Global Internet of Things (IoT) Cloud Platform Market Overview
The Internet of Things (IoT) Cloud Platform Global Market is estimated to garner USD 8.6 bn during the forecast period
Internet of Things (IoT) refers to technology that connects various devices like sensors, smart and wearable devices and streamlines the communication process. It is a system of interrelated devices or ‘things’ which hold the ability to transfer data without any necessary human intervention. An IoT cloud platform means a solution that enables proper storage and processing of IoT data.
The internet of things (IoT) can transform the society and businesses by improving the public safety, healthcare, transportation, finance with the better and faster real-time information. This features of IoT technology allows the businesses to improve operations and helps in increasing the customer satisfaction. The growing need of digital transformation across various verticals such as manufacturing, transportation, healthcare, retail, and others is one of the factors that is driving this market
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According to a MRFR study, the IoT cloud platform market has grown significantly, in past few years due to deployment of IoT technology in various organization from small & medium enterprise to large enterprise. The IoT cloud platform provides services such as device management, connectivity management and application enablement that helps organization to enhance various business processes.
Market Research Future (MRFR) has profiled many noteworthy players in the global internet of things (IoT) cloud platform market including Google, IBM Corporation, Cisco system, Microsoft Corporation, AWS Group, Artik Cloud, AT&T, GE, Salesforce.com, Ayla Network, SAP SE, Huawei Technologies, and Telit.
The global Internet of Things (IoT) Cloud Platform Size (COVID-19 Impact Analysis) is segmented into deployment, organization size, platform, service, application, and vertical by Market Research Future. Based on platform, the market for global Internet of things (IoT) cloud platform is segmented into device management, connectivity management, and application enablement. On the basis of deployment, the IoT cloud platform market is segmented into public, private, and hybrid. By organization size, the global Internet of things (IoT) cloud platform market is segmented into large enterprises and small and medium enterprises. On the basis service, the market is segmented into managed services and professional services. By application, the market is segmented into wearable technology, smart city, home automation, smart transportation, smart agriculture, and industrial automation. By vertical, the IoT cloud platform market is segmented into healthcare, finance, industrial manufacturing, retail, automotive & transportation, government, hospitality, consumer electronics, education, media & entertainment.
On July 2018, Arcules launched intelligent video cloud platform that analyzes and aggregates untapped video surveillance and IoT sensor information by analyzing the data with predictive analytics which helps the organization to improve safety and optimize operation.
On the other hand, lack of data management, security and privacy concerns are some of the factors which may hamper this market.
March 2019: AdLink Technology has partnered with Google Cloud to integrate its hardware and software-based edge computing solutions with Google’s Cloud IoT offerings.
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Detailed Regional Analysis
The global internet of things cloud platform market has been studied for regions of North America, the Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The Asia Pacific is anticipated to garner highest growth rate during the forecast timeline owing to the proliferated implementation of IoT cloud-based technologies across multiple high profile industrial sectors. Furthermore, increased adoption of digital technologies in emerging economies such as China and India are projected to drive the internet of things (IoT) cloud platform in the region.
North America is expected to assert market dominance for the internet of things (IoT) cloud platforms due to the presence of a majority of key players in the region. Presence of many early technology adopters and host of innovative technologies in North America has proliferated the market growth for the internet of things (IoT) cloud platforms.
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