combine its Azure cloud with Cisco’s IoT platform to create the Cisco Edge to Microsoft Azure IoT Hub in March 2020. This solution will allow impeccable connectivity and well-organized edge data flow into Azure IoT.
By 2030, the managed services segment is likely to dominate the market.
The offering segment is divided into platform and service. Platform segment is divided into connectivity management, application enablement and device management. Service segment is divided into professional services and managed services. The Professional segment is further sub divided into training and consulting, support and maintenance and integration and deployment. By 2030, the managed services segment is likely to dominate the market because the managed services provide security and expert assurance and help to evaluate the business network. To maintain the IoT cloud platform it is necessary to outsource the services which propel the demand for managed services in the market.
The public segment led the market with a market share of 40.2% and a market value of around 2.45 billion in 2020.
The deployment segment is divided into public, private and hybrid. The public segment led the market with a market share of 40.2% in 2020 because of region-specific as North America is the largest investor of public cloud services allowing organizations to adopt the public cloud deployment mode in the major companies of the countries.
The connected healthcare segment led the market with a market share of 20.1% and a market value of around 1.22 billion in 2020.
The application area segment is divided into connected healthcare, home automation, building and smart transportation, smart retail, smart grid and utilities, smart manufacturing, and others. The connected healthcare segment led the market with a market share of 20.1% in 2020. The growth led to the development in wireless communication technologies and rising efforts by facility managers, manufacturers, and governments to make customers familiar with the long-term benefits of establishing a building and home automation system that drives the adoption of IoT cloud platform. The rising number of smart city projects propel the adoption of IoT cloud platform in the building and home automation area.
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Regional Segment Analysis of The IoT Cloud Platform Market
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region emerged as the largest market for the global IoT cloud platform market with a market share of 31.4% and a market value of around 1.91 billion in 2020. North America currently dominates the IoT cloud platform market, and this trend is expected to continue during the forecast period. This is due to robust cloud structure, an expanding number of associated devices, progress in computerized reasoning and AI advancements in the region.
About the report:
The global IoT cloud platform market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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