IoT Platform Market size is set to grow by USD 20.71 billion from 2024-2028, Large-scale benefits of using iot devices boost the market, Technavio

NEW YORK, Aug. 13, 2024 /PRNewswire/ -- The global IoT platform market size is estimated to grow by USD 20.71 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 26.06% during the forecast period. Large-scale benefits of using iot devices is driving market growth, with a trend towards development of open wi-fi networks. However, rise in privacy and security issues poses a challenge. Key market players include Accenture Plc, Alphabet Inc., Amazon.com Inc., AT and T Inc., Axiros GmbH, Cisco Systems Inc., Davra, Echelon Solutions Group, General Electric Co., Huawei Technologies Co. Ltd., Intel Corp., International Business Machines Corp., Microsoft Corp., Nokia Corp., PTC Inc., Salesforce Inc., Samsung Electronics Co. Ltd., SAP SE, Siemens AG, and Wipro Ltd..

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Market Driver

OpenWireless.org, a cyber activist group, aims to enhance Internet connectivity by encouraging wireless device sharing. Their software converts mobile devices into wireless access points, potentially creating a ubiquitous public network. This could reduce network congestion and allow more simultaneous connections. The group plans to ensure privacy by routing traffic through Tor or VPN and using EAP-TLS encryption. They prioritize router owners' needs and believe this network could help solve privacy issues, increase IoT adoption, and decrease connectivity issues globally. This initiative could lead to significant market growth for IoT devices during the forecast period. 

IoT platforms are transforming business landscapes by enabling connectivity and communication between various devices and systems. Trending industries like HealthTech, EduTech, FinTech, GamingTech, and Industry 4.0 are embracing IoT technology to enhance operations and customer experiences. Key trends include the integration of AI, 5G, edge computing, and big data. Audio equipment products are now IoT-enabled, allowing real-time monitoring and analytics. Middleware, processing units, memory units, connectivity modules, commercial sensors, actuators, and IoT architecture are crucial components of these platforms. Enterprise IoT platforms cater to large-size organizations, offering device management, data storage, data analytics, and data centers. IoT Carrier 1NCE ensures seamless connectivity. The hybrid segment is gaining popularity, allowing on-premise and cloud deployment. Major players include IoT ecosystem members like Microsoft Azure, IBM Watson, and Google Cloud Platform. IoT architecture includes the IoT carrier, platform, middleware, processing unit, memory unit, connectivity module, commercial sensors, actuators, and data centers. In conclusion, IoT platforms are revolutionizing industries, from Healthcare organizations to Media & Entertainment, by providing efficient device management, connectivity, and data analytics. 

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Market Challenges

• IoT platforms are gaining popularity in both consumer and enterprise markets, offering numerous benefits such as automation, efficiency, and real-time data analysis. However, security concerns are a major hindrance to the market's growth. Hacking IoT devices can result in significant damages, from blackouts caused by compromised smart meters to stolen sensitive information from hacked refrigerators or even dangerous consequences like the leak of vital information from nuclear facilities. In the context of the ongoing COVID-19 pandemic, IoT's role in prevention and detection is undeniable, with the installation of connected thermometers and networks of sensors to detect outbreaks. However, these advantages come with increased privacy and security risks, as more devices get connected to the internet. Protecting valuable data from the data center to the network edge is crucial to mitigate these concerns and ensure the safe commercialization of IoT devices.
• IoT platforms are essential for businesses looking to leverage the power of the Internet of Things (IoT). However, implementing an IoT solution comes with challenges. Middleware, processing units, memory, and connectivity modules are key components of an IoT architecture, but choosing the right platform can be complex. IoT Carrier 1NCE and BICS SA/NV offer IoT connectivity, while data centers and cloud solutions handle data storage and analytics. Healthcare organizations use IoT for PPE, medical devices like Medtronic's ventilator, and connected medical facilities. Olea Sensor Networks' Elevate, MRFR, and other IoT providers offer solutions for various industries, from consumer to enterprise and industrial IoT. Enterprise IoT platforms cater to large and small businesses, offering on-premises or cloud solutions. IoT connectivity and analytics platforms, as well as integration platforms, are crucial for businesses looking to streamline their IoT implementation. Telecommunications companies and 5G networks enable seamless IoT communication. Microsoft and AWS are among the leading IoT ecosystem players, providing comprehensive IoT solutions for smart manufacturing, infrastructure, retail, transportation, and more.

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Segment Overview 

This iot platform market report extensively covers market segmentation by 

1. End-user 
• 1.1 Manufacturing
• 1.2 Retail
• 1.3 Healthcare
• 1.4 ICT
• 1.5 Others
2. Deployment 
• 2.1 Public cloud
• 2.2 Private cloud
• 2.3 Hybrid
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Manufacturing- The IoT platform market is growing significantly as businesses seek to connect and manage their devices for enhanced efficiency and productivity. These platforms enable real-time data collection, analysis, and actionable insights, leading to improved operations and customer experiences. Major players in this market include Microsoft, IBM, and Amazon Web Services, offering various solutions to cater to diverse industries. Companies invest in IoT platforms to streamline processes, reduce costs, and gain a competitive edge.

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Research Analysis

IoT platforms are essential infrastructure for managing and connecting various IoT devices, sensors, and actuators. They provide middleware, processing units, memory, and connectivity modules to enable seamless communication between different components. IoT architecture includes IoT Carrier 1NCE, MRFR, and other IoT connectivity platforms, as well as IoT analytics platforms with AI capabilities. Industrial IoT (IIoT) and 5G networks play a significant role in industrial automation and real-time data processing. IoT technology integrates commercial sensors, actuators, and edge computing for big data analysis in various sectors, including HealthTech, EduTech, Industry 4.0, and more. 5G networks and IoT devices are revolutionizing industries by enabling faster and more reliable data transfer, leading to new applications and business opportunities. IoT technology is transforming industries by providing real-time insights, automation, and improved efficiency.

Market Research Overview

IoT platforms are essential infrastructure for managing and connecting various devices, sensors, and actuators in the Internet of Things (IoT) ecosystem. These platforms consist of middleware, processing units, memory units, connectivity modules, and commercial sensors. The IoT architecture includes data centers, enterprise IoT platforms, and IoT carrier 1NCE, which facilitate data storage, data analytics, and data communication. Healthcare organizations are significant adopters of IoT technology, with connected medical devices such as Medtronic's ventilator and Olea Sensor Networks' Elevate. BICS SA/NV and other IoT carriers provide connectivity for these devices, enabling real-time monitoring and communication between healthcare workers and medical facilities.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Manufacturing
• Retail
• Healthcare
• ICT
• Others
• Deployment
• Public Cloud
• Private Cloud
• Hybrid
• Geography
• North America
• Europe
• APAC
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio