The growing number of IoT connections leading to increased data traffic is fostering the market growth of IoT platform applications and services.

The global IoT platform applications and services market is estimated to grow from US$393.0 billion in 2018 to US$783.0 billion in 2023 at a CAGR of 11.7% during the forecast period. The major factors driving the growth of the IoT platform applications and services market include rapidly growing number of IoT connections leading to increased data traffic, increasing internet ubiquity and development of wireless technologies, rising need to increase operational efficiency in various industries, and government initiatives in R&D activities related to IoT.

The term loT platform refers to a collaborative effort by several open-source contributors to create a new class of open large-scale intelligent loT or internet of things. The applications are created following the utility cloud computing delivery model. The technology is defined as a natural extension of the cloud computing implications. Access to further and increasingly essential loT-based capabilities and resources is made possible by loT. Also available are formulation and management services for environments containing loT resources that provide on-demand utility and loT services.

Communication between sensors and devices enables healthcare organizations to streamline their clinical operations, manage workflows, and aid in real-time patient care, even from remote locations. Hence, healthcare organizations are focusing on implementing robust applications and connected technologies. Some of the major applications of IoT in the connected healthcare area are remote patient monitoring, healthcare workflow management, medication management, and medical asset tracking.

The COVID-19 pandemic has wreaked havoc on organizations of all sizes, including those in the manufacturing, industrial, and government sectors. Businesses in many industrial sectors are restarting operations in recent times, as lockdown restrictions have been removed in practically every location around the world. During the pandemic, IoT device usage has risen in a variety of industries, including healthcare, utilities, manufacturing, and transportation and logistics. To combat potential failures, organizations have begun to consider intelligent asset management solutions for remote monitoring, alerts and notifications, remote services and control, predictive analytics and preventive maintenance and predictive analytics and preventive maintenance based on historical and real-time data analysis.