Get details on IoT Cloud Platform Market size that estimated to grow from $1.88 billion in 2016 to $ 7.15 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 30.6%.
A complete report on IoT Cloud Platform Market spread across 168 pages, profiling 10 companies and supported with 74 tables and 51 figures.
The growth is attributed to the increasing adoption of smart devices by consumers all around the globe, which is increasing the demand for better network connectivity. The growing number of internet users in the Asia-Pacific (APAC) owing to the presence of growing economies and increasing infrastructure needs are driving the growth of the market in the region; high technological spending in North America and Europe are also contributing to the growth of the IoT cloud platform market in these regions.
However, lack of uniform IoT standards is restraining IoT cloud platform growth.
The various key IoT cloud platform vendors profiled in the report such as Amazon Web Service (Washington, U.S.),Google (California, U.S.),IBM Corporation (New York, U.S.),Microsoft Corporation (Washington, U.S.),Salesforce.com (California, U.S.),General Electric (New York, U.S.),PTC(Massachusetts, U.S.),Samsung (Suwon, South Korea),Sap SE (Walldorf, Germany) and Telit (London, U.K.).
The smart city projects segment is expected to grow at the highest CAGR among the application areas during the forecast period. IoT cloud platforms provide ideal technology for urban development where it can enhance the quality of life with improved technology, augment economic structure, and direct environmental change to be in the interest of smart cities.
This study has been validated through primary interviews with various industry experts globally. The break-up profile of primary discussion participants is given here Tier 1 (35%); Tier 2 (40%) and others (25%) companies were contacted for interviews.
The interviews were conducted with various key people such as C level (40%), Director Level (30%) and other (30%) from various key organizations. The primary interviews were conducted worldwide covering regions such as North America (40%), Asia-Pacific (APAC) (25%), Europe (20%), and Rest of World (15%).
North America is expected to account for the largest market share in 2016. The drivers responsible for the growth of IoT cloud platform market in North America are the stable economy, technological advancements, and newer infrastructure demands.
With the increasing use of IoT cloud platform solutions in government &other industry verticals such as retail, automotive, financial, healthcare, utilities, and manufacturing in the U.S., the IoT cloud platform market is set to grow at a rapid pace in the region.
The report offers market estimations and projections till 2021 and offers a complete study of the market dynamics. In addition, the report provides the competitive landscape with major growth strategies adopted by the key players.