Open IoT Platform Market Size, Share, Growth and Industry Analysis, By Type (Software and Hardware), By Application (SMEs and Large Enterprises) Regional Forecast From 2023 To 2030

Updated On: 20 November 2023

OPEN IOT PLATFORM MARKET REPORT OVERVIEW

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The global open IoT platform market size was USD 1.083 billion in 2021 and the market is projected to touch USD 5.263 billion by 2028, with a growing CAGR of 24.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering; with the open IoT platform market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.

In order to enable a new range of open, large-scale, intelligent IoT (Internet of Things) applications in line with a utility cloud computing delivery model, major open source contributors have collaborated to create the open IoT platform. The technology is described as a logical progression from existing cloud computing implementations that offers access to additional and crucial IoT-based resources and capabilities. solution provides the ability to create and administer ecosystems made up of IoT resources that provide on-demand utility IoT services.

COVID-19 Impact: Unavailability of Materials and Halt in Projects were Experienced by Industries due to the spread of the Virus

The industry for open IoT platforms has been heavily impacted by the COVID-19 outbreak. There has been a constant slowness caused by the lockdown for several months that has impacted businesses everywhere. The end users had severe issues as a result of the virus's proliferation because the required ingredients were either unavailable or in low supply. In particular among manufacturing businesses, it has slowed the expansion of the IoT market. Since IoT platforms are mostly applicable to small and large enterprises who had to stop operating, this in turn harmed both industries. The pandemic caused many businesses to slow down their operations, and some industries also had to suspend their initiatives.

LATEST TRENDS

"Introduction of IoT Software ‘IoTaaS’ helps Businesses to Utilize Sophisticated Software and Infrastructure without Spending much Money "

IoT platform providers are increasingly offering platform management services in addition to IoT platforms for direct use by businesses in the IoT software platform industry. IoT (IoTaaS), like other "as-a-service" models, enables businesses to farm out some of the work associated with IoT administration. IoTaaS enables businesses to utilize sophisticated software and infrastructure without spending money on costly software, network architecture hardware upgrades, or labor. One well-liked IoTaaS alternative is Microsoft's Azure IoT Central. IoT software solutions assist businesses in managing their frequently complex IoT initiatives. The finest products have features like data visualization tools and cybersecurity capabilities, as well as centralized desktop interfaces that are easy for beginners to use.

OPEN IOT PLATFORM MARKET SEGMENTATION

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• By Type

Based on type, the market is distributed into Software and Hardware

• By Application

Based on application, the market is divided into SMEs and Large Enterprises

DRIVING FACTORS

"The Information Technology to hold the Largest Market share due to the Increasing number of IoT Devices used"

The highest market size is anticipated to be held by the information technology (IT) sector during the forecast period. The market for IoT platforms is platform-driven. The platform is essential for managing all IoT and other operations-related tasks, including gathering data from IoT-enabled devices and storing and analyzing that data to produce real-time insights. The open IoT platform market growth throughout the forecast period would be significantly influenced by the increasing number of IoT devices across various application sectors.

"Managed Services Assist Businesses in easing Operational Demand on Workers so they can focus on Mission-Critical Operations  "

Compared to professional services, managed services are predicted to develop faster during the projected period. Managed services evaluate the company network, keep an eye on the infrastructure's condition, and carry out remote maintenance tasks. These services offer security and professional assurance, which boosts productivity throughout the entire organization. The market demand for managed services is expected to be driven by the growing requirement to outsource services for the upkeep of open IoT platforms. Managed services assist businesses in easing operational demand on IT workers so that they can devote greater attention to mission-critical operations.

RESTRAINING FACTOR

"Increase in Dependency on Technology has led to Hackers having easy Access to user’s Sensitive Information "

By accepting and utilizing these smart devices in their daily lives, people are losing their privacy, which is the major drawback of open IoT platforms. The internet can be used to find any user's data thanks to advancements in technology. This has created a zone where hackers may easily and swiftly find their prey. They can quickly break into the network and acquire users' sensitive information. Without a doubt, cyber security firms are working on it and have put in place a number of measures to make the network impenetrable to hackers. However, these crooks discovered some loopholes that they may still utilize to quickly attack the network. The hackers may take the form of a familiar person so they can swiftly break into the server.

OPEN IOT PLATFORM MARKET REGIONAL INSIGHTS

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"North America to lead the market during the forecast period due to the region’s adoption of open IoT enabled devices and the presence of key players "

Given its technical improvements and developed area status, North America's open IoT platform market share is anticipated to offer vendors the highest potential for revenue growth. The adoption of an open IoT platform in North America is being driven in large part by the proliferation of IoT-enabled devices, huge investments in IoT R&D, and the presence of key companies. North American businesses are eager to incorporate IoT technology into their processes as a result of their early adoption of emerging technologies like big data, AI, and mobility. Canada is also anticipated to see a boom in the use of open IoT platforms, despite the fact that the United States currently leads the industry in North America.

KEY INDUSTRY PLAYERS

"Use of Various Market Techniques and Investments in R&D has helped the major Players lead in the Market"

Due to several industry important players globally, the open IoT platform market has grown to be a highly competitive market. To enhance the service and hold onto their position in the global market, the companies employ a variety of market techniques. One of the major industry players in the market for open IoT platforms is Cisco System. It has been offering a range of services, including manufacturing, retail, and transportation. Companies have made significant investments in R&D to enhance their offerings and offer solutions to nearly 70,000 expanding enterprises worldwide.

"List of Market Players Profiled"

• Amazon Web Services (U.S.)
• IBM (U.S.)
• Microsoft (U.S.)
• Samsung (South Korea)
• Bosch (Germany)
• Ayla Networks (U.S.)
• Google (U.S.)
• General Electric (U.S.)
• Oracle (U.S.)

REPORT COVERAGE

This report covers the open IoT platform market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.