IOT Platform is a medium between the applications and services which are connected with the real world. Growing industry and 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 is an option to the companies to get connected with the source of knowledge without having any difficulty. Growing the size of Database and the need of access to the right data in the fraction of time is possible with IOT. Global IOT Platform Market has been growing rapidly and this market is seeing tremendous opportunities in the upcoming future as the size of the data is increasing continuously.
This market is expected to grow at CAGR of 33% and will rise to the market size of USD 1799 million by the end of forecast period.
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Major Key Players:
- Amazon Web Services (U.S.)
- IBM Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Samsung Group (South Korea)
- Bosch (Germany)
- Ayla Networks (U.S.)
- Google, Inc. (U.S.)
- General Electric (U.S.)
- Oracle (U.S.)
Market Research Analysis:
The global open IoT platform market, by geography, has been segmented into North America, Europe, Asia Pacific and Rest of the World. In the global Open IoT platform market, Asia Pacific is anticipated to witness relatively faster adoption and is expected to grow at the highest CAGR during the forecast period as compared to other regions. Within Asia Pacific, open IoT platform market is projected to contribute faster to the growth of revenue backed by increasing demand from developers in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of open IoT platform market. In Europe, the popularity of open source platforms is increasing among the developers and hence is the major factor driving the growth of open IoT platform market. The presence of advanced infrastructure and with the increasing adoption of open source applications and technological advancements in numerous countries are other factors driving the growth of open IoT platform market.
Open IoT platform market in the South America region is anticipated to witness relatively slower market growth. However, Brazil and Argentina among other countries are projected to witness slow yet steady growth. Open IoT platform market in Middle East and Africa occupies a relatively smaller pie of the global open IoT platform market.
Open IoT platform Market Segmentation:
The Open IoT Platform Market has been segmented on the basis of component, deployment and end user. The component segment comprises of hardware and software components. Software components segment is very popular among the components segment owing to the free availability of source codes for general people to develop and modify codes, in order to develop new applications.
The regional analysis of open IoT platform market is being studied for regions such as Asia Pacific, North America, Europe and Rest of the World. It has been observed that North America is estimated to account for the largest share of the market, whereas Asia-Pacific is projected to grow at the fastest rate during the forecast period.
The major growth in Open IoT platform market in North America is attributed to the increasing popularity among the developers in that region.
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