Market Highlights

Market Research Future (MRFR) in its report on the IoT platform market 2020 reveals COVID-19 impact analysis on the market. As per MRFR study, the worldwide IoT platform market can rise at about 28.5% CAGR across the study period. As per MRFR analysis, the expansion of the IoT platform global market can value at USD 74.74 Bn on the conclusion of the assessment period.

Top Boosters and Main Challenges

IoT has fundamentally changed the way businesses work, as home automation and Industry 4.0 gain significant traction across industries. IoT devices as well as embedded systems are becoming more and more prevalent, since businesses across the globe now understand the potential and use cases of IoT. IoT platform offers connectivity to a variety of IoT-backed hardware devices like automotive telematics units, laptops, industrial control systems, mobiles, wearable fitness devices, and more.

The IoT platform market is largely supported by the heightened demand for data storage on cloud. Given the rising number of connected devices in the IoT ecosystem, the need to transfer, download, and upload massive volumes of data has gone up significantly. This is another reason why the number of data centers is increasing at a rapid pace across the globe. Many companies are now able to expand their capabilities with respect to speed, agility and expertise to handle IoT data resources.

A trend noted in the global market is the robust demand for cloud data storage to manage the mounting data traffic. Many of the renowned vendors and service providers are striving to boost their backup servers and also mitigate the risks while ensuring system availability, speed and uptime. This can greatly benefit the IoT platform market in the approaching years.

Segmentation:

The segment study of IoT platform market is done by application, platform, deployment, and end user.

The platform based IoT platform market segments are IaaS backend, connectivity/M2M platform, consumer/enterprise software extension, and hardware-specific software platform. The high utility of connectivity/M2M platform can cause the expansion of the segment across the study period. The hardware-specific software platform segment at 31.5% CAGR across the study period.

The deployment based segmenst of the IoT platform market segments are hybrid, on-premises, and cloud. The on-premises segment can acquire 38.5% share on the world market on the conclusion of the assessment period.

The Application-based IoT platform market segments are analytics, database management, device management, and processing. The device management segment can generate high value in the years to come. The analytics segment can thrive at 32.7% CAGR in the analysis period.

The End user-based, the IoT platform market segments are retail, manufacturing, healthcare, smart cities & homes, and others. The manufacturing segment can secure a considerable share of the market due to rise in smart cities and homes projects. The segment can rise at 29.6% CAGR across the evaluation period and the segment is likely to touch USD 19.20 Bn by the end of the forecast period.

Regional Insight

The IoT platform market is spread across the main regions of Asia Pacific (APAC), Europe, the Middle East & Africa (MEA), South America and North America.

North America is projected to gain the highest traction in the global market for IoT platform, profiting significantly from the high adoption of cloud technology by enterprises. Moreover, the illustrious cloud infrastructure, elevating number of connected devices, and the striking advancements in artificial intelligence as well as machine learning technologies can drive the market progression in the coming period. Well-known vendors like Microsoft Corporation, IBM Corporation, C3, Inc., Amazon Web Services, Particle, Oracle Corporation and PTC Inc. are quite established in the region and are largely responsible for the strong market growth. These companies are focused on investing significantly in research and development to come up with highly advanced IoT platforms with better functionality.

Europe ranks second in the global IoT platform market, as noted in 2017. The report suggests that Germany, the UK, France, and others can take the lead in the regional market during the appraisal period. However, there is a high probability that the UK can claim the top position in the region market, with Germany, France, and others following suit. High number of IoT-backed and intelligent devices among enterprises and the fast-paced use of corporate-owned personally enabled (COPE) and bring your own device (BYOD) devices has boosted the market growth to a fair degree in the region. Most of the countries in Eastern Europe are catching up with the rest of the region, thanks to the rising adoption of cloud technology, in the backdrop of high implementation of strict regulations that mandate the streamlining and securing of data storage.

Top Vendors

The IoT platform market size is bound to increase in the following years, as more and more companies are putting in vigorous efforts to acquire a better position and note business growth. Some of the companies that are adopting strategic measures such as collaborations and partnerships in the global market include Amazon Web Services (US), Wipro Ltd (India), Google (US), IBM Corporation (US), General Electric (US), Intel Corporation (US), Microsoft Corporation (US), AT&T Inc. (US), Huawei Technologies Co. Ltd (China), Cisco Systems, Inc. (US), to mention a few.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/iot-platform-market-1739