Market Highlights

Technology plays a crucial role in business growth, and the internet is impacting these sectors just like it influences so many others. Internet of Things (IoT) connects various devices and business applications via the internet. Market Research Future (MRFR) has published a research report about the global IoT platform market that reckons raise for this market at 28.5% CAGR during the forecast period between 2018 and 2023. By value, the market has been figured to be worth USD 74.74 BN by the end of the forecast period.

Vital market driving factors for the global IoT platform market are automated work management systems and real-time management of critical systems. Other factors driving the market include disaster planning & recovery solutions and the rising adoption of cloud IoT among enterprises. IoT ensures proper utilization of business resources and enhances enterprise capabilities.

One of the best examples of the enterprise IoT platform is the Microsoft Azure platform which is currently helping enterprises to revolutionize business operations through Azure IoT and Analytics services. Thus, rising adoption of cloud IoT among enterprises is expected to fuel the growth of IoT platform market during the forecast period.

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Segmentation:

The global IoT platform market segmentation covers application, deployment, and end-user. MRFR is exploring the features of these segments to get a good hold over trends that are impacting the market.

According to the application-based segmentation, this market covers analytics solutions, database management, device management, and processing. During the forecast period, analytics solutions segment can witness the highest growth as the adoption of analytics solutions can increase the ability to discover data trends & patterns, manage issues related to the quality of service (QoS) within operations, and provide alerts on irregularities. Many vendors offer analytical tools for IoT data.

Based on deployment, the market has been segmented into a cloud deployment, on-premise deployment, and hybrid deployment. By the end of the forecast period, the hybrid segment is expected to witness the highest growth due to increasing adoption of hybrid deployment models. Hybrid deployment models provide better productivity, operational agility, and security.

In the context of end-user, the market has been segmented into healthcare, manufacturing, smart cities & homes, retail, and others. Although manufacturing segment is the largest market segment, by the end of the forecast period, the smart cities & homes segment can exhibit maximum growth due to its ability to deliver improved public services, roads, and other infrastructure.

Regional Analysis:

Regionally, the IoT platform market is divided into North America, Europe, Asia-Pacific (APAC), and the rest of the world (Middle East & Africa, and South America).

North America held the largest market share of 38% in 2017 in the IoT platform market; it is expected to dominate the forecast period. The enterprises in the region have adopted cloud technology to a large extent compared to other regions of the world. Also, growing cloud infrastructure support, increasing number of connected devices and advances in artificial intelligence and machine learning technologies are expected to fuel the market growth in the region.

Asia-Pacific is expected to grow with the highest CAGR of 32.1% during the forecast period. Asia-Pacific has been categorized into five geographical segments—China, Japan, India, South Korea, and the rest of Asia-Pacific. Asia-Pacific is expected to dominate the global IoT platform market in 2023. This is attributed to the presence of active players in China, Japan, Republic of Korea, India, and Hong Kong. The major companies offering IoT platforms in Asia-Pacific are Huawei Technologies Co. Ltd (China), SAMSUNG (South Korea), KocharTech (India), brinc (Hong Kong), Nosairis Technology Solutions (Malaysia), and others. Other key industry players of this market are expanding in the Asia-Pacific market by collaborating with cloud service providers and telecommunication network providers.

Key Players

Major players in the global IoT platform market include AT&T Inc. (USA), Amazon Web Services (USA), Cisco Systems Inc. (USA), General Electric (USA), Google (USA), Huawei Technologies Co. Ltd (China), IBM Corporation (USA), Intel Corporation (USA), Microsoft Corporation (USA), and Wipro Ltd (India).

Latest Industry News

Nytec Inc. is set to launch Connected X.0, the “next-gen” IoT platform. Connected X.0 offers a customizable, turnkey IoT/Industrial IoT (IIoT) solution with broad applicability across industries. 14 JUNE 2019
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List of Figures

FIGURE 5 Share Of The Global IoT Platform Market, By Country, 2017 (In %)

FIGURE 6 Global IoT Platform Market, 2017–2023

FIGURE 7 Sub-Segments Of Platform

FIGURE 8 Global IoT Platform Market Size, By Platform, 2017

FIGURE 9 Share Of The Global IoT Platform Market, By Platform, 2017–2023

FIGURE 10 Global IoT Platform Market Size, By Application, 2017

FIGURE 11 Share Of Global IoT Platform Market, By Application, 2017–2023

FIGURE 12 Global IoT Platform Market Size, By Deployment, 2017–2023

FIGURE 13 Share Of Global IoT Platform Market, By Deployment, 2017–2023

FIGURE 14 Global IoT Platform Market Size, By End User, 2017–2023

FIGURE 15 Share Of Global IoT Platform Market, By End User, 2017–2023