IoT Platform Market: The Cost Benefits of Public Hosting

The global IoT platform market was valued at USD 11.10 billion in 2023 and is projected to reach USD 27.15 billion by 2030, expanding at a CAGR of 12.7% from 2024 to 2030. The market is witnessing strong growth due to the increasing integration of IoT technologies across industries such as manufacturing, healthcare, agriculture, energy, and transportation, which require scalable and secure platforms for device connectivity, data management, and analytics.

The rising demand for automation, remote monitoring, and real-time data insights is further accelerating the adoption of IoT platforms. Enterprises are increasingly deploying IoT solutions to improve operational efficiency, reduce downtime, and enable predictive decision-making, which is expected to drive sustained market expansion over the forecast period.

Moreover, the integration of artificial intelligence (AI) and machine learning (ML) into IoT platforms is transforming the market landscape. AI-enabled IoT platforms support advanced analytics, predictive maintenance, and intelligent automation by analyzing vast volumes of data generated by connected devices. This convergence of AI, ML, and IoT is expected to intensify as organizations seek competitive advantages through data-driven, IoT-enabled innovation.

Key Market Trends & Insights

• North America dominated the global IoT platform market, accounting for 36% of total revenue in 2023, driven by early technology adoption and strong cloud infrastructure.
• The U.S. IoT platform market accounted for over 84% of North American revenue in 2023, supported by large-scale enterprise deployments.
• By component, the platform segment led the market, capturing over 65% of total market share in 2023.
• By deployment, the public cloud segment accounted for the largest share in 2023, due to its scalability and cost efficiency.
• By application, smart manufacturing emerged as the leading segment in 2023, driven by Industry 4.0 initiatives.

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Market Size & Forecast

• 2023 Market Size: USD 11.10 Billion
• 2030 Projected Market Size: USD 27.15 Billion
• CAGR (2024–2030): 12.7%
• Largest Market (2023): North America

Competitive Landscape

The IoT platform market is highly competitive, with major technology providers focusing on innovation, ecosystem partnerships, and cloud-based platform expansion. Leading companies shaping market trends include:

• Microsoft Corporation
• Amazon Web Services, Inc.
• Google LLC
• Siemens AG
• IBM Corporation
• Cisco Systems, Inc.
• Oracle Corporation
• PTC Inc.
• SAP SE
• Intel Corporation

Recent Developments

• August 2024 – Oracle Corporation announced the integration of AT&T’s IoT connectivity and network APIs into its Enterprise Communications Platform (ECP), enhancing real-time communications and simplifying IoT device and connectivity management across industry cloud applications.
• January 2024 – Microsoft Corporation entered a 10-year strategic partnership with Vodafone to deliver generative AI, digital services, and cloud solutions across Europe and Africa, underscoring the growing role of IoT platforms in digital transformation.
• January 2023 – Siemens AG launched advanced AI capabilities for its IoT solutions, focusing on intelligent building management through cognitive environmental sensors and smart workplace applications to improve sustainability and operational efficiency.

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Conclusion

The global IoT platform market is expected to experience robust growth through 2030, driven by expanding industrial IoT adoption, increasing demand for cloud-based platforms, and the convergence of IoT with AI and ML technologies. North America is likely to maintain its leadership position, while smart manufacturing and automation-driven applications continue to be key growth drivers. Ongoing innovation, strategic collaborations, and investments in AI-powered IoT platforms will remain central to competitive differentiation in the evolving IoT ecosystem.