Global IoT Platform Market: Overview
The increasing number of players in IoT platform are continuously innovating their solutions, which is expected to propel the global IoT platform market in the coming years. IoT integrates various technologies such as hardware design, data storage, and data communication. This integration allows IoT to provide improved safety and security, give remote access to its applications, improve quality of life of products used in companies, offer benefits in production costs, enhance handling of emergencies, and improve decision-making capabilities to the management of organizations. The IoT platform market is envisioned to expand with an impressive rate due to escalating penetration of remote and connected devices such as tablets and smartphone.
It is estimated that the global IoT platform market will reach US$10,064.0 mn by 2025 from its value of US$1,786.8 mn in 2016, expanding with a significant CAGR of 21.0% over the forecast period of 2016-2025.
Adoption of On-premise Cloud Solutions Benefits the Growth of Cloud IoT Platform
Based on deployment, the on-premise segment has dominated the overall market in 2017 owing to the advanced security facilities it provides. On the contrary, cloud solutions are more subjected to the cyber-attacks. Saving data on the private data servers of organizations avoids external threats. Furthermore, increased accessibility and enhanced latency provided by on-premise solutions are expected to grow its demand over the forecast period. However, due to reduction in the cost of IoT sensors, swift digitization, and the growing adoption of cloud computing technologies, the cloud IoT platform market is projected to grow at a higher rate and expected to surpass the market share of on-premise segment.
Among various application segments such as security, asset performance management, infrastructure management, enterprise performance management, supply chain management, customer service, inventory management, and human capital management; supply chain management segment is poised to generate high revenue to the overall market. Application of IoT in supply chain management enhances asset tracking, which allow manufacturers to make better decisions and save money and time.
Favorable Government Initiatives Assist Europe Market to Grow Significantly
Geographically, the global IoT platform market can be segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America has emerged as a leading contributor to the global market due to presence of high number of IoT solution providers and rising adoption of changing technologies. However, it is anticipated that the market in Europe will exhibit higher growth rate compared to the North America market in the near future. The growth of the market in Europe is accelerating due to favorable government initiatives and of the increasing uptake of Industry 4.0. In this region, countries such as Germany, the U.K., and France are exhibiting high demand for IoT platforms, thus helping the market to expand.
Furthermore, due to the growing adoption of digitalization in developing countries such as Australia, China, and Japan, Asia Pacific is envisioned to show an impressive growth in the forthcoming years. In addition, countries such as Argentina and Brazil are assisting the Latin America market to expand. The increasing rate of adoption over the oil and gas industry and throughout the government sector is most likely to help the Middle East and Africa sector grow.
The IoT platform market is envisioned to grow exponentially in the future owing to its increasing applications in various industrial segments. Key market players in this market are continuously innovating their products, which is inspiring organizations to adopt to IoT. Some of the companies contributing to the growth of this market are Oracle Corporation, General Electric, Salesforce.com, Inc., Amazon Web Services, Inc., SAP SE, IBM Corporation, Cisco Systems, Inc., PTC Inc., Microsoft Corporation, and Google Inc.
Global IoT Platform Market: Overview
The “IoT Platform Market (Deployment - On-Premise, Cloud; Application - Inventory Management, Human Capital Management, Customer Service, Enterprise Performance Management, Supply Chain Management, Infrastructure Management, Other (Security, Asset Performance Management); Industry Verticals – Retail, Healthcare, BFSI, Oil and Gas, Transportation and Logistics, Manufacturing, Government and Defense, Energy, Other (Education, Hospitality)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017 - 2025”, report provides analysis of the IoT platform market for the period 2015–2025, wherein the years from 2017 to 2025 is the forecast period and 2016 is considered as the base year. Data for 2015 has been included as historical information. The report covers all the major trends and technologies playing a major role in the IoT Platform market growth over the forecast period. It highlights the drivers, restraints, and opportunities expected to influence the market growth during this period.
The study provides a holistic perspective on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, namely North America, Europe, Asia Pacific, Middle East & Africa and South America. Report highlights the key trends affecting the market in each region mentioned above. Furthermore, region wise prominent countries/regions covered in the report includes the following - the U.S, Canada, Germany, France, the U.K., India, China, Japan, Australia, GCC, South Africa, Brazil and Argentina.
Global IoT Platform Market: Drivers and Trends
The market overview section of the report showcases the market dynamics and trends which includes drivers, restraints, opportunities that influence the current nature and future status of this market. It also provides an overview about the key market indicators given across the five geographical regions. Under the porter’s five forces analysis section, a brief analysis of the level of competition within the IoT platform industry and business strategy development is provided in order to determine the competitive attractiveness and intensity of the IoT platform market. The report also includes key industry developments covering significant advances made by leading market players.
Global IoT Platform Market: Segmentation
Based on different deployment options, the report segments the IoT Platform market into on-premise and cloud. Though on-premise deployment segment holds the largest market share in 2017, cloud segment is projected to surpass on-premise segment till the end of forecast period by showing significant CAGR. On the basis of application, the market has been divided into inventory management, human capital management, customer service, enterprise performance management, supply chain management, infrastructure management and others. The others segment of IoT platform market consist of security and asset performance management. Supply chain management segment is expected to show the significant CAGR over the forecast period and projected to attribute to the highest revenue for the market in 2025. In terms of industry vertical, the market has been segmented into retail, healthcare, BFSI, oil and gas, transportation and logistics, manufacturing, government and defense, energy and others. The others segment of industry vertical consist of education and hospitality. Growing adoption of IoT sensors and IoT platforms in manufacturing industry because of Industrial IoT (IIOT) initiatives is major contributor to the highest CAGR of 23.2% of manufacturing industry for IoT platform market.
Global IoT Platform Market: Competitive Landscape
The report provides the competitive landscape for the IoT platform market, thereby listing out all the major players according to their geographic presence, market attractiveness and recent key developments. The competitive landscape section of the report gives an overview about the market share of several key players in the market for the year 2016. The IoT platform market data estimates are the result of our in-depth secondary research, primary interviews and in-house expert panel reviews. These market estimates have been analyzed by taking into account the impact of different political, social, economic, technological, and legal factors along with the current market dynamics affecting the market growth. Factors including market position, offerings and R&D focus are attributed to company’s capabilities. This section also identifies and includes various recent developments carried out by the leading players. Moreover, key takeaways section provided at the end of competitive landscape section would help the operating companies to make the best move in this market.
Key Players Mentioned in the Report are:
Microsoft Corporation, Google Inc., PTC Inc., IBM Corporation, Cisco Systems, Inc., SAP SE, Salesforce.com, Inc., Amazon Web Services, Inc., Oracle Corporation and General Electric are few of the key players which have been profiled in this study. Details such as financials, business strategies, SWOT analysis, and other such strategic information pertaining to these players has been duly provided as part of company profiling.
The IoT Platform market has been segmented as below:
The IoT Platform Market, By Deployment
The IoT Platform Market, By Application
- Inventory Management
- Human Capital Management
- Customer Service
- Enterprise Performance Management
- Supply Chain Management
- Infrastructure Management
- Other (Security, Asset Performance Management)
The IoT Platform Market, By Industry Vertical
- Oil and Gas
- Transportation and Logistics
- Government and Defense
- Other (Education, Hospitality)
The IoT Platform Analysis, By Country/Region
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America