Internet of Things (IoT) platform is software systems that provide the infrastructure and tools necessary for connecting, managing, and analyzing IoT devices and data. This platform enable organizations to collect easily and efficiently and process and act on data generated by connected devices, such as sensors, cameras, and smart appliances. One of the key features of IoT platforms is their ability to connect and manage a large number of devices. This is achieved through various communication protocols, such as MQTT and CoAP, allowing devices to communicate with the platform and each other. This platform also provide device management capabilities, such as over-the-air updates, device provisioning, and security management. It can also process and analyze data generated by connected devices, including data filtering, aggregation, visualization, machine learning, and predictive analytics. These capabilities allow organizations to gain insights from the data and make data-driven decisions.
IoT platform also provide application programming interfaces (APIs),which allow third-party applications and services to access and use the data generated by connected devices. This enables organizations to easily integrate IoT data with their existing systems and applications, such as enterprise resource planning and customer relationship management systems. Hence, it provide better scalability to manage and analyze large amounts of data, which drives the market growth. Furthermore, growing focus on automation is one of the key drivers of IoT platforms market. Automation will play a crucial role that enables organizations to automate various processes, such as over-the-air updates and data visualization, which can improve efficiency and reduce costs. For instance, Bosch IoT Suite, an IoT platform, reducing the need for manual updates and saving time and resources. This automation feature can further be used in different industrial settings, such as manufacturing, transportation, and healthcare, which can lead to improved operational efficiency and cost savings.
Furthermore, the need for real-time data is another key driver for the IoT platform market. One of the key feature of this platform is their ability to process and analyze data in real time, which is critical for many applications such as predictive maintenance and smart building management. For example, Siemens, a leading technology company, using this platform to collect data from sensors in buildings and analyze it in real time. This allows them to optimize energy consumption, improve building performance, and reduce cost. In addition, increasing number of connected devices is another growth driver for this platform market. The IoT is revolutionizing the way for organizations to collect and analyze data. This has created a growing need for organizations to connect, manage, and analyze this data, and providing the necessary infrastructure and tools to do this efficiently. One example of an IoT platform helping organizations manage their connected devices is GE Predix. This platform connects industrial machines, such as wins and gas turbines, and allows organizations to collect and analyze data in real time. By using GE Predix, organizations can improve the performance of their machines and predict maintenance needs. This can lead to cost savings by reducing downtime and prolonging the life of the machines.
Security concerns and high initial costs are some of the major restraints that impede the adoption and growth of IoT platform market. Security concern are one of the main restraints in IoT platforms as it handle large amounts of sensitive data, and as such, they are vulnerable to cyberattacks. This can lead to data breaches and loss of sensitive information, which can have serious consequences for organizations. For instance, in 2017, a cyberattack on an IoT platform used by a casino led to the theft of sensitive customer information, including credit card numbers and social security numbers. This incident highlights the potential risks associated with this platform and the importance of strong security measures. Furthermore, high initial cost is a restraint that can impede the adoption of platform, as they can be expensive to set up and maintain. This can be a barrier for organizations with limited budgets, particularly small, and medium-sized enterprises.
Growing development of smart cities is one of the major opportunity for IoT platform market as it help cities to improve services and infrastructure. This can provide real-time data and analytics capabilities that can help cities to optimize their services and infrastructure, such as public transportation, waste management, and traffic management. Moreover, an IoT platform can also be used to monitor and analyze data from sensors placed on waste collection trucks, which can help the city to optimize waste collection routes and reduce fuel consumption. Furthermore, this can also be used to monitor traffic flow, providing real-time data on traffic congestion, accidents and other incidents in smart cities. This information can be used to optimize traffic signal timings, improve emergency response times, and reduce congestion on the road.
New product launches and merger & acquisition is flourishing the market growth
In December 2022, LEXI announced the launch of its new IoT platform, the LEXI IoT Platform. The platform is designed to ease the IoT experience for connecting products across apps and ecosystems. The platform provides complete functionality for enterprise customers to deploy a comprehensive smart home offering or commercial IoT project. It is fully interoperable with IoT products/brands and is being deployed across market segments, including smart building, smart city, smart home, smart agriculture, environmental monitoring, industrial control, logistics, and HVAC. One key feature that differentiates the LEXI IoT Platform from other offerings on the market is its far-reaching, future-ready design that supports all major wireless protocols including Wi-Fi, Bluetooth, Zigbee, Z-Wave, 900MHz, LoRaWAN, and cellular, and is upgradable to Thread and Matter. The platform is also intentionally universal and caters to all major smart home ecosystems including Amazon Alexa, Google Home, Samsung SmartThings, IFTTT, and soon, Apple HomeKit, HomeAssistant, and HomeBridge.
In August 2022, Cloverleaf Networks acquired the collaboration and IoT platform - Ryver. This acquisition will enable Cloverleaf to combine Ryver's technology with its existing stack of services to provide businesses with innovative ways to communicate and collaborate with both users and IoT-enabled products. Ryver is a platform that enables teams to communicate, manage tasks, and automate business processes all in one app and was founded in 2014.
SEGMENTAL OVERVIEW
By component: The IoT platform market is divided into platform and services. Platform segment is further divided into device management, connectivity management, application enablement, and others. The device management subsegment includes solutions for managing and monitoring connected devices, including firmware updates and device diagnostics. The connectivity management subsegment includes solutions for connecting and managing networks of IoT devices, such as gateways and network protocols. The application enablement subsegment includes solutions for developing and deploying IoT applications, such as software development kits and APIs. Services segment is further divided into professional services and managed services. The professional services subsegment includes consulting, design, development, and deployment services for IoT projects. The managed services subsegment includes ongoing management and maintenance services for IoT platforms, such as monitoring and support.
By deployment mode: The IoT platform market is divided into onpremises and cloud-based. n premises deployment refers to IoT platform that installed and operated within a company's own physical infrastructure, such as on their own servers or in their own data centers. This deployment mode allows for greater control over the platform and the data it processes, but also requires more resources for maintenance and management. Cloud-based deployment refers to the IoT platform that typically accessed and operated via the internet, using a cloud service provider's infrastructure. This deployment mode is more flexible and cost-effective, as it eliminates the need for a company to maintain their own infrastructure and reduces the costs associated with managing and scaling the platform. It also allows for easy access to the platform from anywhere with an internet connection.
By application: The IoT platform market is divided into smart homes, smart manufacturing, smart transportation, connected healthcare, smart retail, smart grid and utilities, and others. Smart home includes IoT solutions for home automation, such as smart thermostats, lighting, and security systems. Smart manufacturing includes IoT solutions for manufacturing operations, such as machine monitoring and predictive maintenance. Smart transportation includes IoT solutions for transportation systems, such as fleet management and traffic control. Connected healthcare includes IoT solutions for healthcare, such as remote patient monitoring and medical equipment management. Smart retail includes IoT solutions for retail operations, such as inventory management and consumer behavior tracking. Smart grid and utilities includes IoT solutions for energy management and distribution, such as smart meter and grid management.
By region: The IoT platform market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America and Europe are significant markets for IoT platform, driven by the region's high adoption rate of new technologies and IoT Platforms. According to the Microsoft IoT signals report, 94% of organizations in North America and 89% in Europe report high levels of IoT adoption. Furthermore, growing proliferation of connected devices and significant R&D investment in IoT will further propel the market growth in these region.
Competitive Analysis
Competitive analysis and profiles of the major players such as ABB Ltd., Amazon Web Services Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., SAP SE, Siemens AG, and Software AG are covered in the report. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the IoT platform market.
IoT platform also provide application programming interfaces (APIs),which allow third-party applications and services to access and use the data generated by connected devices. This enables organizations to easily integrate IoT data with their existing systems and applications, such as enterprise resource planning and customer relationship management systems. Hence, it provide better scalability to manage and analyze large amounts of data, which drives the market growth. Furthermore, growing focus on automation is one of the key drivers of IoT platforms market. Automation will play a crucial role that enables organizations to automate various processes, such as over-the-air updates and data visualization, which can improve efficiency and reduce costs. For instance, Bosch IoT Suite, an IoT platform, reducing the need for manual updates and saving time and resources. This automation feature can further be used in different industrial settings, such as manufacturing, transportation, and healthcare, which can lead to improved operational efficiency and cost savings.
Furthermore, the need for real-time data is another key driver for the IoT platform market. One of the key feature of this platform is their ability to process and analyze data in real time, which is critical for many applications such as predictive maintenance and smart building management. For example, Siemens, a leading technology company, using this platform to collect data from sensors in buildings and analyze it in real time. This allows them to optimize energy consumption, improve building performance, and reduce cost. In addition, increasing number of connected devices is another growth driver for this platform market. The IoT is revolutionizing the way for organizations to collect and analyze data. This has created a growing need for organizations to connect, manage, and analyze this data, and providing the necessary infrastructure and tools to do this efficiently. One example of an IoT platform helping organizations manage their connected devices is GE Predix. This platform connects industrial machines, such as wins and gas turbines, and allows organizations to collect and analyze data in real time. By using GE Predix, organizations can improve the performance of their machines and predict maintenance needs. This can lead to cost savings by reducing downtime and prolonging the life of the machines.
Security concerns and high initial costs are some of the major restraints that impede the adoption and growth of IoT platform market. Security concern are one of the main restraints in IoT platforms as it handle large amounts of sensitive data, and as such, they are vulnerable to cyberattacks. This can lead to data breaches and loss of sensitive information, which can have serious consequences for organizations. For instance, in 2017, a cyberattack on an IoT platform used by a casino led to the theft of sensitive customer information, including credit card numbers and social security numbers. This incident highlights the potential risks associated with this platform and the importance of strong security measures. Furthermore, high initial cost is a restraint that can impede the adoption of platform, as they can be expensive to set up and maintain. This can be a barrier for organizations with limited budgets, particularly small, and medium-sized enterprises.
Growing development of smart cities is one of the major opportunity for IoT platform market as it help cities to improve services and infrastructure. This can provide real-time data and analytics capabilities that can help cities to optimize their services and infrastructure, such as public transportation, waste management, and traffic management. Moreover, an IoT platform can also be used to monitor and analyze data from sensors placed on waste collection trucks, which can help the city to optimize waste collection routes and reduce fuel consumption. Furthermore, this can also be used to monitor traffic flow, providing real-time data on traffic congestion, accidents and other incidents in smart cities. This information can be used to optimize traffic signal timings, improve emergency response times, and reduce congestion on the road.
New product launches and merger & acquisition is flourishing the market growth
In December 2022, LEXI announced the launch of its new IoT platform, the LEXI IoT Platform. The platform is designed to ease the IoT experience for connecting products across apps and ecosystems. The platform provides complete functionality for enterprise customers to deploy a comprehensive smart home offering or commercial IoT project. It is fully interoperable with IoT products/brands and is being deployed across market segments, including smart building, smart city, smart home, smart agriculture, environmental monitoring, industrial control, logistics, and HVAC. One key feature that differentiates the LEXI IoT Platform from other offerings on the market is its far-reaching, future-ready design that supports all major wireless protocols including Wi-Fi, Bluetooth, Zigbee, Z-Wave, 900MHz, LoRaWAN, and cellular, and is upgradable to Thread and Matter. The platform is also intentionally universal and caters to all major smart home ecosystems including Amazon Alexa, Google Home, Samsung SmartThings, IFTTT, and soon, Apple HomeKit, HomeAssistant, and HomeBridge.
In August 2022, Cloverleaf Networks acquired the collaboration and IoT platform - Ryver. This acquisition will enable Cloverleaf to combine Ryver's technology with its existing stack of services to provide businesses with innovative ways to communicate and collaborate with both users and IoT-enabled products. Ryver is a platform that enables teams to communicate, manage tasks, and automate business processes all in one app and was founded in 2014.
SEGMENTAL OVERVIEW
By component: The IoT platform market is divided into platform and services. Platform segment is further divided into device management, connectivity management, application enablement, and others. The device management subsegment includes solutions for managing and monitoring connected devices, including firmware updates and device diagnostics. The connectivity management subsegment includes solutions for connecting and managing networks of IoT devices, such as gateways and network protocols. The application enablement subsegment includes solutions for developing and deploying IoT applications, such as software development kits and APIs. Services segment is further divided into professional services and managed services. The professional services subsegment includes consulting, design, development, and deployment services for IoT projects. The managed services subsegment includes ongoing management and maintenance services for IoT platforms, such as monitoring and support.
By deployment mode: The IoT platform market is divided into onpremises and cloud-based. n premises deployment refers to IoT platform that installed and operated within a company's own physical infrastructure, such as on their own servers or in their own data centers. This deployment mode allows for greater control over the platform and the data it processes, but also requires more resources for maintenance and management. Cloud-based deployment refers to the IoT platform that typically accessed and operated via the internet, using a cloud service provider's infrastructure. This deployment mode is more flexible and cost-effective, as it eliminates the need for a company to maintain their own infrastructure and reduces the costs associated with managing and scaling the platform. It also allows for easy access to the platform from anywhere with an internet connection.
By application: The IoT platform market is divided into smart homes, smart manufacturing, smart transportation, connected healthcare, smart retail, smart grid and utilities, and others. Smart home includes IoT solutions for home automation, such as smart thermostats, lighting, and security systems. Smart manufacturing includes IoT solutions for manufacturing operations, such as machine monitoring and predictive maintenance. Smart transportation includes IoT solutions for transportation systems, such as fleet management and traffic control. Connected healthcare includes IoT solutions for healthcare, such as remote patient monitoring and medical equipment management. Smart retail includes IoT solutions for retail operations, such as inventory management and consumer behavior tracking. Smart grid and utilities includes IoT solutions for energy management and distribution, such as smart meter and grid management.
By region: The IoT platform market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. North America and Europe are significant markets for IoT platform, driven by the region's high adoption rate of new technologies and IoT Platforms. According to the Microsoft IoT signals report, 94% of organizations in North America and 89% in Europe report high levels of IoT adoption. Furthermore, growing proliferation of connected devices and significant R&D investment in IoT will further propel the market growth in these region.
Competitive Analysis
Competitive analysis and profiles of the major players such as ABB Ltd., Amazon Web Services Inc., Hitachi Ltd., IBM Corporation, Microsoft Corporation, Oracle Corporation, PTC Inc., SAP SE, Siemens AG, and Software AG are covered in the report. Major players have adopted product launch and acquisition as key developmental strategies to improve the product portfolio of the IoT platform market.
lot Platforms Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Deployment Mode |
|
 By Application |
|
 By Region |
|
 Key Market Players | IBM Corporation, Hitachi Ltd., ABB Ltd., Siemens AG, Amazon Web Services Inc., Software AG, PTC Inc., Oracle Corporation, Microsoft Corporation, SAP SE |
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