IOT Platforms Software Market Report Overview
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The global IoT platforms software market size is expected to be USD 4574.3 million in 2021 and is projected to touch USD 20240 million by 2028, exhibiting a CAGR of 23.3% during the forecast period.
An IoT platform is a software suite, either cloud-based or on-premises, that is used to monitor, manage, and control different end-points. Also known as IoT Platform-as-a-Service (IPaaS), the technology utilizes applications deployed on the platform by enterprises. An IoT platform software offers web-scale infrastructure that can support basic as well as advanced IoT solutions, including digital business operations.
Enterprises are increasingly connecting a large number and wide variety of IoT endpoints to better manage physical assets that are relevant to their businesses by better accessing data. IoT platforms software market growth is expected to rise substantially in the forthcoming years as the adoption of IoT and connected tech rises among businesses. Growing penetration of digital devices, powered by trends such as Bring Your Own Device (BYOD) across enterprises will positively influence the market outlook.
COVID-19 Impact: Rise in IoT Utilization Promoted Market Growth during Pandemic
The global COVID-19 pandemic has been unprecedented and staggering, with the IoT platforms software market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.
Organizations of all sizes were affected by the COVID-19 pandemic. Recently, businesses across various industrial sectors have resumed operations as lockdown restrictions have been lifted in nearly every country on earth. IoT device utilization has increased during the pandemic across a number of sectors, including healthcare, utilities, industry, and transportation & logistics. Organizations are shifting towards smart asset management for alerts and notifications, remote monitoring, predictive analytics and preventive maintenance, remote services and control, and preventive maintenance and predictive analytics based on historical as well as real-time data. These factors will benefit the market outlook post-pandemic.
Latest Trends
"Improvement in IoT Platforms Software to Boost Market Growth"
Leading players in the IoT platforms software market are introducing new, advanced IoT capabilities to existing systems. Citing a recent instance, in February 2020, Microsoft added the Azure Real-Time Operating System (RTOS) to its Azure Security Center for IoT-supporting operating systems. As the adoption of IoT and number of connected devices surge, market players are expected to bolster their IoT capabilities by introducing new IoT-powered solutions and offerings. Continuous IoT innovation will positively influence the market outlook in the forthcoming years.
IOT Platforms Software Market Segmentation
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- By Type Analysis
On the basis of type, the market share is divided into cloud-based and on-premises. The cloud-based segment is anticipated to hold the major market share through 2028.
- By Application Analysis
In terms of application, the market share is segmented into large enterprise and SMB. The large enterprise segment is projected to dominate the market share during 2022-2028.
Driving Factors
"Growing Use in Agriculture to Create New Opportunities "
One of the leading sectors for IoT adoption is the agricultural sector. Applications range from tank and feed bin tracking to automated feeding systems to activating frost fans, smart irrigation, and other automation processes. The IoT device's predictive analytics feature for smart farming is the main trend in the sector since it enables farmers to develop plans for crop production and storage, marketing strategy, and risk management. Expanding potential of IoT in the agriculture sector will present promising opportunities for IoT platforms software market players worldwide.
"Growing Adoption in Manufacturing Sector to Favor Market Growth"
The manufacturing industry is seeing an increase in demand for IoT device management systems since these platforms assist in monitoring both equipment settings and the results of each production step, giving producers a stronger assurance of identifying quality issues at the root. It is anticipated that ioT demand will continue to be fueled by the deployment of IIoT (Industrial Internet of Things) in the manufacturing sector and rising utilization of technologies like 5G, AI, and Big Data. The growing need for cloud storage and different data usages such downloading and transferring and uploading are the primary drivers of IoT platforms market growth.
Restraining Factors
"Inflation due to COVID-19 Could Limit IoT Investments in Future "
Despite growing demand and rapid adoption across different industries, the IoT platforms market could be impacted similar factors in the forthcoming years. Growing inflation in several regions due to COVID-19 and resulting margin and profit declines could create solid cost pressure on enterprises, leading to fewer investments in cutting-edge tech such as IoT. The aforementioned factors could limit the market potential in the forthcoming years.
IOT Platforms Software Market Regional Insights
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"Asia Pacific to Dominate owing to Rising IoT Investments "
Asia Pacific is expected to dominate the IoT platforms software market share during the projected period (2022-2028). Key factors driving the regional growth include increasing application of IoT technology in various applications. On account of emerging efforts such as Smart Wellington (New Zealand) and the Intelligent Disease Prediction Project (China), the region is expected to capture the maximum market share. Growing cloud expenditure in the region will further boost the regional growth. China has the largest IOT business, making up 64 percent of the 1.5 billion connections worldwide, according to the GSMA Intelligence Report 2020, and it is expected to develop rapidly.
In 2021, North America had the highest market share. North America is predicted to have the best revenue opportunities for manufacturers in the IoT cloud platform market due to its advancements in technology and status as a developed region. The adoption of IoT cloud platforms in North America is being driven by the proliferation of IoT-enabled devices, major R&D investment in IoT, and the existence of significant market actors including Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems. Due to their early embrace of emerging technologies like IoT, cloud, AI, big data, and mobility, North American enterprises are ready to use IoT.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Key Market Players
- IBM (U.S.)
- GE Digital (U.S.)
- Microsoft (U.S.)
- SAP (Germany)
- PTC (U.S.)
- AWS (U.S.)
- AylaNetworks (U.S.)
- HPE (U.S.)
- Oracle (U.S.)
- Bosch Software (Germany)
- LogMeln (U.S.)
- Fujitsu (Japan)
Key Industry Developments:
- April 2019: SmartCone Technologies and IBM Watson partnered to integrate SmartCone Technologies' products with the IBM Watson IoT Platform to create detection and alarm systems.
- January 2020: In order to develop a safe, secure, and intelligent connected vehicle software platform for in-vehicle apps, AWS and BlackBerry formed a new partnership.
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 4574.3 Billion in 2022 |
Market Size Value By |
US$ 20240 Billion by 2028 |
Growth Rate |
CAGR of 23.3% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type & Application |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the global IoT Platforms Software Market expected to touch by 2028?
The global IOT Platform Software market expected to touch USD 20240 million by 2028
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What CAGR is the IoT platforms software market expected to exhibit during 2022-2028?
The IoT platforms software market is expected to exhibit a CAGR of 23.3% over 2022-2028
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Which are the driving factors of the IoT platforms software market?
Expanding potential of IoT in the agriculture sector will present promising opportunities for IoT platforms software market players worldwide
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Which are the top companies operating in the IoT platforms software market?
IBM, SAP, Microsoft, GE Digital, and PTC are some of the major players in the IoT platforms software market.
