IoT platform market to see 14% CAGR

  • January 3, 2024
  • Steve Rogerson

The global IoT platform market is anticipated to surpass $23.7bn by 2030 reflecting a CAGR of 14.1%, according to Next Move Strategy Consulting.

This surge is driven by various factors reshaping the technological landscape and the way individuals interact with digital platforms.

The IoT platform market is undergoing a transformative surge, driven by the pervasive integration of smart technologies across industries. As businesses seek to enhance operational efficiency, optimise processes and unlock avenues of innovation, the demand for comprehensive IoT platforms is escalating. This growth is further amplified by the proliferation of connected devices, the advent of 5G technology, and the increasing need for real-time data analytics.

A key market driver is Industry 4.0, marked by the convergence of digital technologies. IoT platforms play a pivotal role in enabling this transition. Businesses are leveraging IoT to create smart factories, automate processes and gain actionable insights into their operations.

The global push towards creating sustainable and smart urban spaces is propelling the adoption of IoT platforms, which facilitate the integration of various systems, such as transportation, energy and public services, contributing to the development of interconnected smart cities.

The healthcare sector is experiencing a paradigm shift with the integration of IoT platforms. From remote patient monitoring to efficient supply chain management, the IoT is enhancing patient care, optimising resource allocation and driving innovations in medical technology.

In agriculture, IoT platforms are revolutionising farming practices. Connected sensors, drones and other IoT devices are enabling precision agriculture, optimising crop yields and promoting sustainable farming practices.

Rising development of technologies such as 6G and 5G+ that will provide higher browsing speeds are expected to create ample growth opportunities for the market in the coming years.

The increased risk of security breaches and privacy violations, and difficulties achieving interoperability between diverse devices and technologies are the major factors restraining the growth.

North America holds the dominant share of the market and is expected to dominate the market during the forecast period. The market is experiencing growth due to the increasing adoption of cloud-based IoT platforms in the healthcare sector, which allows for secure storage of patients’ data, including electronic medical records (EMRs). As per data from the CDC, the use of EMRs in the USA is on the rise, with EMRs being adopted by 86.9% of office-based physicians and 96.9% of non-federal acute care hospitals.

Asia Pacific is expected to show a steady rise in the IoT platform market share. This is due to the presence of one of the largest BFSI (banking, financial services and insurance) sectors in this region adopting IoT platforms to optimise operations and improve data security. According to the China Banking & Insurance Regulatory Commission, China’s BFSI is one of the largest industries in the world with total assets valued at $51.19tn in 2022, thus driving the need for IoT platforms such as the cloud for safety and security of data.

Market players include IBM, Amazon Web Services, Microsoft, Google, Huawei, Cisco, Intel, General Electric, AT&T, Wipro, PTC, SAP, Oracle, KaaIoT Technologies and Salesforce. These players are adopting various joint venture strategies and planning expansion of business across regions to maintain their dominance in the global market.

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