IoT Platform Market

IoT Platform Market: Challenges and Opportunities Reviewed in a New Study

Market Snapshot

Market Research Future (MRFR) in its report on the IoT Platform Market reveals COVID-19 impact analysis on the market. As per the MRFR study, the worldwide IoT platform market can rise at about 23.6% CAGR across the study period. As per MRFR analysis, the expansion of the IoT Platform Market analysis can be valued at USD 1,089.6 Mn after the assessment period. 

The growing utility of IoT platform as it works on a multi-layer technology to process, manage, and transfer information across connected devices through the Internet can boost the expansion of the IoT platform market across the analysis period. The ease of availability of different IoT-compatible hardware devices, such as wearable fitness devices, automotive telematics units, industrial control systems, and drone units can support the expansion of the market in the years to come. The rise in the utility of hardware components in cloud environment via flexible connectivity options, secure network, and data processing components can impel the expansion of the market across the study period. 

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Segment Study 

The segment study of IoT platform market is done by application, platform, deployment, and end user. 

The platform based IoT platform market segments are IaaS backend, connectivity/M2M platform, consumer/enterprise software extension, and hardware-specific software platform. The high utility of connectivity/M2M platform can cause the expansion of the segment across the study period. The hardware-specific software platform segment at 31.5% CAGR across the study period. 

The deployment based segmenst of the IoT platform market segments are hybrid, on-premises, and cloud. The on-premises segment can acquire 38.5% share on the world market on the conclusion of the assessment period.

The Application-based IoT platform market segments are analytics, database management, device management, and processing. The device management segment can generate high value in the years to come. The analytics segment can thrive at 32.7% CAGR in the analysis period. 

The End user-based, the IoT platform market segments are retail, manufacturing, healthcare, smart cities & homes, and others. The manufacturing segment can secure a considerable share of the market due to rise in smart cities and homes projects. The segment can rise at 29.6% CAGR across the evaluation period and the segment is likely to touch USD 19.20 Bn by the end of the forecast period.

Regional Analysis

North America IoT platform market is likely to hold the largest share of the market in years to come. The increase in adoption of cloud technology across different region   spur the expansion of the market in the years to come. The rise in robust cloud infrastructure and growing utility of connected devices can boost the expansion of the market in the years ahead. High adoption of technical advancements, machine learning technologies, and artificial intelligence can promote the rise of the market across the analysis period. APAC and Europe are observed to experience similar growth drivers for the market. The rise in IoT platforms for its benefits, such as cross-device compatible and scalability and, along with ready-to-use features that boost the adoption of applications can impel the rise of the market across the study period. Increase in number of enterprises that can are using IoT platform to manage companies can spur the expansion of the market through the study period. 

Companies Covered

MRFR registered some reputed names in the world IoT platform market, They are; AT&T Inc. (US), Amazon Web Services (US), IBM Corporation (US), General Electric (US), Google (US), Microsoft Corporation (US), Huawei Technologies Co. Ltd (China), Intel Corporation (US), Cisco Systems, Inc. (US), and Wipro Ltd (India) among others.

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