Internet of Things (IoT) Platform Market Size Expected to Reach USD 121.81 Bn by 2031, Driven by Cloud Adoption & Advanced Analytics

Internet of Things (IoT) Platform Market Overview 

The global Internet of Things (IoT) Platform Market size is witnessing significant expansion as enterprises increasingly deploy platforms that integrate device management, data ingestion, and application enablement. Valued at USD 67.47 billion in 2026, the IoT Platform Market forecast indicates it will reach USD 121.81 billion by 2031, reflecting a CAGR of 12.54%. This IoT Platform Market growth is fueled by robust cloud infrastructure, decreasing sensor costs, and accelerating industrial digitalization initiatives.

Top IoT Platform Market Trends Driving Growth 

Rapid Adoption of Cloud-Native IoT Platforms 

• Cloud-native platforms are offering elastic scalability, pay-per-use billing, and seamless integration with machine-learning services. These Internet of Things (IoT) Platform Market trends are enabling faster deployments across diverse industrial sectors. 

Declining Sensor and Module Costs 

• Lower prices for NB-IoT and LTE-M modules are making IoT solutions more accessible across logistics, healthcare, agriculture, and utilities. This trend contributes to IoT Platform Market growth, particularly among smaller-scale deployments. 

Growing Automation and Big Data Analytics 

• Modern IoT platforms support predictive maintenance, digital twins, and low-latency in-memory processing. These features empower businesses to optimize operations, reduce downtime, and anticipate issues—strengthening the Internet of Things (IoT) Platform industry. 

Rising Regulatory Push for Industrial Digitalization 

• Governments and industry bodies are promoting secure-by-design, compliance-ready IoT solutions. Regulatory mandates are accelerating the IoT Platform Market adoption among enterprises focused on data protection and industrial safety standards 

Check out more details and stay updated with the latest industry trends, including the Japanese version for localized insights: https://www.mordorintelligence.com/ja/industry-reports/internet-of-things-platform-market?utm_source=Industrytoday.co.uk  

IoT Platform Industry Segmentation: 

• By Deployment: On-Premise, Cloud/SaaS, and Hybrid platforms, with hybrid configurations projected to grow fastest through 2031. 
• By Platform Layer: Application Enablement, Device Management, Advanced Analytics, Connectivity, and Cloud Storage/IaaS, with advanced analytics modules expanding rapidly. 
• By End-User Industry: Industrial, Healthcare, Connected Buildings, Smart Homes, Mobility, Agriculture, with healthcare IoT showing the highest growth rate. 
• By Enterprise Size: Small and Medium Enterprises (SMEs) and Large Enterprises, with SMEs increasingly adopting consumption-based models. 

Key Players in IoT Platform Industry: 

• IBM Corporation 
• Microsoft Corporation 
• PTC Inc. 
• SAP SE 
• Siemens AG 

Explore more insights on North America leads the Internet of Things (IoT) Platform competitive landscape: https://www.mordorintelligence.com/industry-reports/internet-of-things-platform-market/companies?utm_source=Idustrytoday.co.uk   

Dominating Country  

North America leads the Internet of Things (IoT) Platform Market with a 37.59% share in 2025. The United States drives growth in industrial IoT for manufacturing automation, energy grid modernization, and logistics optimization. Canada focuses on IoT-driven resource management in forestry and mining, while Mexico benefits from near-shoring trends and smart-factory initiatives.  

Conclusion: 

The Internet of Things (IoT) Platform industry is set for strong growth from 2026 to 2031, driven by cloud adoption, hybrid architectures, declining sensor costs, and analytics-powered industrial applications. While North America leads market adoption, Asia Pacific presents the fastest growth potential. Vendors aligning solutions with regulatory compliance, consumption-based pricing, and domain-specific analytics are poised to capture substantial IoT Platform Market share in the coming years. 

Explore related reports from Mordor Intelligence 

Consumer IoT Market - https://www.mordorintelligence.com/industry-reports/consumer-iot-market?utm_source=Idustrytoday.co.uk  

Enterprise IoT Market - https://www.mordorintelligence.com/industry-reports/enterprise-iot-market?utm_source=Idustrytoday.co.uk  

Internet of Nano Things Market - https://www.mordorintelligence.com/industry-reports/internet-of-nano-things-market?utm_source=Idustrytoday.co.uk  

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