IoT Cloud Platform Market: Introduction
- IoT cloud platforms bring together capabilities of IoT devices and cloud computing, delivered as a service over an end-to-end to platform. IoT cloud is a complete set of tools to process, connect, store, and analyze data both in the cloud and at the edge. The IoT cloud platform consists of an integrated software for edge/on-premises computing with machine learning capabilities. IoT cloud platform is a fully- managed cloud service.
- The IoT cloud platform market is a platform-driven market. The platform plays a crucial role in handling all IoT and cloud operations related activities that include collecting data from IoT-enabled devices to the storage and analysis of collected data to gain real-time insights.
- Millions of wearable devices have been deployed across the globe during the COVID-19 pandemic outbreak for various applications such as healthcare, environmental monitoring, work-from-home infrastructure, VPN networking, and as collaboration tools. IoT cloud platforms play a crucial role in connecting these devices to the internet. Thus, the IoT cloud platform market has a positive impact across the world.
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Global IoT Cloud Platform Market: Dynamics
Global IoT Cloud Platform Market: Key Drivers and Restraints
- The rising number of IoT devices in various application areas is one of the major factors driving the growth of the IoT cloud platform market.
- The growing need for an advanced IoT cloud platform among small and large enterprises is likely to be a major triggering factor for the market in the coming years.
- The increasing rate of adoption of smart devices is an important factor, due to which the global market for IoT cloud platforms is expected to witness strong growth during the forecast period. In addition, the easy deployment and cost-effective cloud data storage are anticipated to accelerate the growth of the overall IoT cloud platform market.
- The growing demand for system integrators is anticipated to fast-track the growth of the IoT cloud platform market.
- The absence of IoT technology skills and the lack of uniform IoT standards are expected to hamper the growth of the global IoT cloud platform market. Data security, lack of privacy, and inefficient data management are some of the other factors likely to restrain the growth of the IoT cloud platform market in the next few years.
North America to Account for Major Share of the Global IoT Cloud Platform Market
- In terms of region, the global IoT cloud platform market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- North America is anticipated to lead the global IoT cloud platform market. Extensive adoption of IoT cloud platforms by several industries and technological developments across these industries are some of the key factors anticipated to accelerate the growth of the IoT cloud platform market in North America. The region is expected to witness maximum revenue opportunities due to well established key players such as Amazon Web Services (AWS), Google, Microsoft, IBM, and Cisco Systems.
- The IoT cloud platform market in Asia Pacific is expected to hold significant share due to the rising popularity of smart cities in emerging economies such as India. Additionally, increasing population in APAC regions is expected to drive the IoT cloud platform market.
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Global IoT Cloud Platform Market: Competitive Landscape
Key Players Operating in the Global IoT Cloud Platform Market
Local, regional, and international players are found in the IoT cloud platform market. The global IoT cloud platform market is highly consolidated, with top manufacturers accounting for approximately 25%–30% of the market share. Key players operating in the global IoT cloud platform market are:
- Amazon Web Services, Inc.
- Microsoft Corporation
- Google LLC
- Cisco Systems, Inc.
- IBM Corporation
- Oracle Corporation
- PTC Inc.
- Salesforce.com, Inc.
- Autodesk Inc.
- AT&T Inc.
- GE Digital (The General Electric Company)
Global IoT Cloud Platform Market: Research Scope
Global IoT Cloud Platform Market Segmentation, by Deployment
Global IoT Cloud Platform Market Segmentation, by Component
- Device Management
- Connectivity Management
- Application Enablement
- Training and Consulting
- Integration and Deployment
- Support and Maintenance
Global IoT Cloud Platform Market Segmentation, by Applications
- Building and home automation
- Smart grid and utilities
- Others (smart education, smart agriculture, and security & emergency).
Global IoT Cloud Platform Market Segmentation, Enterprise Size
- Large Enterprise
- Small & Medium Enterprise
Global IoT Cloud Platform Market Segmentation, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.