IoT platform enable enterprises by helping them create and manage applications, configure analytics, data aggressive and storage and connectivity management. Which led to major adoption of IoT technology among small and large enterprises? IoT platform integrates various technologies such as data communication, hardware design and data storage. Global market of IOT has generated a huge amount of revenue for the companies which are operating in this segment and every service or system which is being connected with IOT needs to have a stable and secure platform. IOT Platform eases enterprises work by connecting them with the source of knowledge without any difficulty.
The need for several software functions into one solution is the major growth factor of the IoT platform market. IoT platform projects benefits such as high convenience, improved decision-making, better handling of emergencies, cost benefits, improved quality of life, remote access, and improvements in safety and security. Owing to this numerous benefits several organization, industries and technologists are adopting IoT since it empowers the end-user to make informed decisions.
The number of connected devices is expected to increase exponentially in the coming years. Cisco, one of the top players in connected devices and IoT provider analysed that approximately 50 billion devices will be connected by the time. The increased security threats related to connected devices and the demand for efficiency can be achieved by the IoT managed services thus leaving a positive impact on the IoT platform market.
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Major Key Players
Davra Networks (Ireland),
Cisco Systems, Inc. (U.S.),
SAP SE (Germany),
General Electric (U.S.),
AT&T (U.S.), Huawei Technologies Co. Ltd. (U.S.), IBM (U.S.), and Wipro (U.S.) are some of the prominent players at the forefront of competition in the Global IoT Platform Market and are profiled in MRFR Analysis.
This IOT Platform Market is expected to grow at CAGR of ~33% and will rise to the market size of US ~$1799 million by the end of forecast period.
IoT Platform Global Market – Segmentation
The IoT Platform Market can be can be classified into 5 key segments for the convenience of the report and enhanced understanding;
Segmentation by Platform: Comprises Connectivity, Infrastructure as a Service and Software Platform
Segmentation by Deployment : Comprises cloud, on premise and hybrid
Segmentation by Application: Comprises Device Management, Database Management, Processing, and Analytics among others.
Segmentation by End-User: Manufacturing, BFSI, Smart Cities & Homes, Telecommunication, IT among others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
North America is dominating the Global IoT Platform Market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to presence of high number of IoT solution providers and rising adoption of innovative technologies. However, it is anticipated that the market in Europe will exhibit higher growth rate compared to the North America market in the near future. Further, the growing adoption of digitalization in developing countries such as Australia, China, and Japan, Asia Pacific market is intended to show an impressive growth in the coming years. Asia-Pacific has emerged as fastest growing market and expected to be the second biggest market by the end of forecast period. In addition, countries such as Argentina and Brazil are aiding the Latin America market to expand. The increasing rate of IoT adoption over the oil and gas industry and throughout the government sector is most likely to help the Middle East and Africa sector grow.
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- Software Companies
- Data Storage Companies
- Data Storage Service Providers
- Cloud Service Providers
- Cloud Service Management Services
- Software Companies