IoT Platforms and Software Market to reach $9.4 billion by 2026 at 17.5% CAGR

Research and Markets’ recent report shows that the third-party IoT platform revenues will increase from $4.2 billion in 2021 to $9.4 billion in 2026 at a compound annual growth rate (CAGR) of 17.5%. The 160-page report examines the most recent changes in the marketplace for platforms that enable applications and manage IoT connectivity.

This study offers a one-of-a-kind database containing the top 500 cellular IoT deployments discovered since 2004 due to the company’s superior IoT market research efforts.

The lengthy list includes numerous projects and product categories that have been implemented across various vertical markets, including OEM and aftermarket automobiles, logistics and transportation, utilities, buildings and security, retail, manufacturing, consumer electronics, healthcare, and others.

The database includes project size and geographical distribution by the end of 2021 and a 5-year forecast for each project.

IoT platforms give programmers the resources to link and control devices and incorporate the data they collect into various programs and services. These platforms offer standardized components that businesses may build atop to decrease the cost and time of developing IoT solutions.

Classifying IoT Platforms

Most IoT platforms can be broadly classified into one of the following three groups: platforms for managing connections, platforms for managing devices, and platforms for enabling applications.

The leading cloud service providers, Microsoft, AWS, Google, and Alibaba, have made investments in transforming the market for IoT device management and application enablement platforms. IoT platform providers have always had advantages and disadvantages, but recent changes have prompted several providers to realign their products and put a stronger emphasis on their fundamental capabilities.

Vendors who have developed IoT platforms on public cloud infrastructure frequently migrate to offering higher-level building blocks that can be utilized as a foundation for developing solutions, including end-to-end solutions for specific use cases.

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