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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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 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.
The IoT platform market has further been segmented over platform, deployment, application, and end-user.
Depending on the platform segment, the IoT platform market has included IaaS backend, hardware-specific software platform, connectivity/M2M platform, and consumer/enterprise software extension. The connectivity/M2M platform segment acquired the largest market share in 2017, while the hardware-specific software platform segment might record the highest CAGR of 31.5% during the assessment period.
Depending on the deployment segment, the IoT platform market has included cloud, on-premises, and hybrid. The on-premises segment acquired the largest market share of 38.5% in 2017, whereas the hybrid segment might record the highest CAGR during the assessment period.
Application-based segmentation of the IoT platform market includes analytics, database management, device management, and processing. The device management segment acquired the largest market share in 2017, while the analytics segment might record the utmost CAGR of 32.7% in the coming years.
The end-user segment includes smart cities & homes, manufacturing, healthcare, retail, and others. The manufacturing segment acquired the largest market share of 28.0% in 2017, and smart cities & homes segment might record the highest CAGR of 29.6% and expected to reach USD 19.20 billion during the forecast period.
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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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 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.
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