IoT Platform Market
IoT Platform Market (Deployment - On-premise and Cloud; Application - Inventory Management, Human Capital Management, Customer Service, Enterprise Performance Management, Supply Chain Management, Infrastructure Management, Security, and Asset Performance Management; Industry Verticals - Retail, Healthcare, BFSI, Oil and Gas, Transportation and Logistics, Manufacturing, Government and Defense, Energy, Education, and Hospitality) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Global IoT Platform Market: Snapshot
The global IoT platform market is foretold to bank on the growing penetration of smartphones, tablets, and other connected and remote devices. Need to improve decision-making, emergency handling, and reduce production costs in organizations could be another powerful factor pushing the growth of the global IoT platform market. Easy integration of data communication, data storage, and hardware design with the help of IoT platform is anticipated to create lucrative opportunities in the global market.
The global IoT platform market is envisaged to clock a 21.0% CAGR between 2017 and 2025 to reach a valuation of US$10.0 bn by the final forecast year. In 2016, the global IoT platform market was worth a US$1.7 bn.
Supply Chain Management Creates Higher Demand with Need for Asset Tracking
The global IoT platform market is bifurcated into inventory, human capital, customer service, enterprise performance, supply chain, infrastructure, and security and asset performance management on the basis of application. Among these applications, supply chain management is foreseen to become prominent in the global IoT platform market. Development of asset tracking is one of the important applications of supply chain management, which enables manufacturers to save time and money and helps to make informed business decisions.
By industry vertical, the global IoT platform market is cataloged into education and hospitality, energy, government and defense, manufacturing, transportation and logistics, oil and gas, BFSI, healthcare, and retail.
The global IoT platform market is also divided into cloud and on-premise as per the segmentation by deployment. Among these, on-premise deployment is predicted to lead the global IoT platform market due to the growing use of advanced security facilities it provides. On-premise deployment also promises improved latency and accessibility. On the other hand, cloud deployment may show a higher growth rate because of the rising adoption of cloud computing technologies, fast digitalization, and improved cost of IoT sensors.
North America Leads Market with Increasing Presence of IoT Solutions Providers
On the geographical front, the global IoT platform market is prophesied to witness the dominance of North America in the foreseeable future. Increasing adoption of advanced technologies and number of companies providing IoT solutions could create a surge in the growth of the IoT platform market in the region. However, North America is envisioned to tread upon the heels of Europe in terms of growth rate. Expected to show a higher growth rate, Europe could accelerate its growth in the global IoT platform market due to the rising uptake of Industry 4.0 and favorable government initiatives. Europe is forecast to benefit from the increase in demand for IoT platform in France, the U.K., and Germany.
Asia Pacific is also expected to show a promising rise in the global IoT platform market owing to the rapid acceptance of digitalization in Japan, China, and Australia. Latin America could rely on Brazil and Argentina for its growth in the global IoT platform market. The MEA is anticipated to depend on the adoption of IoT platform in the government sector and the oil and gas industry.
The global IoT platform market marks the presence of leading players such as Salesforce.com, Inc., General Electric, and Oracle Corporation.
Intensive Need for Tackling Security Concerns to Boost Growth Rate of IoT Platform Market
The IoT platform market is growing rapidly on the back of the intensive connectivity they provide in terms of devices. They assist immensely in data storage mechanisms and decreasing production costs. Thus, these aspects prove to be vital growth generators for the IoT platform market.
- The rising influence of e-commerce platforms and the increasing smartphone penetration among the global populace may prove to be key growth boosters for the IoT platform market. The heightening influence of connected devices may also serve as promising growth accelerators for the IoT platform market. The exceptional increase in demand for IoT-powered devices may also fuel the growth rate.
- IoT platforms protect the valuable data of any company or organization. It guards against consistent cyber attacks and addresses key problems pertaining to malicious activities across the organization. These factors may add extra stars of growth to the IoT platform market.
- The growing threat of data breaches has alerted many companies and has urged them to revamp their online security. This factor is seeing an increase in the demand for IoT platforms to a great extent. These platforms help in gaining efficiency in terms of design, production, and development. Thus, this aspect will further multiply the growth of the IoT platform market.
- Transferring, downloading, and uploading large quantities of data have become a necessity. IoT platforms serve as a perfect platform for fulfilling this necessity. Thus, these aspects bring tremendous growth opportunities for the IoT platform market.
- The COVID-19 outbreak proved to be a game-changer for the IoT platform market. The heightening adoption of Work-From-Home (WFH) mechanisms across the globe may serve as a prominent growth accelerator for the IoT platform market. The influence and popularity of IoT platforms have increased considerably due to the wide range of features they provide. Hence, these factors will serve as growth pillars for the IoT platform market.
Global IOT Platform Market: Overview
In various business sectors, an integration of several technologies is required that includes data storage, data communication, design, and hardware. Internet of Things (IoT) platforms have played a major role for achieving this integration smoothly since last few years. Due to the benefits provided by these platforms coupled with improved decision-making capabilities for various work sectors, the IoT platform market is expected to show a robust growth in the coming future.
As IoT platforms are used in myriad work sectors, there are several segments belonging to its market. From a broad perspective, the global IoT platform market is divided into the following segmentation categories: deployment, application, industry vertical, and region. These segments are further subdivided into smaller categories, which are further explained in detail in the report.
The report presents a detailed study of the global IoT platform market which includes a detailed evaluation of major segments and their various sub-categories. The vendor landscape of the market is explained in detail by the analysts in order to present a clear insight of the business strategies, technological developments, and other aspects of key competitors.
Global IOT Platform Market: Trends and Opportunities/ Drivers and Restraints
The ever increasing demand for internet and smooth web connectivity is a prime driving force for the global IoT platform market. Continuous improvement in internet speeds also is another significant driver for IoT platforms. These reasons have made the platforms an integral part of domestic and industrial work based sectors. As per the TMR report, minimal investment is required for the necessary platform setup, which is another factor to act in favor of the market’s growth in the near future.
Furthermore, there has been a growing usage of mobile phones and other devices, which also has substantially contributed towards the rise of the global IoT platform market. These devices are also equipped with features such as Wi-Fi, Bluetooth and infrared, which further have improved the penetration of IoT platforms in last few years. Thus, from an overall perspective, there has been an immense growth rate recorded for the market, which further is expected to rise tremendously in the future
Global IOT Platform Market: Regional Outlook
From a regional perspective the global IoT platform market is spread across North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. As a high number of IoT solution providers are present in North America, this region holds the top spot in the global IoT market. This region also shows a high adaptability to changing IoT technologies. Apart from this region, it is expected that Europe will experience a higher market growth rate in the future, according to the TMR report. This is mainly on the basis of factors such as better initiatives undertaken by the government for development of IoT technologies. Countries such as Germany, the U.K., and France have a high demand of IoT platforms, which could contribute to the market’s expansion. In addition to these regions, countries such as China, Japan, and Australia in the Asia Pacific region are expected to show a good market growth in the next few years.
According to the research report prepared by TMR, the IoT platform model is anticipated to exhibit a high growth curve, especially due to rise in its applications in several business sectors. As a result of significant product innovation, there are several well-known companies present in this market. Some of these key players are Oracle Corporation, Amazon Web Services, IBM Corporation, Cisco Systems General Electric, Google Inc. and Microsoft Corporation.
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
Key segments of the Global IOT Platform Market
By Industry Vertical