Market Snapshot
Market Research Future (MRFR) in its report on the IoT platform market 2020 reveals COVID-19 impact analysis on the market. As per the MRFR study, the worldwide IoT platform market can rise at about 28.5% CAGR across the study period. As per MRFR analysis, the expansion of the IOT Platform Market Growth can value at USD 74.74 Bn at the conclusion of the assessment period.
The growing utility of the 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 environments via flexible connectivity options, secure networks, and data processing components can impel the expansion of the market across the study period.
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Segment Study
The segmented study of the IoT platform market is done by the 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 the 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 segments 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, 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 the rise in smart cities and home 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 the 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 compatibility 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. An increase in a number of enterprises that can are using IoT platforms to manage companies can spur the expansion of the market throughout the study period.
Companies Covered
MRFR registered some reputed names in the world IoT platform market, They are; ATT 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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