Internet of Things (IoT) Platform Market Worth to be $1799 million | Industry Size, Share, Trends and Growth by Forecast to 2018-2022
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 – November 7, 2018 /MarketersMedia/ —
Market Highlights:
IoT platform enable enterprises by helping them create and manage applications, configure analytics, data aggressive and storage and connectivity management. Which led to major adoption of IoT technology among small and large enterprises. IoT platform integrates various technologies such as data communication, hardware design and data storage. Global market of IOT has generated a huge amount of revenue for the companies which are operating in this segment and every service or system which is being connected with IOT needs to have a stable and secure platform. IOT Platform eases enterprises work by connecting them with the source of knowledge without any difficulty.
One of the major trends that will gain traction in the IoT platform market is the industrial Internet revolution. Industrial Internet of Things (IIoT) is a combination of big data analytics and IoT that offers numerous opportunities across numerous industrial sector such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation. To promote adoption of digitalization within industries, large companies and the governments of numerous countries across the globe have already adopted several industrial Internet initiatives.
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Major Key Players
The prominent players in the market of IOT Platform are- 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.), Wipro (U.S.) among others 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.
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.
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.
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Intended Audience:
• Software Companies
• Data Storage Companies
• Data Storage Service Providers
• Cloud Service Providers
• Cloud Service Management Services
• Software Companies
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Source: MarketersMedia
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