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IoT Platform Market Growth Rate, Future Trends, Market Drivers and Opportunities




Industry Insight

In the vague time of COVID-19, Market Research Future has come with the latest study on the global IoT platform market 2020. The examination enclosed the impact of COVID-19 on the economy. On this, MRFR reveals the IoT platform market would scale up to USD 74.74 billion in 2023. This valuation could achieve while at a pace of ~28.5% growth rate. The evaluation of the escalation would take place during the years (2017 to 2023)?the forecasted period.

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Segment Study

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.

Top Impacting Factors

IoT platforms include development boards that are designed specifically for IoT applications. These platforms play a pivotal role in helping various designers of IoT devices to connect to the internet. IoT platform proposes connectivity to various IoT-compatible hardware devices such as mobiles, laptops, industrial control systems, wearable fitness devices, and automotive telemetric units.

The factors dependable for driving the enterprise IOT Platform Market Growth are escalating demand for data storage over the cloud. Owing to the expanding number of connected devices in an IoT ecosystem, there is a need for downloading, transferring, uploading large volumes of data. The companies are, therefore, able to enhance their capabilities by speed, expertise, and agility to manage IoT data resources.

Furthermore, the demand for cloud data storage is liable to rise, owing to surged data traffic. Significant companies and service providers are anticipated to amplify their backup servers and mitigate risks while guaranteeing uptime, system availability, and speed. The report further details more factors that drive the IoT platform market size are the flexible scaling of data storage in the cloud. Owing to the mounting count connected devices in an IoT environment, vast amounts of data can be stored, downloaded as well as uploaded. Therefore, businesses can augment their ability to handle IoT data resources in terms of knowledge, speed, and agility by leveraging the IoT Platforms.

Regional Analysis

North America IoT platform market is likely to hold the largest share of the market in years to come. The increase in adoption of cloud technology across different region spur the expansion of the market in the years to come. The rise in robust cloud infrastructure and growing utility of connected devices can boost the expansion of the market in the years ahead. High adoption of technical advancements, machine learning technologies, and artificial intelligence can promote the rise of the market across the analysis period. APAC and Europe are observed to experience similar growth drivers for the market. The rise in IoT platforms for its benefits, such as cross-device compatible and scalability and, along with ready-to-use features that boost the adoption of applications can impel the rise of the market across the study period. Increase in number of enterprises that can are using IoT platform to manage companies can spur the expansion of the market through the study period.

Regional Framework

Geographically, the global IoT platform market is studied for the regions of North America, Asia-Pacific, the Middle East & Africa, Europe, and South America.

North America might be the largest market for IoT platform and is liable to remain leading region in the forecast period. The businesses in the region have adopted cloud technology to a great extent. Also, robust cloud infrastructure, a growing number of connected devices, and advancements in artificial intelligence and machine learning technologies are probable to fuel the market growth during the assessment period.

Europe acquired the second-largest market in the IOT Platform Market

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in 2017. According to the MRFR analysis, the UK might gain the highest market share. The factors liable for the market growth include the escalating number of IoT-compatible and intelligent devices. Many businesses are employing centric and provide flexible work options for employees. Rapid adoption of bringing your own device (BYOD) and corporate-owned personally enabled (COPE) devices has improved enterprise mobility to a fair degree. Eastern European countries are witnessing higher adoption of cloud technology owing to the implementation of stringent regulations to streamline and secure data storage.

Leading Regions

The leading players of the global IoT platform market are Amazon Web Services (US), IBM Corporation (US), Google (US), Microsoft Corporation (US), Cisco Systems, Inc. (US), AT&T Inc. (US), Huawei Technologies Co. Ltd (China), General Electric (US), Intel Corporation (US), and Wipro Ltd (India).

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Posted by on 3. May 2021. Filed under Internet. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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