- Based on organisation size, the large enterprises segment to hold a higher market share during the forecast period
- The connected healthcare segment to grow at the highest growth rate during the forecast period
The global Internet of Things (IoT) Cloud platform market size is expected to grow from $6.4 billion in 2020 to $ 11.5 billion by 2025 as per a report by MarketsandMarkets. The report titled, “IoT Cloud Platform Market by Offering , Deployment Mode, Organization Size, Application Area, and Region – Global Forecast to 2025” said that this market will grow at a compound annual growth rate (CAGR) of 12.6 per cent during the forecast period.
The report said that the major factors that are expected to drive the growth of the IoT Cloud Platform market are the proliferation of IoT devices, need to increase operational efficiency. Other factors include rapidly decreasing costs of IoT-based sensors connectivity hardware and government initiatives for research and development (R&D) activities related to IoT.
Large enterprises segment to lead
As per the report, based on offering, the platform segment to hold a higher market share during the forecast period. It said that the IoT cloud platform market is a platform-driven market. It plays an important role in handling all the IoT and cloud operations related activities that include collecting data from IoT-enabled devices to the storage and analysis of collected data for gaining real-time insights. It said that the rising number of IoT devices in various application areas is one of the major factors pushing the growth of the platform segment in the IoT Cloud Platform Market.
Based on organisation size, the large enterprises segment to hold a higher market share during the forecast period. It said that large enterprises possess strong budget capabilities and are significantly investing in the adoption of the IoT cloud platform. They are associated with services to manage their subscription base efficiently.
It added, “The growth of the large enterprises segment is mainly governed by the increasing number of installed IoT devices across large enterprises. Large enterprises from smart city, retail, healthcare, manufacturing, and transportation verticals are widely adopting IoT cloud platforms to monitor and optimize their IoT business processes.”
Connected healthcare segment
As per the report, based on application area, the connected healthcare segment to grow at the highest growth rate during the forecast period. It said that the application of IoT cloud platforms in the connected healthcare segment has widened, due to the increasing use of embedded sensors, availability of fast cellular networks, and rising adoption of wireless devices. Communication between sensors and devices has enabled healthcare organizations to streamline their clinical operations, manage workflows, and aid in real-time patient care, even from remote locations.
This has made healthcare organisations focus on implementing robust applications and connected technologies. Some of the major applications of IoT in connected healthcare areas are remote patient monitoring, healthcare workflow management, medication management, and medical asset tracking.
North America will hold the largest market size
The report said that based on regions, North America will hold the largest market size during the forecast period. Its market growth is likely to benefit from its technological advancements and its position as a developed region. Some factors that will drive the adoption of IoT cloud platforms in North America are the proliferation of IoT-enabled devices, significant R&D investment on IoT, and the presence of key market players.
The report added, “Due to the early adoption of trending technologies, such as IoT, cloud, Artificial Intelligence (AI), big data, and mobility, North American organizations are keen to integrate IoT technologies into their processes. Though the US is the leader in IoT Cloud Platforms Market in North America, Canada is also expected to witness a surge in the adoption of IoT cloud platforms.”