IoT Platform Market Share, Key Players, Competitive Analysis And Regional Forecast To 2023

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

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 global IoT platform market share 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

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.

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)

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