Top Market Drivers & Challenges
The internet of things has transformed the businesses by bringing technology and innovation in the foremost, which is why the market of it is thriving continuously since the past years. It has improvised technology which improved public safety, healthcare, transportation, finance with faster and real-time information. Such a scenario has incredibly allowed businesses to enhance the operation and results in customer satisfaction. These factors have been causative to the proliferation of the market’s growth over the forecast period.
At the same time, the mounting need for digital transformation among the verticals such as transportation, manufacturing, healthcare, retail is also contributing immensely to the market’s growth. In the current time, every organization has implemented IoT that could track and check efficiency as well as productivity. In a case of point, it has been seen in the healthcare sector that IoT technology is progressively aiding hospitals in terms of tracking the location of surgeons to wheelchairs as well as managing the entire healthcare operations. All these factors are continuously favoring the market’s growth since its evolution and would be expanding during the assessment period.
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Therefore, the adoption of the internet of things (IoT) technology in the verticals can increase the demand for the IoT cloud platform market in the foreseeable years. Thus, looking at these factors, it is estimated that the market will be achieving a high level of valuation for the forecasted period.
Key Market Players
The key players of the global Internet of Things (IoT) cloud platform market are listed as Huawei Technologies, AT&T, IBM Corporation, Salesforce.com, Google, AWS Group, Microsoft Corporation, Artik Cloud, Ayla Network, Cisco system, GE, SAP SE, and Telit and more are in the list.
Segmentation of Market: Internet of Thing Cloud Platform Market
The Internet of Things cloud platform market, as per the study, is segmented among the elements of deployment, platform, service, organization size, vertical and application.
In terms of deployment: Device management, application enablement, and connectivity management.
In terms of deployment: Public, private, and hybrid are the segments.
In terms of organization size: Large enterprise and small and medium enterprises are the segments.
In terms of service: Managed services and professional services are the segments.
In terms of application: Home automation, smart city, wearable technology, industrial automation, smart transportation, and smart agriculture are the segments.
In terms of vertical: Healthcare, finance, government, retail, Automotive & transportation, hospitality, consumer electronics, industrial manufacturing, media & entertainment, education, and more are the segments.
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Top Regional Drivers
The geographical analysis of the global Internet of Things (IoT) cloud platform market is studied for the top regions of North America, Europe, Asia-Pacific, and the rest of the world.
Among these, North America is leading the global internet of things (IoT) cloud platform market during the forecast period. The growth here owes to the existence of well-known vital players of this market that are Google, Microsoft, Cisco, AWS Group, IBM Corporation, SAP SE and more. The other factor being causative for the growth is the demand for IoT cloud platform, and the presence of early technology adopters to host innovative technologies is advancing the market’s growth.
Asia-Pacific region might reach the highest CAGR during the forecast period, owing to the extensive implementation of IoT cloud-based technologies in the various verticals as well as improved adoption of digital technologies in main countries such as China and India.
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