IoT Cloud Platform Market to Grow at CAGR 12.80% by 2030 | The Brainy Insights
- Publish Date: January 3, 2023
Guest Author
- Publish Date: January 3, 2023
The global IoT cloud platform market is expected to grow from USD 6.1 Billion in 2020 to USD 20.34 Billion by 2030, at a CAGR of 12.80% during the forecast period 2021-2030. With the growing demand for cloud data storage and the expanding number of connected devices in an IoT ecosystem, massive data volumes must be uploaded, downloaded, and transferred. This is mostly done in enterprise data centers. As a result, businesses will be able to improve their speed, competence, and ability to handle IoT data resources. Data traffic is likely to increase as demand for cloud data storage grows. Companies and service providers expand backup servers to reduce risk and ensure uptime, speed, and system availability. The growing rate of adoption of smart devices is an essential factor through which the global market for IoT cloud platforms is expected to witness robust growth during the forecast period.
By 2030, the managed services segment is likely to dominate the market.
The offering segment is divided into platform and service. Platform segment is divided into device management, connectivity management and application enablement. Service segment is divided into professional services and managed services. The Professional segment is further sub divided into training and consulting, support and maintenance and integration and deployment. By 2030, the managed services segment is likely to dominate the market. The rising need to deploy the services to continue IoT cloud platforms is expected to drive the demand for managed services in the market.
The public segment led the market with a market share of 40.2% and a market value of around 2.45 billion in 2020.
The deployment segment is divided into public, private and hybrid. The public segment led the market with a market share of 40.2% in 2020 because of the development of the public cloud is mostly represented by factors, like simple arrangement, adaptability, and financially comprehend evaluating structure.
The connected healthcare segment led the market with a market share of 20.1% and a market value of around 1.22 billion in 2020.
The application area segment is divided into connected healthcare, home automation, building and smart transportation, smart retail, smart grid and utilities, smart manufacturing and others. The connected healthcare segments led the market with a market share of 20.1% in 2020. The growth is because the healthcare organizations are focusing more into strong applications and connected technologies. Some major applications of IoT in connected healthcare areas are medical asset tracking, workflow management, medication management, and remote patient monitoring.
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Regional Segmentation Analysis:
The market is analyzed based on five regions namely North America, Europe, Asia Pacific, South America, and Middle East and Africa. North America region emerged as the largest market for the global IoT cloud platform market with a market value of around 1.91 billion in 2020. North America currently dominates the IoT cloud platform market, and this trend is expected to continue during the forecast period. This is because the region has embraced cloud innovation generally over different regions in the world.
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