IoT Platform Market to touch US$10.0 bn by 2025

Significant rise in the electronic devices such as laptops, mobiles, wearable fitness devices, automotive telematics units, industrial control systems, and drone units that has increased the demand for advanced networks. Preference for IoT platform market has increased largely, as they are cross-device compatible, scalable, and offer ready-to-use features to fasten the development of applications for connected devices. Moreover, with rising demand for data storage over cloud has further increased the demand for IoT platform.

Recently, Transparency Market Research (TMR) conducted a research on the global IoT platform market to analysis the growth prospects in this market. Based on the company’s report, the global IoT platform market is projected to rise at staggering CAGR of 21.0% over the period of eight years from 2017 to 2025. In terms of revenue, the market is expected to generate approximately US$ 10 billion by the end of 2025. The incremental opportunity in the market is about US$ 8.3 billion, which is giving huge platform for the players and stakeholders to grow and prosper.

Want to know the obstructions to your company’s growth in future? Request a Brochure

Leading players providing IoT platform solution are focusing on research and development activities mainly to improve the quality of the product and provide services at a lower cost. They are also engaged in expanding product line by using advanced technology and innovation. These strategies are expected to help them in establishing a strong foothold in the market. Reaching out to newer geographies and expansion through mergers and acquisition are few other major areas players in heavily investing in. For example, SAP recently extended its business presence in Vienna, Austria. This came after the companies like ZS Associates Inc. and Owens-Illinois Inc. chosen SAP's HANA Cloud Platform for meeting their IT requirements and digitally transforming for cloud services.

In the TMR’s report, prominent players in the global IoT platform market are considered that included Oracle Corporation, Salesforce.com, Inc., IBM Corporation, Microsoft Corporation, General Electric, Cisco Systems, Inc., SAP SE, and Google Inc.