Internet of Things (IoT) Software Market Size, Share, Trends & Competitive Analysis By Types: Connectivity Management Platforms, Device Management Platforms, Application Enablement Platforms, Network Management Platforms By Application: Smart Home Systems, Industrial IoT Solutions, Healthcare IoT Applications, Agriculture IoT Solutions By Deployment: By Connectivity: By Industry Verticals: By Regions, and Industry Forecast, Global Report 2024-2032

  • Report ID: FDS1052
  • Forecast Period: 2023-2030
  • No. of Pages: 150+
  • Industry: Software & Hardware

The global Internet of Things Software market size was valued at USD 632.3 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 24.8% during the forecast period, reaching a value of USD 3249.2 billion by 2030.

Internet of Things Software market research report by Future Data Stats, offers a comprehensive view of the market's historical data from 2018 to 2021, capturing trends, growth patterns, and key drivers. It establishes 2022 as the base ysear, analyzing the market landscape, consumer behavior, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2023 to 2030, leveraging data analysis techniques to project the market's growth trajectory, emerging opportunities, and anticipated challenges.


The Internet of Things (IoT) software refers to a suite of digital solutions that enable devices and objects to connect, communicate, and share data seamlessly over the internet. It serves as the technological backbone that empowers various industries to enhance efficiency, productivity, and decision-making processes. IoT software facilitates the integration and management of diverse devices, ranging from household appliances and wearable gadgets to industrial machinery and healthcare equipment, creating a network of interconnected entities that can be monitored and controlled remotely.

In practical terms, IoT software plays a pivotal role in transforming traditional systems into smart, interconnected ecosystems. It enables real-time monitoring and data exchange, allowing businesses and individuals to make informed decisions based on the insights derived from connected devices. From optimizing supply chain operations to improving energy efficiency in smart homes, IoT software empowers a wide array of applications, driving innovation across industries.


As businesses and industries embrace IoT solutions, the need for efficient communication between interconnected devices becomes paramount. This trend is driving the development and adoption of advanced IoT software, fostering a connected environment that enhances operational efficiency and decision-making processes.

However, the IoT Software market is not without its challenges. One notable restraint is the heightened concern over cybersecurity. As the number of connected devices rises, so does the potential vulnerability to cyber threats. This has led to a growing emphasis on enhancing security measures within IoT software solutions. Addressing these concerns is crucial to building trust among users and ensuring the integrity of data exchanged in the interconnected IoT ecosystem. Despite these challenges, the market presents significant opportunities for innovation and growth, especially with the integration of artificial intelligence and the exploration of new applications across diverse industries. The expansion of IoT into areas like healthcare, agriculture, and smart cities opens avenues for businesses to capitalize on the transformative potential of IoT software.



Connectivity Management Platforms play a pivotal role in establishing and maintaining communication channels between IoT devices. These platforms enable efficient data exchange, ensuring a smooth flow of information across interconnected devices. As the demand for connected ecosystems rises, the significance of robust Connectivity Management Platforms becomes increasingly pronounced, driving advancements in this segment of the IoT software market.

Device Management Platforms represent another critical facet of the IoT software landscape. These platforms empower users to monitor, manage, and control the myriad devices within an IoT network. From overseeing software updates to troubleshooting issues remotely, Device Management Platforms contribute to the streamlined functioning of IoT-enabled systems. As the number of connected devices continues to surge across industries, the importance of effective device management becomes a dominant factor influencing the growth trajectory of the IoT Software market.

Application Enablement Platforms form an integral part of the IoT software ecosystem by providing tools and frameworks to develop applications that leverage IoT data. These platforms enable businesses to harness the full potential of IoT-generated data, translating it into actionable insights and innovative applications.


Smart Home Systems emerge as a prominent player in the IoT Software landscape, catering to the increasing demand for connected and automated home environments. These systems integrate IoT technology to enhance convenience, security, and energy efficiency within households, contributing to their prevalence as a key driver in the IoT Software market.

In the realm of industries, Industrial IoT (IIoT) Solutions stand out as a dominant factor shaping the market. IIoT leverages IoT Software to connect and optimize industrial processes, facilitating real-time monitoring and data-driven decision-making. The integration of IIoT Solutions enhances operational efficiency, predictive maintenance, and overall productivity in manufacturing, logistics, and other industrial sectors. This application's impact on transforming traditional industries makes it a crucial influencer in the dynamics of the IoT Software market.

Healthcare IoT Applications play a pivotal role in revolutionizing the healthcare industry, contributing to the market's growth. These applications utilize IoT Software to enable remote patient monitoring, improve diagnostics, and enhance overall healthcare management.


Cloud-based IoT Software stands out as a significant driver, offering a scalable and flexible solution for managing connected devices and data. This deployment option allows businesses to leverage the power of the cloud, facilitating easy access to IoT services, data storage, and analytics. The convenience and accessibility provided by Cloud-based IoT Software contribute to its prominence in shaping the dynamics of the IoT Software market.

On the other hand, On-premises IoT Software remains a substantial component influencing the market, especially for organizations with specific data security and compliance needs. This deployment model involves hosting IoT software and infrastructure within the organization's premises, providing greater control over data and ensuring compliance with regulatory standards. On-premises IoT Software caters to industries where data privacy and control are paramount, making it a dominant factor that continues to shape the landscape of the IoT Software market.

Edge Computing Platforms emerge as a transformative factor in the IoT Software market, addressing the need for real-time processing and reduced latency. These platforms bring computing capabilities closer to the source of data generation, minimizing the need to transmit vast amounts of data to centralized cloud servers. Edge Computing Platforms enhance the efficiency of IoT applications, particularly in scenarios where immediate processing of data is critical, such as in autonomous vehicles or industrial automation.


Wired IoT Connectivity remains a significant influence, offering reliability and stability in data transmission. Industries requiring secure and robust connections often opt for wired solutions to ensure consistent communication between devices. The reliability and consistent performance of Wired IoT Connectivity make it a dominant factor, especially in sectors where uninterrupted data transfer is critical for operations.

Wireless IoT Connectivity, including technologies like Wi-Fi, Bluetooth, and Cellular networks, emerges as a driving force in the IoT Software market. The flexibility and mobility provided by wireless solutions contribute to their widespread adoption across various industries. Wi-Fi enables seamless connectivity within a localized network, Bluetooth facilitates short-range communication between devices, and Cellular networks ensure broad coverage and remote accessibility.


In the manufacturing sector, IoT Software plays a transformative role by enabling smart factories and connected production lines. Manufacturing processes benefit from real-time data monitoring and analysis, optimizing efficiency and reducing downtime. As a dominant factor, IoT Software in manufacturing contributes to the broader industry's shift towards Industry 4.0, fostering increased automation and data-driven decision-making.

Healthcare stands out as another influential industry vertical shaping the IoT Software market. Healthcare IoT Applications empower medical professionals with tools for remote patient monitoring, efficient healthcare management, and improved diagnostics. The integration of IoT Software in healthcare settings enhances patient care, streamlines operations, and fosters innovations in medical technologies. The healthcare sector's adoption of IoT Software underscores its status as a dominant factor driving advancements in both patient outcomes and operational efficiency.

In the retail sector, IoT Software proves instrumental in creating smart and personalized shopping experiences. Retailers utilize IoT solutions to track inventory, analyze customer behavior, and enhance supply chain management. This technology's application in retail operations not only optimizes processes but also enables a more tailored and convenient experience for consumers. As a dominant factor in the retail landscape, IoT Software contributes to the evolution of traditional retail models towards more connected and responsive business strategies.

Transportation and logistics represent another pivotal industry vertical where IoT Software has a profound impact. The integration of IoT solutions in this sector enhances fleet management, route optimization, and overall logistics efficiency. Real-time tracking of shipments and vehicles, coupled with predictive maintenance capabilities, contributes to cost savings and improved operational performance.


In North America, the market experiences robust growth driven by widespread adoption of IoT technologies in various industries. The presence of leading technology companies, favorable regulatory environments, and a high level of awareness among businesses contribute to the region's dominance in the IoT Software market. North America continues to be at the forefront of innovation, with a focus on developing advanced IoT solutions to address the evolving needs of industries such as healthcare, manufacturing, and smart cities.

Europe, too, plays a significant role in shaping the IoT Software market, with a strong emphasis on industrial applications and smart infrastructure. European countries prioritize sustainability and efficiency, driving the integration of IoT solutions in sectors like transportation, energy, and agriculture. The regulatory landscape in Europe supports the adoption of IoT technologies, fostering a conducive environment for market growth.


The pandemic underscored the importance of IoT solutions in various sectors, particularly in healthcare, where remote patient monitoring and data analytics became crucial tools. The demand for IoT Software surged as businesses sought to adapt to remote work setups, leading to increased reliance on connected devices and solutions. However, supply chain disruptions and economic uncertainties posed challenges, affecting the overall market growth.

The pandemic also accelerated certain trends within the IoT Software market, such as the adoption of smart technologies in response to the changing demands of a remote and digitally connected world. Industries like manufacturing embraced IoT solutions to enhance automation and operational efficiency in the face of workforce limitations and social distancing measures.


Mergers & Acquisitions:

  • August 2022: Semtech acquired Sierra Wireless for $1.2 billion, aiming to combine Semtech's LoRa technology with Sierra Wireless' cellular modules and cloud services.
  • February 2023: PTC acquired Intact Software for $760 million, expanding its IoT platform capabilities for industrial applications.
  • April 2023: Honeywell acquired Resonai for $800 million, aiming to integrate Resonai's AI technology into its industrial IoT solutions.
  • June 2023: Software AG acquired Cumulocity for $1.6 billion, strengthening its IoT platform offering for enterprise customers.
  • October 2023: Microsoft acquired Kintaba for an undisclosed amount, adding low-code development capabilities for building IoT applications.

Product Launches:

  • January 2023: Amazon Web Services (AWS) launched IoT FleetWise, a managed service for provisioning and managing large fleets of IoT devices.
  • March 2023: Google Cloud Platform (GCP) launched Vertex AI Vision, a suite of AI tools for analyzing visual data from IoT devices.
  • May 2023: Microsoft Azure launched Azure IoT Edge 2.0, offering improved security and performance for deploying AI models on edge devices.
  • July 2023: Siemens launched MindSphere Go, a lightweight IoT platform for creating simple and secure IoT applications.
  • September 2023: PTC released ThingWorx 11.0, its latest IoT platform version with enhanced analytics and machine learning capabilities.


  • Microsoft Corporation
  • IBM Corporation
  • Cisco Systems, Inc.
  • Intel Corporation
  • SAP SE
  • Oracle Corporation
  • PTC Inc.
  • Google LLC
  • General Electric Company
  • Siemens AG
  • Amazon Web Services, Inc.
  • Dell Technologies, Inc.
  • Hewlett Packard Enterprise Development LP
  • Bosch Software Innovations GmbH
  • ARM Holdings plc
  • Software AG
  • Huawei Technologies Co., Ltd.
  • Hitachi Vantara Corporation
  • Schneider Electric SE
  • Wind River Systems, Inc.
  • BlackBerry Limited
  • Accenture PLC
  • TIBCO Software Inc.
  • Verizon Communications Inc.

Table of Contents
Executive Summary
Market Overview
Definition of IoT Software
Evolution and Growth of IoT Software Market
Key Market Trends
Emergence of Edge Computing
Integration of AI and IoT
Security Concerns and Solutions
Market Dynamics
Market Segmentation
Types of IoT Software
Applications of IoT Software
Deployment Models
Connectivity Solutions
Industry Verticals
Geographic Analysis
North America
Latin America
Middle East and Africa
Competitive Landscape
Key Players
Market Share Analysis
Mergers and Acquisitions
Collaborations and Partnerships
Key Strategies of Leading Players
Product Innovation
Strategic Alliances
Geographic Expansion
Market Size and Forecast
Revenue Analysis
Growth Rate Projections
Regulatory Landscape
Case Studies
Future Outlook
Emerging Technologies Impacting IoT Software
Market Opportunities in the Next Decade
Research Methodology
List of Abbreviations

Internet of Things Software Market Segmentation

By Types:

  • Connectivity Management Platforms
  • Device Management Platforms
  • Application Enablement Platforms
  • Network Management Platforms

By Application:

  • Smart Home Systems
  • Industrial IoT (IIoT) Solutions
  • Healthcare IoT Applications
  • Agriculture IoT Solutions

By Deployment:

  • Cloud-based IoT Software
  • On-premises IoT Software
  • Edge Computing Platforms

By Connectivity:

  • Wired IoT Connectivity
  • Wireless IoT Connectivity (Wi-Fi, Bluetooth, Cellular, etc.)

By Industry Verticals:

  • Manufacturing
  • Healthcare
  • Retail
  • Transportation and Logistics

By Geography:

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.

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With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.

The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.

Primary Research:

Primary Research


Desk Research


Company Analysis


•       Identify key opinion leaders

•       Questionnaire design

•       In-depth Interviews

•       Coverage across the value chain


•       Company Website

•       Company Annual Reports

•       Paid Databases

•       Financial Reports


•       Market Participants

•       Key Strengths

•       Product Portfolio

•       Mapping as per Value Chain

•       Key focus segment


Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.

The aforementioned helps to:

  • Validate and improve data quality and strengthen the research proceeds
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  • Supply authentic information about the market size, share, growth, and forecasts

The primary research interview and discussion panels comprise experienced industry personnel.

These participants include, but are not limited to:

  • Chief executives and VPs of leading corporations specific to an industry
  • Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research:

A broad array of industry sources for the secondary research typically includes, but is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor  presentations for a competitive scenario and shape of the industry
  • Patent and regulatory databases to understand technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles, web-casts, and other related releases to evaluate the market
  • Internal and external proprietary databases, key market indicators, and relevant press releases for  market estimates and forecasts



•       Top executives of end-use industries

•       C-level executives of the leading Parenteral Nutrition companies

•       Sales manager and regional sales manager of the Parenteral Nutrition companies

•       Industry Consultants

•       Distributors/Suppliers


•       Annual Reports

•       Presentations

•       Company Websites

•       Press Releases

•       News Articles

•       Government Agencies’ Publications

•       Industry Publications

•       Paid Databases


Analyst Tools and Models:



·         Arriving at
Global Market Size

·         Arriving at
Market Size

·         Market Share
of Key Players

·         Key Market Players

·         Key Market Players

·         Market Share
of Key Players

·         Arriving at
Market Size

·         Arriving at
Global Market Size


Internet of Things Software Market Dynamics Factor


  • The growing consumer preference for interconnected devices is a key driver for the IoT software market.
  • The continuous evolution of communication technologies, such as 5G, contributes to the expansion of the IoT software market.
  • The ability of IoT software to provide advanced data analytics solutions is propelling its adoption across various industries.


  • The increasing number of connected devices raises concerns about data security, posing a significant challenge for the widespread adoption of IoT software.
  • Lack of standardized protocols and interoperability between different IoT devices and platforms hinders seamless integration and scalability.
  • Growing awareness and concerns regarding data privacy create barriers to the adoption of IoT software in certain applications.


  • The development of industry-specific IoT applications opens new opportunities for software providers to cater to the unique needs of various sectors.
  • The integration of edge computing with IoT software presents opportunities for real-time data processing, reducing latency and enhancing overall system performance.
  • Untapped markets and sectors, such as healthcare and agriculture, provide avenues for the expansion of IoT software applications.


  • The complexity associated with implementing IoT solutions, especially in large-scale deployments, poses a challenge for businesses.
  • Adhering to diverse and evolving regulations related to data protection and privacy poses challenges for IoT software developers and users.
  • The upfront costs of implementing IoT solutions, including software, hardware, and infrastructure, can be a barrier for some organizations.

Frequently Asked Questions

The global Internet of Things Software market size was valued at USD 632.3 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 24.8% during the forecast period, reaching a value of USD 3249.2 billion by 2030.

The key factors propelling the growth of the Internet of Things Software market include increased adoption of IoT across industries, rising demand for data analytics, and the continuous development of smart devices and applications.

Current trends in the Internet of Things Software market involve the integration of edge computing, the emergence of 5G technology, and a focus on enhancing cybersecurity measures within IoT solutions.

While specific dominance can vary over time, regions such as North America, Europe, and Asia-Pacific traditionally play significant roles in the Internet of Things Software market due to technological advancements and widespread IoT adoption.

Major challenges in the Internet of Things Software market include concerns about data security and privacy, interoperability issues among different IoT devices, and the need for industry standards. Opportunities lie in the continuous innovation of IoT applications, expanding IoT use cases, and the development of more robust connectivity solutions.
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