IoT platform market to grow by USD 16,010.78 million

The IoT platform market size is estimated to grow by USD 16,010.78 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 24.77% during the forecast period.

The market share growth by the manufacturing segment will be significant during the forecast period. Manufacturers use IoT technology to improve business productivity and gain a competitive edge. Furthermore, by connecting machines and devices to the Internet through software, data is generated, providing valuable insights into the production process. These insights are then utilized for predictive maintenance and optimizing the performance of the factory floor. Hence, these factors are expected to drive the growth of the manufacturing segment in the market during the forecast period.

Geography Overview
The global IoT platform market is segmented by geography into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the IoT platform market.

North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 34%. The key factor driving the growth in the region is the rapid expansion of the industrial, automotive, and healthcare sectors. These industries are adopting IoT technologies to enhance operational efficiency and gain a competitive edge in the market. Furthermore, the leading vendors are expanding their operations within the region. Hence, these factors are expected to drive growth in the region during the forecast period.

Key Drivers
Large-scale facilities using IoT devices are a key factor driving market growth. IoT devices use sensors and actuators to collect and transmit data to a centralized location in real-time. This connected environment provided by IoT enables end-users to make informed decisions. The adoption of IoT devices is increasing across various domains, including consumer electronics, automotive, and medical sectors. IoT helps the connection of essential electronic products and devices such as cars, TVs, laptops, coffee makers, automated door locks, mobile phones, and even entire industrial process control systems to the Internet. Hence, these factors will drive market growth during the forecast period. Technavio