The IoT cloud platform market size is estimated to grow from USD 1.88 billion in 2016 to USD 7.15 billion by 2021, at a Compound Annual Growth Rate (CAGR) of 30.6%. 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.
According to latest research on global IoT cloud platform market in the North America sharing 40% share, biggest market players such as AWS Group (U.S.), Google (U.S.), IBM Corporation (U.S.), and Microsoft Corporation (U.S.).
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Key Target Audience for Semiconductor companies, Embedded systems companies, Application developers and aggregators, Managed service providers and middleware companies, Wireless infrastructure providers and service providers, Data management and predictive analysis companies, Sensor, location, and detection solution providers, Internet identity management, privacy, and security companies, Machine-to-Machine (M2M), IoT, and telecommunications companies.
The IoT cloud platform market ecosystem comprises IoT cloud platform providers of platforms such as AWS Group (U.S.), Google (U.S.), IBM Corporation (U.S.), and Microsoft Corporation (U.S.), and service providers such as PTC (U.S.) and IBM Corporation (U.S.) that maintain and update the entire software system and sell them to end users to cater to their unique business requirements.
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.
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“North America is expected to witness a high growth potential during the forecast period”
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 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.
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In the process of determining and verifying IoT cloud platform market size for several segments and sub-segments gathered through secondary research, extensive primary interviews were conducted with key industry personnel. The break-up profile of primary discussion participants is given below.
- By Company Type: Tier-1 (35%), Tier-2 (40%), and Tier-3 (25%) companies
- By Designation: C-level (40%), Director Level (30%), and others (30%)
- By Region: North America (40%), Asia-Pacific (APAC) (25%), Europe (20%), and Rest of World (15%)
The services in IoT cloud platform 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.
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“The evolution of high speed networking technology across the globe and the increasing adoption of connected and intelligent devices are some of the factors expected to drive the Internet of Things (IoT) cloud platform market”
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.
“Rising smart city projects and healthcare IT systems are expected to gain noticeable traction during the forecast period”
The smart city projects segment is expected to grow at the highest CAG Ramong 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.