BANGALORE, India, May 14, 2020 /PRNewswire/ -- An IoT platform operates on a multi-layer infrastructure that handles, stores, and transfers the information via the Internet to and from connected devices. IoT platforms are flexible, cross-device compliant, and offer ready-to-use features to accelerate the growth of connected device applications. In order to make insightful business decisions, companies use the IoT platform to handle their IoT components and incorporate the same into their operations.
The global IoT Platform market size was USD 2.260 Billion in 2019 and is expected to hit USD 13.310 Billion by the end of 2026, with a CAGR of 28.5 percent in 2021-2026.
The utility-owned segment is powered mainly by rising financial opportunities and government regulatory support. The current utility-owned IoT Platform is mainly affected by the COVID-19 pandemic. Some of the ventures in China, USA, Germany and South Korea are delayed. And due to the COVID-19 outbreak, the businesses face short-term operational difficulties due to supply chain constraints and lack of site access.
This report focuses on the status of the global IoT Platform, future outlook, the potential for growth, key market, and key players. The aims of the study are to present the creation of the IoT Platform in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
TRENDS INFLUENCING THE GLOBAL IoT PLATFORM MARKET SIZE:
The factors that drive the IoT platform market size are the flexible scaling of data storage in the cloud. Because of the growing number of connected devices in an IoT environment, large amounts of data can be stored, downloaded, uploaded. Therefore, businesses can enhance their ability to handle IoT data resources in terms of knowledge, speed, and agility by leveraging the IoT Platforms.
Application enabling framework enables users to quickly incorporate IoT applications and services without posing any challenges to network connectivity. It helps businesses to achieve value in less time from IoT investments because the platform reduces technical hurdles. The need to reduce the cost and complexity that developers may experience when developing IoT-enabled software applications with cloud-based data storage is the major factor driving the market IoT platform market size.
Large companies have good budget capabilities and are investing heavily in the implementation of the IoT cloud platform and related services to efficiently control their subscription base. Growth in the big business segments are largely governed by the increasing number of IoT devices installed across large enterprises. These factors are expected to increase the growth of the IoT platform market size.
The increasing demand for public cloud investments across various developed economies, such as the U.S., China, U.K., Australia, and Canada, is expected to drive the demand for public cloud deployment mode on the market's IoT cloud platform. North America is the largest investor in public cloud services that enable organizations to adopt the North American companies' public cloud deployment model.
North America is projected to be the IoT platform's largest market and is expected to remain dominant over the forecast period. Cloud technology has increasingly been embraced by businesses in the region. In addition, it is expected that robust cloud infrastructure, a growing number of connected devices, and developments in artificial intelligence and machine learning technologies will drive market growth during the assessment era.
In the end-user segment, manufacturing has accounted for the largest market share in 2017, and the smart cities & homes segment is projected to report the highest CAGR over the forecast period. Advancements in wireless communication technology and increased efforts by manufacturers, facilities managers, and governments to make consumers aware of the long-term benefits of implementing home automation system are factors driving the adoption of IoT cloud platform for the smart cities & homes category. Furthermore, the rising number of smart city initiatives propels IoT cloud platform adoption in the field of building and home automation.
The market for the IoT platform is growing rapidly and in the coming years. We will continue to see consolidations and companies exiting the market as competition continues to rise, and there is no single IoT platform that provides an all-round strategy. This enables the major players to look at those with more limited solutions or capabilities.
THE KEY PLAYERS COVERED IN THIS STUDY
MARKET SEGMENT BY TYPE, THE PRODUCT CAN BE SPLIT INTO
MARKET SEGMENT BY APPLICATION, SPLIT INTO
Smart Cities & Homes
MARKET SEGMENT BY REGIONS/COUNTRIES, THIS REPORT COVERS
The global IoT Cloud Platforms Market size was USD 1.254 Billion in 2019 and is forecast to hit USD 6.089 Billion by the end of 2026, at a CAGR of 25.3 percent in 2021-2026.
This report focuses on the status of global IoT Cloud Platforms, future projections, opportunities for growth, key markets, and key players. The objective of this study is to present the creation of IoT Cloud Platforms in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
The number of IoT devices increased year-over-year by 31 percent to 8.4 billion in 2017, and by 2020 it is estimated that 30 billion devices will exist. IoT 's global market value is set to reach USD 7.1 trillion by 2020.
This report studies the market size of the Open IoT Platform by participants, countries, product types and end industries, historical data for 2014-2018, and forecast data for 2019-2025. This study also analyses the global competitive environment, market drivers and patterns, opportunities and threats, risks, and barriers to entry, distribution channels, distributors, and the Five Forces Analysis by Porter.
The global Industrial IoT Platform market size was USD 289 Million in 2019 and is projected to hit USD 688.1 Million by the end of 2026, with a CAGR of 13.0 % in 2021-2026.
This study focuses on the status of the global Industry IoT Platform, future outlook, growth potential, key market, and key players. The aims of the study are to present the growth of the Industrial IoT Platform in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
An IoT platform integrates many software functions into one system to allow companies to build and deploy IoT solutions faster, easier, and more cost-effectively.
The open IoT platform market in North America is expected to see substantial growth as compared to other regions and hold the largest market share during the forecast period. The U.S. and Canada are expected to drive market development for open IoT platforms.
This report focuses on the status of global IoT Platforms Software Market, future projections, opportunities for growth, key markets, and key players. The objective of this study is to present the creation of IoT Platforms Software Market in North America, Europe, China, Japan, Southeast Asia, India, and Central & South America.
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