Performance prediction systems and method of an Internet of Things (IoT) platform and applications includes obtaining input(s) comprising one of (i) user requests and (ii) sensor observations from sensor(s); invoking Application Programming Interface (APIs) of the platform based on input(s); identifying open flow (OF) and closed flow (CF) requests of system(s) connected to the platform; identifying workload characteristics of the OF and CF requests to obtain segregated OF and segregated CF requests, and a combination of open and closed flow requests; executing performance tests with the APIs based on the workload characteristics; measuring resource utilization of the system(s) and computing service demands of resource(s) from measured utilization, and user requests processed by the platform per unit time; executing the performance tests with the invoked APIs based on volume of workload characteristics pertaining to the application(s); and predicting, using queuing network, performance of the application(s) for the volume of workload characteristics.