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The Global Open IoT Platform Market is growing rapidly as more industries adopt IoT technology. Open IoT platforms provide connectivity, data management, and application development for IoT devices, offering features like device management, data analytics, and security. The market was valued at US$ 11,160 Mn in 2022 and is projected to grow to US$ 1,02,284.6 Mn by 2032, with a CAGR of 24.8%. The demand for open IoT platforms is increasing as organizations recognize the need for interoperability, scalability, and data management in their IoT deployments. Key driving factors include interoperability, scalability, data management and analytics, security and privacy, developer ecosystems, industry-specific solutions, and cost efficiency.