The North America IoT Cloud Platform Market would witness market growth of 14.0% CAGR during the forecast period (2022-2028).
The number of devices connected to IoT, the growing trend toward data management solutions based on cloud, and the expanding demand for technologies like AI, 5G, big data, and edge computing are all likely to drive up demand for IoT cloud platforms. Since IoT cloud platforms offer a scalable, effective, and adaptable paradigm for supplying the services and infrastructure required to power IoT devices and applications, many enterprises have increased their usage.
Additionally, the COVID-19 outbreak was a major factor in the expansion of the IoT cloud platform market. The expansion of smart devices, the implementation of Industry 4.0 and the potential for data generation in large volumes by technologically advanced firms like HealthTech, EduTech, GamingTech, FinTech, and media & entertainment, accelerated after the pandemic. This further expanded the adoption of IoT cloud platform market.
The existence of industrialized nations with stable economies, such as the United States and Canada, may strongly encourage businesses to invest in R&D operations. The IoT adoption has expanded as a result of rapid digitalization across economic focus areas, increased adoption of smart devices, and technological improvements. Canadian businesses are improving and streamlining their business processes by embracing IoT capabilities. Due to the vast presence of vital public safety institutions like emergency medical services, firefighter services, smart citizen services are a significant growth driver in North America. The use of smart services has increased as a result of technological improvements, helping the region build an environment of safety and security that is centered on the requirements of its residents. During the forecast period, these variables would accelerate the regional market's expansion.
The US market dominated the North America IoT Cloud Platform Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $10,165 Million by 2028.The Canada market is poised to grow at a CAGR of 16.6% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 15.6% during (2022 - 2028).
Based on Application, the market is segmented into Industrial Automation & Smart Manufacturing, Smart Infrastructure, Automotive, Healthcare, Retail & E-commerce, BFSI and Others. Based on Organization Size, the market is segmented into Large Size Organizations and Small & Medium Sized Organizations. Based on Offering, the market is segmented into Platform (Without Services) and Services. Based on Platform Type, the market is segmented into Device Management, Connectivity & Communication and Analytics. Based on Deployment Type, the market is segmented into Commercial, Private and Hybrid. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global IoT Cloud Platform Market is Predict to reach $39.8 Billion by 2028, at a CAGR of 14.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Google LLC, Cisco Systems, Inc., IBM Corporation, Oracle Corporation, Salesforce, Inc., Siemens AG, Alibaba Group Holding Limited, and Robert Bosch GmbH.
By Application
By Organization Size
By Offering
By Deployment Type
By Country
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