IoT cloud platform market expected to reach $71.7 billion by 2032.

From GlobeNewswire: 2024-12-11 09:00:00

The IoT cloud platform market size was valued at USD 20.2 billion in 2023 and is expected to reach USD 71.7 billion by 2032, growing at a CAGR of 15.14%. Industries like healthcare, retail, agriculture, and logistics are benefiting from IoT technology, driving the demand for cloud platforms to manage and analyze data.

Healthcare providers are increasingly adopting IoT devices like wearables and smart medical equipment, leading to a surge in data generation. IoT cloud platforms offer data management, real-time analytics, and secure storage, crucial for operational efficiency and improved patient outcomes. The market is propelled by the rapid deployment of 5G networks and the adoption of edge computing.

Major players in the IoT cloud platform market include Amazon Web Services, Microsoft, Google, IBM, Oracle, Cisco, SAP, and more. These companies offer services for effective data management, analytics, and secure storage to meet the increasing demand for IoT cloud solutions in various industries.

The commercial segment dominates the IoT cloud platform market, driven by the widespread adoption of IoT technologies in sectors like healthcare, retail, and manufacturing. Businesses require scalable and secure cloud platforms for real-time data analysis and management to enhance operational efficiency and decision-making.

The private segment in the IoT cloud platform market is projected to grow at the fastest CAGR, driven by concerns about data security, privacy, and regulatory compliance. Industries like finance, healthcare, and government prefer private cloud solutions for their control and security features, leading to an anticipated surge in adoption. The IoT Cloud Platform market is expected to grow as enterprises seek tailored, secure solutions. Segmentation includes offerings like device management and analytics, deployment options, and end-uses like healthcare and retail. North America leads in market share, with Asia Pacific set to grow fastest due to smart manufacturing and 5G adoption.

Recent developments include Google Cloud’s AI integration for IoT and Microsoft’s new features in Azure IoT Hub for edge computing. The market report details segmentation, regional analysis, and company profiles. SNS Insider offers consulting services like Go To Market Assessment and Competitive Benchmarking for market insights.

SNS Insider is a leading global market research and consulting agency, providing clients with up-to-date market data and insights. Using various methods like surveys and focus groups, we aim to equip clients with the knowledge needed to navigate changing market landscapes confidently. For more information or customization, contact [email protected].



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