The global IoT platforms market was estimated at a market value of US$ 15.3 billion in 2022 and is expected to grow at a significant CAGR of over 15.2% over the forecast period of 2023-2028.
The main drivers of this expansion are the increased availability of inexpensive sensors and the rising need for connected devices across a range of sectors, including manufacturing, healthcare, and retail. IoT platforms must be scalable to handle the rising number of connected devices and the growing volume of generated data.
Market Scope and Report Overview
According to a deep-dive market assessment by RationalStat, the global IoT platforms market has been analyzed on the basis of market segments, including type, application and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.
Market intelligence for the global IoT platforms market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the global IoT platforms market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
Period Covered include data for 2019-2028 along with year-wise demand estimations
The IoT platforms market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global IoT platforms market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global IoT platforms market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
Competition Analysis and Market Structure
Some of the prominent players that contribute sigificantly to the global IoT platforms market growth include IBM Corporation, Microsoft Corporation, PTC Inc., SAP SE, Siemens AG, ai, Oracle Corporation, GE, Hitachi Ltd, and Amazon Web Services Inc. among others.
RationalStat has segmented the global IoT platforms market based on type, application and region
- Global IoT Platforms Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Type
- Application Enablement
- Device Management
- Advanced Analytics
- Cloud Storage/IaaS
- Global IoT Platforms Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Application
- Connected Building
- Smart Home
- Global IoT Platforms Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2023-2028) Analysis by Region
- North America IoT Platforms Market
- Latin America IoT Platforms Market
- Rest of Latin America
- Western Europe IoT Platforms Market
- Rest of Western Europe
- Eastern Europe IoT Platforms Market
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific IoT Platforms Market
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa IoT Platforms Market
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
- North America IoT Platforms Market
- Leading Companies and Market Players
- IBM Corporation
- Microsoft Corporation
- PTC Inc.
- SAP SE
- Siemens AG
- Oracle Corporation
- Hitachi Ltd
- Amazon Web Services Inc.
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Key Questions Answered in the IoT Platforms Report
- What will be the market value of the global IoT platforms market by 2028?
- What is the market size of the global IoT platforms market?
- What are the market drivers of the global IoT platforms market?
- What are the key trends in the global IoT platforms market?
- Which is the leading region in the global IoT platforms market?
- What are the major companies operating in the global IoT platforms market?
- What are the market shares by key segments in the global IoT platforms market?
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