The report forecasts the Internet of Things (IoT) cloud platform market size to grow from USD 1.88 Billion in 2016 to USD 7.15 Billion by 2021, at a CAGR of 30.6%. Increasing adoption of intelligent/smart devices and cost-effective & easily deployable cloud data storage are some of the key factors driving the market. Other driving forces include the growing need for operational efficiency and evolution of high-speed networking technologies.
The IoT cloud platform market is broadly classified into platforms, services, organization size, deployment models, application areas, and regions. The platform segment is further divided into device management, connectivity management, and application enablement platform. Compared to platforms, the services segment is expected to grow at the higher CAGR during the forecast period. The services in the market are aimed at enabling smart and coordinated decision making processes and mitigating the risks and vulnerabilities of the market using efficient tools and techniques. Moreover, these services enhance customer experience and help to meet the end-to-end needs of all the allied industries.
North America is projected to dominate the market during the forecast period owing to technological advancements and early adoption of by diverse industries in the region. The market of APAC is expected to grow at the highest CAGR between 2016 and 2021.
The reason for this is increasing smart cities projects in India, Singapore, and China. Also, the rise in industrial automation in APAC has accelerated the growth of IoT cloud platform in this region. IoT cloud platform is expected to have extensive growth opportunities in the Middle East owing to the huge IoT investments in manufacturing, transportation, and utilities.
The adoption of IoT cloud platforms and services is growing at a rapid pace in developing regions, such as APAC and MEA. However, the lack of allied infrastructure, IoT skills, and awareness about IoT technology prevent these regions from adopting IoT cloud platforms and services. Moreover, the lack of data security and privacy acts as a major restraining factor for the growth of the IoT cloud platform market.
- Amazon Web Services, Inc.
- General Electric
- Google Inc.
- IBM Corporation
- Microsoft Corporation
- SAP SE
- Samsung Electronics Co. Ltd
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Market Analysis, By Type
8 Market Analysis, By Platform
9 Market Analysis, By Service
10 Market Analysis, By Deployment Model
11 Market Analysis, By Organization Size
12 Market Analysis, By Application Area
13 Geographic Analysis
14 Competitive Landscape
15 Company Profiles
For more information on this topic, check out the Internet of Things (IoT) and M2M section of the Research and Markets' blog.
For more information about this report visit http://www.researchandmarkets.com/research/bpzvgl/iot_cloud
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets