Global IoT Cloud Platform Market Report and Forecast 2024-2032

Global IoT Cloud Platform Market Outlook

The global IoT cloud platform market size reached approximately USD 13.20 billion in 2023. The market is assessed to grow at a CAGR of 13.8% between 2024 and 2032, reaching a value of around USD 42.26 billion by 2032.

Key Trends in the Market

IoT, the Internet of Things, refers to a wide network of digital devices interconnected to facilitate real-time collection and exchange of data. IoT cloud computing deals with the integration of cloud technologies to utilise connectivity options and establish an effective and flexible network between a large number of IoT devices.

• One of the prominent drivers augmenting the global IoT cloud platform market demand is the rising utilisation of linked devices to strengthen communication within an organisation and between different organisations. Companies are increasingly integrating different systems to streamline workflow, aiding the market.

• The rapidly advancing wireless network technologies present lucrative development opportunities for the IoT cloud platform market growth during the forecast period. The widespread deployment of 5G network services and increasing focus on the development of 6G technology is a major factor aiding the expansion of the market.

• The rising implementation of artificial intelligence and machine learning technologies is one of the major IoT cloud platform market trends. With the integrated network of IoT devices and applications, data management becomes significantly straightforward and provides a suitable platform to develop memory-intensive and complex models.

Market Analysis

Based on the offering, the market is segmented into platform and services. The global IoT cloud platform market segmentation, on the basis of the deployment mode, includes private, commercial, and hybrid. Based on organisation size, the market is categorised into small and medium-sized organisations, and large size organisations.

The market, based on application, is segmented into smart infrastructure, automotive, industrial automation and smart manufacturing, healthcare, retail and e-commerce, and BFSI, among others. The major regional markets for IoT cloud platforms are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global IoT cloud platform market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.

• Microsoft Corporation 

• Amazon Web Services, Inc. 

• Alphabet Inc. (Google LLC) 

• IBM Corporation 

• Oracle Corporation 

• Bosch.IO GmbH 

• Cisco Systems, Inc.  

• General Electric Company 

• Siemens AG 

• PTC Inc. 

• Particle Industries, Inc. 

• Telit Corporate Group

• Others

Market Share by Application

The healthcare sector is extensively utilising IoT cloud platforms to seamlessly store and share data through various IoT devices. The IoT cloud platform market share in this sector is expected to rise due to the development of embedded sensors and the increasing adoption of wireless devices to enhance healthcare quality. Growing technological advancements in the healthcare sector amid the rising focus on remote patient monitoring are likely to boost the segment’s growth in the coming years.

Market Share by Region

According to the IoT cloud platform market analysis, North America is likely to experience a healthy growth during the forecast period. The companies present in the region are rapidly adopting IoT cloud platforms and the presence of key players allows the regional market to show constant and robust growth.

Competitive Landscape

Microsoft Corporation is one of the most prominent players in the technology development sector. It is known for its operating system called Windows. The company was founded in 1975 and since then it has developed its expertise in many sectors, including cloud computing, machine learning, and artificial intelligence, among others.

Alphabet Inc. (Google LLC) is a global leader in the software development sector, and it is the parent organisation of Google. It was formed as a holding company after the restructuring of Google in 2015. It was done to separate the internet-based business ventures of Google from the experimental ventures, which are now under Alphabet.

Amazon Web Services, Inc. is an IT service management company and has been operating as a subsidiary of Amazon since its foundation in 2006. With the development of AWS, the company’s cloud computing platform, it has established a significant hold in the cloud computing sector.

Other IoT cloud platform market players include IBM Corporation, Oracle Corporation, Bosch.IO GmbH, Cisco Systems, Inc., General Electric Company, Siemens AG, PTC Inc., Particle Industries, Inc., and Telit Corporate Group, among others.

Key Highlights of the Report