IoT Cloud Platform market is to reach USD 10330 million by 2028 at a CAGR of 18.2% | Valuates Reports
BANGALORE, India, June 14, 2022 /PRNewswire/ -- The Global IoT Cloud Platform market is segmented by Type (Private Deployment, Model Public Deployment Model, Hybrid Deployment Model), By Application (Industrial Automation, Connected Traffic, Health Care, Smart Retail, Intelligent Agriculture, Networked Logistics, Other): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Software Category.
The global IoT Cloud Platform market size is projected to reach USD 10330 million by 2028, from USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.
Major factors driving the growth of the IoT Cloud Platform Market
The proliferation of IoT devices and use in several end-user industries, the need to increase operational efficiency, and the shift from on-premises to cloud-based data management strategy are expected to drive the growth of the IoT cloud platform market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE IoT CLOUD PLATFORM MARKET
The healthcare industry has primarily benefited from the emergence of IoT cloud platforms. Cloud-based services provide storage of patient health data from EHRs( Electronic Health Records). Smart medical devices are connected via a smartphone app that collects data and provides efficient real-time monitoring and visibility. The required data contains information on a patient's blood pressure, sugar levels, ECGs, medical tests, oxygen, weight, etc. These are then stored in the cloud or sent to authorized personnel like a physician or health insurance company, consultant, or any other external stakeholder. This allows them to look at the collected data regardless of any device, place, or time. Decision-making capacity is increased as real-time alerts are sent to the concerned authorities for triggering a specific action if the health maintenance crosses a certain abnormal level. This will boost the growth of the IoT cloud platform market during the forecast period.
Traffic slowdown and congestion are major problems. Smart traffic control systems with IoT cloud platforms will be able to increase the capacity of city streets. They optimize and adjust traffic flow accordingly by collecting data using sensors, and cameras and providing real-time processing of information. It adjusts the traffic signals so that the time interval is adjusted based on the total number of vehicles on a particular part of the road. This leads to enhanced traffic jam detection as technicians are able to monitor all the important intersections of the city from the traffic control center. Congestion detection ensures timely system adjustments and emergency rerouting. This will boost the growth of the IoT cloud platform market in the upcoming period.
IoT solutions are boosting the conversion rate of retailers. As digitization occurs, complete IoT infrastructure with cloud-based solutions is delivering valuable insights to retailers while augmenting profits. Occupancy sensors provide data on store traffic patterns and dwell times on specific products which are then analyzed to provide granular insights into complex consumer buying patterns. Retailers can accordingly plan out their in-store merchandising and guided selling for more conversions. Furthermore, complete control over inventory visibility and supply chain ensure store owners are able to weed out inefficiencies, cut costs and provide enhanced customer experience through on-time delivery. Such factors will drive the growth of the IoT cloud platforms market in the coming years.
IoT cloud platform will be positively impacted by the agricultural industry. Monitoring crops through IoT sensors and surveillance networks eliminates the guesswork and inaccuracy of traditional farming methods. Farmers are able to measure the environmental parameters as per the crop type. A cloud server ensures remote access, quick processing, and applying a control action. They provide information regarding temperature, light amounts, humidity, weather patterns, and pressure. Moreover, the cloud platform provides insights into weather patterns on a particular part of the field thereby allowing farmers better access to climate mapping and crop selection. Devices are usually placed in a specific field area in precision farming to monitor the crop health, water level, and other relevant biochemical or physical properties for farmers to manage any anomalies and prevent harmful diseases. The systems notify the automated planters to stop or continue depending on the threshold limit of crops sown in a particular area. This increases plant efficiency, decreases time and reduces wastage of seeds.
Industrial equipment connected to cloud-based networks provides real-time data on industrial machine conditions and working hours. Predictive maintenance along with data visualizations in inbuilt IoT dashboards make on-site maintenance visits simple as defects and faults are tracked beforehand. Potential problems are analyzed upfront through remote access reducing downtime and streamlining the entire industrial workflow. IoT cloud platforms improve the smart city infrastructure by transmitting data directly to the garbage collector when the container reaches a maximum limit. Moreover in building automation, the HVAC systems of a building are tracked from multiple sensors from a central location. Real-time machine data is transferred through cloud applications to building management systems for centralized monitoring. All these factors will boost the growth prospects of the IoT cloud platform market during the forecast period.
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IoT CLOUD PLATFORM MARKET SHARE ANALYSIS
Based on type, the public cloud segment will be the most lucrative in the IoT cloud platform market share as they are easy to deploy, cost-effective, and flexible. Many developed economies are investing heavily in public cloud infrastructure.
Based on application, the healthcare segment will grow the highest as IoT and cloud servers aid healthcare providers in providing improved real-time patient care and streamlining their clinical workflows.
Based on region, North America is expected to dominate in the IoT cloud platform market share due to the presence of key players, widespread use of IoT devices, huge R&D investments, and rapid technological developments.
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IoT CLOUD PLATFORM MARKET SEGMENTATION:
IoT Cloud Platform Market Segment By Type
- Private Deployment Model
- Public Deployment Model
- Hybrid Deployment Model
IoT Cloud Platform Market Segment By Application
- Industrial Automation
- Connected Traffic
- Health Care
- Smart Retail
- Intelligent Agriculture
- Networked Logistics
- Other
Major Players
- Amazon Web Services
- IBM
- Microsoft
- Salesforce
- General Electric
- Ptc
- Samsung Electronics
- Sap Se
- Telit
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SIMILAR REPORTS:
- The Global IoT market size was USD 164 Billion in 2018 and it is expected to grow with a CAGR of 38.62% between 2018 and 2025.
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- The global healthcare analytics market size was valued at 23.51 billion in 2020 and is projected to reach D96.90 billion by 2030, growing at a CAGR of 15.3% from 2021 to 2030.
- The global IoT Solutions and Services market size in 2021 is USD 178.3 Billion , and the global market size will reach USD 460.4 Billion by 2028, with a CAGR of 14.5%.
- The global IoT in Manufacturing market size is projected to reach USD 1038.8 million by 2026, from USD 567.2 million in 2020, at a CAGR of 10.6% during 2021-2026.
- The global Intelligent Transportation System (ITS) market size is projected to reach USD 1610.8 Million by 2028, from USD 901.4 Million in 2021, at a CAGR of 8.2% during 2022-2028.
- The global Traffic Sensor market size is estimated to be worth USD 224.9 million in 2022 and is forecast to a readjusted size of USD 341.3 million by 2028 with a CAGR of 7.2% during the review period.
- The global Electronic Toll Collection market size is estimated to be worth USD 5033.8 million in 2022 and is forecast to a readjusted size of USD 6254.6 million by 2028 with a CAGR of 3.7% during the review period.
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