IoT Platform Market Size
                     Market Highlights 
The global IoT platform market, according to the reports by Market Research Future (MRFR), is 
slated to expand at a substantial 28.5% CAGR over the review period, with a significant market 
valuation of 74.74 billion in 2023. 
Drivers and Restraints 
Growing demand for data storage over the cloud is a significant factor driving the growth of the 
enterprise IoT platform market. The growing number of connected devices in an IoT ecosystem has 
led to the need for downloading, transferring, and uploading large volumes of data, which is done 
by the enterprise data centers. This boosts companies to improve their capabilities in terms of 
expertise, speed, and agility to manage IoT data resources. The demand for cloud data storage is 
slated to upsurge owing to augmented data traffic. Major companies and service providers are 
touted to increase their backup servers and lessen risks while guaranteeing uptime, system 
availability, and speed. 
Segmentation: 
The global market for IoT platforms has been segmented on the basis of deployment, platform, 
application, end-user, and region. 
Based on the platform, the global IoT platform market has been segmented into a hardware-specific 
software platform, IaaS backend, connectivity/M2M platform, and consumer/enterprise software 
extension. The connectivity/M2M platform segment is slated to account for the largest share, while 
the hardware-specific software platform segment is touted to register the highest CAGR of 31.5% 
over the forecast period. 
Based on deployment, the market has been categorized into cloud, on-premises, and hybrid. The 
on-premises segment accounts for the largest market share of more than 38.5%, whereas the 
hybrid segment is poised to register the highest CAGR over the assessment period. 
Application-based segmentation of the IoT platform market includes database management, device 
management, analytics, and processing. The device management segment accounts for the largest 
market share, while the analytics segment is slated to register the maximum CAGR of 32.7% over 
the foreseeable future. 
segmentation of the IoT platform market based on the end-user consists of smart cities & homes, 
manufacturing, healthcare, retail, and others. The manufacturing segment accounted for the 
maximum market share of more than 28.0% and smart cities & homes segment poised to register 
the highest CAGR of 29.6% and expected to reach USD 19.20 billion over the review period. 
Regional Analysis 
Geographically, the global IoT platforms market size has been segmented into Europe, North 
America, Asia-Pacific, the Middle East & Africa, and South America. 
North America is anticipated to be the largest regional market for IoT platform and is touted to 
remain dominant during the forecast period. The enterprises in the region have implemented cloud 
technology to a large extent over other regions in the world. Also, robust cloud infrastructure, a 
growing number of connected devices, and developments in artificial intelligence and machine 
learning technologies are projected to drive the market growth during the assessment period. 
There is a higher concentration of market players in the region that are continuously investing in 
research and development ability to develop IoT platforms with improved functionality.  
Europe accounts for the second-largest market in the IoT platform market. Major country-wise 
markets in the region are the UK, France, Germany, and the rest of Europe. the UK is slated to gain 
the highest market share, followed by Germany, France, and the rest of Europe. Some of the factors 
responsible for the market growth include an increasing number of IoT-compatible and intelligent 
devices. Many businesses are employee-centric and provide flexible work options for their 
employees. The speedy adoption of bring your own device (BYOD) and corporate-owned personally 
enabled (COPE) devices has improved enterprise mobility to a fair degree. Eastern European 
countries are observing higher adoption of cloud technology due to the adoption of stringent 
regulations to streamline and secure data storage. 
Competitive Analysis 
The key market players of the global IoT platform market are Amazon Web Services (US), IBM 
Corporation (US), Microsoft Corporation (US), Huawei Technologies Co. Ltd (China), AT&T Inc. (US), 
Google (US), Cisco Systems, Inc. (US), General Electric (US), Intel Corporation (US), and Wipro Ltd 
(India)