The global IoT platform market is expected to exhibit a strong 28.5% CAGR over the forecast period from 2018 to 2023, rising to a valuation of USD 74.74 billion by 2023, according to the latest research report from Market Research Future (MRFR). The report makes a detailed study of the global IoT platform market’s major drivers and restraints over the forecast period, providing the reader with comprehensive information on the market’s leading motivators.
The global IoT platform market is mainly driven by the growing adoption of the Internet of Things technology in the manufacturing sector, where it has had revolutionary effects, bringing about a whole new era in the industrial sector, termed as Industry 4.0. The growing awareness about the benefits of IoT in contrast to traditional manufacturing methods is likely to be a major driver for the global IoT platform market over the forecast period. IoT platforms provide complete control over the IoT system deployed in the particular application, providing detailed information on every operating node as well as providing a way to monitor and control the operations remotely from a single source. This has been the major driver for the global IoT platform market over the last few years.
The increasing demand for cloud data storage is likely to remain a key trend in the global IoT platform market over the forecast period. The increasing volume of data generation in the industrial sector has led to an increasing reliance on cloud architecture to support growth. This is likely to lead to steady growth of the IoT platform market over the forecast period.
Leading players in the global IoT platform market include Wipro Ltd., AT&T Inc., General Electric, Intel Corporation, Cisco Systems Inc., Huawei Technologies Co. Ltd., Google, Microsoft Corporation, Amazon Web Services, and IBM Corporation. Microsoft Corporation has held a dominant position in the IoT platform market due to the longstanding use of its Windows systems in industrial computers. This has led to easy adoption of IoT platform running on the same platform.
In April 2019, Mozilla relaunched its open source IoT platform project as Things as WebThings.
The IoT platform market has been segmented on the basis of platform, deployment, application, end user, and region.
Based on the platform, the IoT platform market has been segmented into connectivity/M2M platform, IaaS backend, hardware-specific software platform, and consumer/enterprise software extension. The connectivity/M2M platform segment accounted for the largest share in the global IoT platform market in 2017 and is likely to remain a leading contender in the global IoT platform market over the forecast period. However, hardware-specific software platforms are expected to exhibit a steady rise in demand over the forecast period at the highest CAGR of 31.5%.
By deployment, the global IoT platform market is segmented into on-premise, cloud, and hybrid. The hybrid segment is expected to register the highest CAGR over the forecast period due to its higher convenience to the end user.
By application, the global IoT platform market is segmented into device management, database management, analytics, and processing. Device management accounted for the largest share in the global IoT platform market in 2017. The analytics segment is expected to register the highest CAGR over the forecast period: 32.7%.
By end use, the global IoT platform market is segmented into manufacturing, smart city and homes, retail, healthcare, and others. The manufacturing segment is likely to remain the dominant end user in the global IoT platform market over the forecast period, with the smart cities and homes segment exhibiting the highest CAGR of 29.6% over the forecast period.
North America is likely to dominate the global IoT platform market over the forecast period due to the presence of several leading players in the market. The development of the IoT platform market has been rapid in North America due to the presence of strong technological infrastructure in the industrial sector. The growing adoption of IoT technologies in the smart city segment is also likely to remain a key driver for the IoT platform market in North America over the forecast period.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Market Research Future
+1 646 845 9312