Global IoT Platform Market to Reach $235 Billion by 2027

News provided by

Sep 28, 2022, 09:30 ET

DUBLIN, Sept. 28, 2022 /PRNewswire/ -- The "IoT Platform Market by Deployment Model, Operating Platform, Connectivity, Software, Systems and Services in Industry Verticals 2022 - 2027" report has been added to ResearchAndMarkets.com's offering.

This report analyzes the market for various solutions and types of Internet of Things (IoT) platforms. It includes an evaluation of the functions and factors needed to support anticipated growth within the IoT platform market. The report provides an assessment of the global and regional market for IoT platforms from 2022 to 2027 covering all major market segments including software, services, connected systems, operating platforms, and connectivity options.

Select Report Findings:

North America will continue to lead the IoT platform market
Industry specific IoT platforms will grow at the highest CAGR
IoT platform unit deployment will achieve 1.78 billion by 2027
Embedded software and systems will be the top market segment
Global IoT platform market is poised to reach USD $235 billion by 2027

IoT platforms represent those systems (software, hardware, and middleware) that enable IoT network, device, application, and service management. This includes connectivity, device administration, identity management, permissions control, data management, APIs, SDKs, and more.

IoT hardware includes microcontrollers, microprocessors, embedded systems, sensors, gateway devices, and allied materials such as amplifiers, step down converters, batteries, fixtures, etc. OEM Hardware in "embedded things" will play an important role in the emerging IoT ecosystem and will be characterized by real-time computing, low power consumption, low maintenance, and high availability.

Software plays a crucial role in enabling static devices to communicate and relay data and act upon instructions. Software OEM vendors are segmented based on type and area of implementation. The IoT software stack is segmented by key types such as security solutions, operating systems, and software development platforms.

Coupled with AI capabilities, IoT platforms are transforming traditional manufacturing systems, business services, and corporate operations to become data-driven algorithmic businesses with self-learning systems. Full-featured IoT platforms accelerate the transition to Industry 4.0, allowing stakeholders to interact with the physical world through IoT devices and systems.

One of the key IoT platform functions is orchestration and mediation. In lay terms, orchestration is about automated arrangement, coordination, and management. For IoT, orchestration includes the ability for multiple connected devices to become aware of one another. The IoT mediation function will typically reside in an IoT platform that serves the purpose of interconnecting (physically and logically) with other network elements for purposes of mediating requests for data. In this role, the IoT mediation platform is responsible for signaling, communications, and database access with various IoT data resources.

These resources may be supporting databases such as those required for IoT identity, IoT device management, and related authentication, authorization, and accounting of IoT Transactions. These resources may also embody the repository and/or value-added platforms (such as predictive analytics) associated with IoT data itself (e.g. raw data captured from sensors, modified data based on analytics, and derived or hybrid data).

Key Topics Covered:

1.0 Executive Summary

2.0 Introduction

3.0 Technology and Application Analysis

4.0 Company Analysis

5.0 Market Analysis and Forecast 2022 - 2027

6.0 Conclusions and Recommendations

Companies Mentioned