Market Highlights
The global IoT platform market, according to the reports by Market Research Future (MRFR), is slated to expand at a substantial 28.5% CAGR over the review period, with a significant market valuation of 74.74 billion in 2023.
Drivers and Restraints
Growing demand for data storage over the cloud is a significant factor driving the growth of the enterprise IoT platform market. The growing number of connected devices in an IoT ecosystem has led to the need for downloading, transferring, and uploading large volumes of data, which is done by the enterprise data centers. This boosts companies to improve their capabilities in terms of expertise, speed, and agility to manage IoT data resources. The demand for cloud data storage is slated to upsurge owing to augmented data traffic. Major companies and service providers are touted to increase their backup servers and lessen risks while guaranteeing uptime, system availability, and speed.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/1739
Segmentation:
The global market for IoT platforms has been segmented on the basis of deployment, platform, application, end-user, and region.
Based on the platform, the global IoT platform market has been segmented into a hardware-specific software platform, IaaS backend, connectivity/M2M platform, and consumer/enterprise software extension. The connectivity/M2M platform segment is slated to account for the largest share, while the hardware-specific software platform segment is touted to register the highest CAGR of 31.5% over the forecast period.
Based on deployment, the market has been categorized into cloud, on-premises, and hybrid. The on-premises segment accounts for the largest market share of more than 38.5%, whereas the hybrid segment is poised to register the highest CAGR over the assessment period.
Application-based segmentation of the IoT platform market includes database management, device management, analytics, and processing. The device management segment accounts for the largest market share, while the analytics segment is slated to register the maximum CAGR of 32.7% over the foreseeable future.
segmentation of the IoT platform market based on the end-user consists of smart cities & homes, manufacturing, healthcare, retail, and others. The manufacturing segment accounted for the maximum market share of more than 28.0% and smart cities & homes segment poised to register the highest CAGR of 29.6% and expected to reach USD 19.20 billion over the review period.
Regional Analysis
Geographically, the global market for IoT platforms has been segmented into Europe, North America, Asia-Pacific, the Middle East & Africa, and South America.
North America is anticipated to be the largest regional market for IoT platform and is touted to remain dominant during the forecast period. The enterprises in the region have implemented cloud technology to a large extent over other regions in the world. Also, robust cloud infrastructure, a growing number of connected devices, and developments in artificial intelligence and machine learning technologies are projected to drive the market growth during the assessment period. There is a higher concentration of market players in the region that are continuously investing in research and development ability to develop IoT platforms with improved functionality.
Europe accounts for the second-largest market in the IoT platform market. Major country-wise markets in the region are the UK, France, Germany, and the rest of Europe. the UK is slated to gain the highest market share, followed by Germany, France, and the rest of Europe. Some of the factors responsible for the market growth include an increasing number of IoT-compatible and intelligent devices. Many businesses are employee-centric and provide flexible work options for their employees. The speedy adoption of bring your own device (BYOD) and corporate-owned personally enabled (COPE) devices has improved enterprise mobility to a fair degree. Eastern European countries are observing higher adoption of cloud technology due to the adoption of stringent regulations to streamline and secure data storage.
Competitive Analysis
The key market players of the global IoT platform market are Amazon Web Services (US), IBM Corporation (US), Microsoft Corporation (US), Huawei Technologies Co. Ltd (China), AT&T Inc. (US), Google (US), Cisco Systems, Inc. (US), General Electric (US), Intel Corporation (US), and Wipro Ltd (India)
Browse Complete Report @ https://www.marketresearchfuture.com/reports/iot-platform-market-1739