IoT Platform Market

Global IoT Market To Surpass $1 Trillion Mark By 2024: Report

Bangalore, June 14, 2022 the global IoT Cloud Platform Market is segment by Type – Development, Model Public Development, Hybrid Development Model. By Application – Industrial Automation, Connected Traffic, Health Care, Smart Retail, Intelligent Agriculture, Network Logistics and many more. Opportunity Analysis and Industry Forecast, 2022-2028. The global IoT Cloud Platform market size is project to reach USD 10330 million by 2028. From USD 3108.9 million in 2021, at a CAGR of 18.2% during 2022-2028.

Major factors driving the growth of the IoT Cloud Platform Market

The proliferation of IoT devices and use in several end-user industries. The need to increase operational efficiency. And the shift from on-premises to cloud-base data management strategy are expect to drive the growth of the IoT cloud platform market.

Trends Influencing The Growth Of The IoT Cloud Platform Market

Smart medical devices are connect via a smartphone app that collects data and provides efficient real-time monitoring and visibility. The required data contains information on a patient’s blood pressure, sugar levels, ECGs, medical tests, oxygen, weight, etc. This allows them to look at the collected data regardless of any device, place, or time. Decision-making capacity is increase as real-time alerts are send to the concern authorities for triggering a specific action if the health maintenance crosses a certain abnormal level. This will boost the growth of the IoT cloud platform market during the forecast period.  It adjusts the traffic signals so that the time interval is adjust based on the total number of vehicles on a particular part of the road.

This leads to enhanced traffic jam detection as technicians are able to monitor all the important intersections of the city from the traffic control center. IoT solutions are boosting the conversion rate of retailers. As digitization occurs, complete IoT infrastructure with cloud-based solutions is delivering valuable insights to retailers while augmenting profits. IoT cloud platform will be positively impact by the agricultural industry. Monitoring crops through IoT sensors and surveillance networks eliminates the guesswork and inaccuracy of traditional farming methods. Farmers are able to measure the environmental parameters as per the crop type.

Market Share Analysis

Based on type, the public cloud segment will be the most lucrative in the market share. As they are easy to deploy, cost-effective, and flexible. Many developed economies are investing heavily in public cloud infrastructure.

Based on application, the healthcare segment will grow the highest as IoT and cloud servers aid healthcare providers in providing improved real-time patient care. And streamlining their clinical workflows.