Technology plays a crucial role in business growth, and the internet is impacting these sectors just like it influences so many others. Internet of Things (IoT) connects various devices and business applications via the internet. Market Research Future (MRFR) has published a research report about the global IoT platform market that reckons raise for this market at 28.5% CAGR during the forecast period between 2018 and 2023. By value, the market has been figured to be worth USD 74.74 BN by the end of the forecast period.
Vital market driving factors for the global IoT platform market are automated work management systems and real-time management of critical systems. Other factors driving the market include disaster planning & recovery solutions and the rising adoption of cloud IoT among enterprises. IoT ensures proper utilization of business resources and enhances enterprise capabilities.
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The global IoT platform market segmentation covers application, deployment, and end-user. MRFR is exploring the features of these segments to get a good hold over trends that are impacting the market.
According to the application-based segmentation, this market covers analytics solutions, database management, device management, and processing. During the forecast period, analytics solutions segment can witness the highest growth as the adoption of analytics solutions can increase the ability to discover data trends & patterns, manage issues related to the quality of service (QoS) within operations, and provide alerts on irregularities. Many vendors offer analytical tools for IoT data.
Based on deployment, the market has been segmented into a cloud deployment, on-premise deployment, and hybrid deployment. By the end of the forecast period, the hybrid segment is expected to witness the highest growth due to increasing adoption of hybrid deployment models. Hybrid deployment models provide better productivity, operational agility, and security.
In the context of end-user, the market has been segmented into healthcare, manufacturing, smart cities & homes, retail, and others. Although manufacturing segment is the largest market segment, by the end of the forecast period, the smart cities & homes segment can exhibit maximum growth due to its ability to deliver improved public services, roads, and other infrastructure.
The regional segmentation of the global IoT platform market covers North America, Asia Pacific, Europe, and Rest of the World (RoW).
Holding the largest market share in the global market, North America is expected to keep its crown throughout the forecast period as many enterprises have adopted cloud technology to a large extent. Technological advancement makes North America an important regional market. Other factors propelling the market growth include advances in artificial intelligence (AI) & machine learning (ML) technologies, growing cloud infrastructure support, presence of many key market players in the USA, and an increasing number of connected devices. After the USA, Canada and Mexico are the most important country-specific markets in this region.
During the forecast period, the Asia Pacific region can be the fastest growing regional market at 32.1% CAGR due to active market players in countries like China, Hong Kong, India, Japan, and South Korea. Collaborations between many market players are increasing. Due to technological advancement, Japan is contributing significantly to the regional growth.
In Europe, the market is growing primarily due to technological advancement. The revenue from France, Germany, and the UK forms the crux of market revenue in this region. Other countries in Europe also contribute to market growth to some extent.
The RoW segment covers South America and the Middle East & Africa (MEA). In South America, the market is small due to limited technological advancement. Argentina and Brazil are two robust economies that can emerge as strong markets in the future. In the MEA region, the market growth is slow due to limited availability of technology.
Major players in the global IoT platform market include AT&T Inc. (USA), Amazon Web Services (USA), Cisco Systems Inc. (USA), General Electric (USA), Google (USA), Huawei Technologies Co. Ltd (China), IBM Corporation (USA), Intel Corporation (USA), Microsoft Corporation (USA), and Wipro Ltd (India).
Latest Industry News
- Nytec Inc. is set to launch Connected X.0, the “next-gen” IoT platform. Connected X.0 offers a customizable, turnkey IoT/Industrial IoT (IIoT) solution with broad applicability across industries. 14 JUNE 2019
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List of Figures
FIGURE 1 Global IoT Platform Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of The Global IoT Platform Market
FIGURE 4 Value Chain Of The Global IoT Platform Market
FIGURE 5 Share Of The Global IoT Platform Market, By Country, 2017 (In %)
FIGURE 6 Global IoT Platform Market, 2017–2023
FIGURE 7 Sub-Segments Of Platform
FIGURE 8 Global IoT Platform Market Size, By Platform, 2017
FIGURE 9 Share Of The Global IoT Platform Market, By Platform, 2017–2023
FIGURE 10 Global IoT Platform Market Size, By Application, 2017
FIGURE 11 Share Of Global IoT Platform Market, By Application, 2017–2023
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