Top 20 Companies in the Global IoT Platform Market: Industry Intelligence Report by Spherical Insights (2025–2035)
RELEASE DATE: Apr 2026 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Introduction
The global IoT platform market is growing tremendously, and this growth can be attributed to various technological, industrial, and social drivers. One such factor contributing to the growth of the global IoT platform market is the increased use of connected devices such as sensors, wearables, and connected appliances, leading to a huge amount of data generation, which can be effectively collected and analysed using a highly efficient IoT platform. For instance, approximately 70% of the population of the EU was involved in IoT in 2024, with the explosion of the installation into life spheres of smart towns and residences. On the other hand, the growing need for data analytics in real time has led many organizations to use a highly efficient IoT platform for data analysis in real time. The market is witnessing tremendous growth due to another factor, i.e., industrial automation, where IoT platforms help integrate various machinery, sensors, and control systems to effectively automate industries. In addition to this, another factor is the development of smart cities and smart homes, where IoT platforms act as a backbone for connected infrastructure, energy consumption, transportation, and various other facilities.
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IoT Platform Market Size & Statistics
- The Market Size for IoT Platform Market Was Estimated to be worth USD 36.4 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 10.3% between 2025 and 2035.
- The Global IoT Platform Market Size is anticipated to reach USD 107.0 Billion by 2035.
- North America is estimated to dominate the market during the forecast period in the IoT Platform Market.
- Asia-Pacific is projected to grow the fastest during the forecast period in the IoT Platform Market.
Market Segmentation
Global IoT Platform Market Size, Share, By Deployment Model (On-Premises, Cloud, Hybrid), By Platform Layer (Application Enablement, Device Management, and Others), By End User (Industrial, Connected Building, and More), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 – 2035.
Regional growth and demand
North America is expected to dominate the market during the forecast period in the IoT platform market.
North America held the majority of the market share by revenue for the IoT platform market. The combination of technological infrastructure and widespread access to connected devices and multiple leading platform providers enables this situation. The U.S. and Canada maintain their ongoing industrial superiority through their advanced automated systems, established IT and cloud infrastructure networks, and their substantial funding of smart city initiatives. The OECD findings show that official ICT usage surveys from 2020 reveal that 23% of Canadian businesses adopted IoT technology. The research shows that bigger companies have higher technology adoption rates.
Asia-Pacific is projected to grow the fastest during the forecast period in the IoT platform market.
The fast growth of this market is attributed to digital technology advances, the increase in smartphone adoption, and industrial automation across China, India, and Japan. Smart city development, cloud-based IoT solution adoption, and IoT infrastructure development by government bodies all create a growth acceleration. The Asia Pacific region experiences IoT growth because digital transformation projects which include China's Made in China 2025 initiative and India's Digital India program. The IoT market is projected to expand from approximately USD 218.6 billion in 2025 to about USD 392.8 billion by 2030, which represents a compound annual growth rate of 12.4%.
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Top 10 Trends in the IoT Platform Market
- Increasing adoption of edge computing for faster data processing.
- Rising integration of AI and machine learning for predictive analytics.
- Growth of industrial IoT (IIoT) applications in manufacturing and logistics.
- Expansion of cloud-based IoT platforms for scalability and flexibility.
- Development of low-power, wide-area network (LPWAN) technologies.
- Rising demand for IoT security solutions to protect connected devices.
- Emergence of IoT-enabled smart cities and smart homes.
- Adoption of digital twins to simulate and optimize operations.
- Increasing interoperability standards and open-platform ecosystems.
- Growing use of IoT platforms in healthcare and remote monitoring.
- Increasing adoption of edge computing for faster data processing.
Edge computing enables Internet of Things devices to handle data processing tasks at their location, which decreases system response times and enables instant decision-making capabilities. This technology is essential for supporting industrial automation systems, self-driving vehicles, and advanced smart infrastructure solutions.
- Rising integration of AI and machine learning for predictive analytics.
AI and machine learning technologies now operate inside IoT platforms to handle extensive data analysis, which helps forecast equipment breakdowns and streamline business processes, and boost operational decision-making. The smart features of IoT platforms provide organizations in the manufacturing, healthcare, and logistics industries with increased operational value.
- Growth of industrial IoT (IIoT) applications in manufacturing and logistics.
The industrial Internet of Things (IIoT) market experiences rapid growth as manufacturers, energy firms, and logistics companies adopt connected sensor technologies to enhance their operational monitoring capabilities, which leads to efficiency gains and cost reductions.
- Expansion of cloud-based IoT platforms for scalability and flexibility.
Cloud-based IoT platforms provide organizational scalability and flexible operations while maintaining affordable service costs because organizations can use the platform to handle their needs for deploying, managing, and analyzing connected devices without needing to purchase on-premises equipment.
- Development of low-power, wide-area network (LPWAN) technologies.
LPWAN technologies, which include LoRaWAN and NB-IoT, provide IoT devices with the ability to transmit data across distances while using very low energy. The trend is accelerating the use of smart meters and environmental sensors together with other battery-operated IoT devices, which function in remote or extensive operational environments.
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Top 20 Companies Leading the IoT Platform Market
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services (AWS)
- PTC Inc.
- SAP SE
- Siemens AG
- Cisco Systems, Inc.
- Oracle Corporation
- Google LLC (Google Cloud)
- Bosch.IO (Bosch Software Innovations)
- Intel Corporation
- Hitachi Ltd.
- GE Digital LLC
- Software AG
- ABB Ltd.
- Schneider Electric SE (AVEVA)
- Nokia Corporation
- Arm Holdings plc
- Telit Communications plc
- Ericsson AB
1. Amazon Web Services
Headquarters: Seatle, Washington, USA
AWS achieved US$3.20 billion in IoT platform revenue for 2024 through its main products which include AWS IoT Core, Greengrass, FreeRTOS, and various analytics and device management solutions. AWS operates an extensive global cloud infrastructure with data centres across North America, Europe, Asia Pacific, and the Middle East, and was founded in 1994, becoming the largest cloud‑based IoT platform by scale and device connectivity.
2. Microsoft Corporation
Headquarters: Redmond, Washington, USA
Microsoft generated US$2.90 billion through its IoT segment which operates on Azure IoT Hub, Azure Sphere, and Digital Twins. Microsoft launched its operations in 1975 from its Redmond Washington base and currently operates cloud regions throughout all essential worldwide markets while delivering enterprise security solutions and hybrid cloud services and AI‑based IoT analytics.
3. Google LLC
Headquarters: Mountain View, California, USA
Google Cloud generated US$1.80 billion through its IoT platform in 2024. The company provides Google Cloud IoT services which enable customers to connect devices and collect data and use BigQuery and AI/ML tools for data analysis. Google established its operations in 1998 and currently operates global cloud data centres and networking infrastructure, using its advanced data analytics and AI capabilities to expand IoT solutions throughout the world.
4. IBM Corporation
Headquarters: Armonk, New York, USA
The IoT solution of IBM generates around US$1.50 billion revenue in 2024 through its Watson IoT Platform which provides enterprise IoT solutions that enable organizations to manage devices while using predictive analytics and hybrid cloud technology. IBM which started operations in 1911 now maintains its business activities across 170 countries while building research centres worldwide to develop AI-driven IoT solutions through its watsonx platform and analytics products.
5. Oracle Corporation
Headquarters: Austin, Texas, USA
Oracle operates its main office from Austin, Texas, USA and generated approximately US$1.20 billion through its IoT Cloud business in 2024 which provides Oracle IoT Cloud services for device connectivity and real-time insights and cloud enterprise application integration. Oracle established its business in 1977 and now operates a worldwide cloud infrastructure while expanding its IoT capabilities through partnerships with 5G connectivity providers and system integrations.
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Are you ready to discover more about the IoT Platform Market?
The report provides an in-depth analysis of the leading companies operating in the global price IoT platform market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardised format that includes:
Company Profile
Microsoft Corporation
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- IBM Corporation
- Amazon Web Services (AWS)
- PTC Inc.
- SAP SE
- Siemens AG
- Cisco Systems, Inc.
- Oracle Corporation
- Google LLC (Google Cloud)
- Bosch.IO (Bosch Software Innovations)
- Intel Corporation
- Hitachi Ltd.
- GE Digital LLC
- Software AG
- ABB Ltd.
- Schneider Electric SE (AVEVA)
- Nokia Corporation
- Arm Holdings plc
- Telit Communications plc
- Ericsson AB
Conclusion
The Global IoT Platform Market size is expected to grow at a compound annual growth rate (CAGR) of 10.3%, from USD 36.4 billion in 2024 to USD 107.0 billion by 2035. Global market expansion is fuelled by rapid adoption of connected devices, increasing demand for real-time data analytics, growing industrial automation, and rising concept of smart homes and cities. North America held the majority of the market share due to technological infrastructure and widespread access to connected devices and multiple leading platform providers enables this situation. Asia-Pacific is projected to grow the fastest during the forecast period due to digital technology advances, the increase in smartphone adoption, and industrial automation across the region.
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