According to Stratistics MRC, IoT Cloud Platform Market is estimated at $1.88 billion in 2015 and is expected to reach $9.33 billion by 2022 growing at a CAGR of 29.0% from 2015 to 2022. The IoT platform market is an aggregation of innovative startups, as well as established firms entering the market such as global hardware manufacturers, enterprise software providers and mobility management companies. Increased working effectiveness, cost effective & easily deployable cloud data storage, growing acceptance of connected and intelligent devices and development of high speed networking technologies are some factors which are fueling the market. In addition, the increasing implementation of IoT enabled applications in server message block provides huge opportunities for IoT platform vendors and service provides. However, lack of IoT technology skills is restricting the market growth.
By deployment model, IoT Cloud Platform Market is segmented into hybrid deployment model, public deployment model and private deployment. Public deployment model is expected to grow at the highest CAGR during the forecast period as a majority of small and medium businesses adopt this model because of cost-efficiency. Moreover, public cloud deployment offers flexibility and scalability to customers, which helps them increase operation efficiency and data bandwidth as per their requirement.
IoT Cloud Platform Market is bifurcated by application into Connected Logistics, Healthcare, Smart Agriculture, Smart Retail, Smart City, Connected Transportation, Home Automation, Industrial Automation, Wearable Technology and Other Applications. Home Automation and Wearables are the early leading markets in IoT, however slower adoption rates are expected to reduce growth over the forecast period in contrast to the other fast-growing IoT segments.
Based on Service, IoT Cloud Platform market is categorized into Managed Services and Professional Service. Increasing demand for system integrators is the driving factor of professional services in the IoT cloud platform market. These services contribute in providing essential support for enhancing efficiency and increasing growth along with reduced operating expenses and resource losses. Service providers help the clients in designing, planning, and deploying the new system into their existing IT infrastructure. IoT technology does not have uniform standards and hence, system integration is required in all IoT deployments.
Browse the full report at Global IoT Cloud Platform market Outlook.
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America is expected to acquire the largest market share in the global market during the forecast period. Increased investment and early adoption of technology by several industries are some of key factors contributing to market growth in this region. United States is currently the leading country in the IoT platform market in North America, as well as the biggest single-country worldwide. The majority of leading IoT platform providers are based in the US and most of the large Startup funding rounds are currently closed there as well.
APAC is anticipated to grow at the highest CAGR which can be attributed to the rise in manufacturing automation and retail establishments. The market is expected to have wide growth opportunities in the Middle East due to the high IoT investments in manufacturing and utilities. China will emerge as the leading Asian country in the IoT platform market driven by it‘s strong consumer electronics and industrial manufacturing footprint.
A growing number of companies are entering the complex market for IoT platforms. IoT Platforms have become a topic of major strategic importance for many different companies. Innovative early startups (e.g., Ayla Networks) are surfacing vying for more market share across segments, but have tough competition both from established players (e.g., Telit M2M) and recent entrants (e.g., Amazon AWS IoT), initially focused on marketing efforts to grow global awareness, but are now gaining ground.
Some of the key players in the market include Telit, SAP SE, PTC, Salesforce.Com, Samsung Electronics Co. Ltd, General Electric and Google Inc.
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