IOT Platform Market: Business Opportunities, Current Trends, Market Challenges & Industry Analysis by 2022
IOT Platform Market, by Deployment (On Cloud, On Premise, Hybrid), by Application (Device Management, Database Management, Processing, Analytics), By End Users (Manufacturing, BFSI, Smart Cities & Homes, Telecommunication, IT) – Forecast 2016-2022
Pune, India – July 31, 2018 /MarketersMedia/ —
Market Highlights:
IOT platforms have spread rapidly in recent times due the dire need for new innovations in the market. Market Research Future which focusses on market reports associated to information and communication sector amongst others of late has made available a report on this sector. The industry is expected to develop phenomenally at a CAGR of 33 per cent and is expected increase to the market size of US $1799 million by the end of forecast period.
Increasing applications for IOT has increased the demand of the market. This trend has increased the demand for products related to IOT. As IOT applications enable connectivity companies are increasingly integrating them in their organizational dynamics. The major growth motivating factor such as the need to pool in several software functions into one solution are leading the charge for market growth.
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Major Key Players
PTC (U.S.), Amazon (U.S.), Microsoft (U.S.), Google (U.S.), Davra Networks (Ireland), Cisco Systems, Inc. (U.S.), SAP SE (Germany), General Electric (U.S.), AT&T (U.S.), Huawei Technologies Co. Ltd. (U.S.), IBM (U.S.), and Wipro (U.S.) are some of the prominent players at the forefront of competition in the Global IoT Platform Market and are profiled in MRFR Analysis.
According to MRFR, This IOT Platform Market is expected to grow at CAGR of ~33% and will rise to the market size of US ~$1799 million by the end of forecast period.
Competitive Analysis
The Market of IoT Platform appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Segmentation
The IOT platform industry worldwide has been categorized on the basis of deployment, platform, end users and application. The IOT platform segment has been defined into infrastructure as a service and software platform and connectivity. The deployment category contains on premise, on cloud and hybrid while the application category has been categorized into database management, device management, processing and analytics among others. The end users have been segmented into BFSI, manufacturing, smart cities & homes, it and telecommunication among others.
Regional Analysis
North America is dominating the Global IoT Platform Market with the largest market share and therefore accounting for astronomical amounts and is expected to grow over its previous growth records by 2022. Due to presence of high number of IoT solution providers and rising adoption of innovative 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. Further, the growing adoption of digitalization in developing countries such as Australia, China, and Japan, Asia Pacific market is intended to show an impressive growth in the coming years. Asia-Pacific has emerged as fastest growing market and expected to be the second biggest market by the end of forecast period. In addition, countries such as Argentina and Brazil are aiding the Latin America market to expand. The increasing rate of IoT adoption over the oil and gas industry and throughout the government sector is most likely to help the Middle East and Africa sector grow.
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Intended Audience:
• Software Companies
• Data Storage Companies
• Data Storage Service Providers
• Cloud Service Providers
• Cloud Service Management Services
• Software Companies
About Market Research Future:
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Contact Info:
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Organization: Market Research Future
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Source: MarketersMedia
Release ID: 387113
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