Key drivers for this market are increased adoption of connectivity and intelligent devices, improved operational efficiency for organizations, and advances in high-speed networking technologies. As the adoption of IoT-capable applications in small and medium-sized enterprises increases, so do IoT platform vendors, service providers, application providers and consulting firms.
Government agencies around the world are struggling with problems such as rapid population growth, increased migration to urban areas, and environmental degradation. These factors place great constraints on urban infrastructure, transportation, health care services and environmental balances. As a result, city managers are turning to IoT technology to solve these problems. Therefore, cities use intelligent / intelligent technologies to gather real-time information about infrastructure, transportation and other services. IoT cloud platform providers and service providers have an important opportunity because there are so many smart city projects in progress throughout the world, especially in the Asia Pacific region (APAC).
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Key players profiled in this report: Amazon Web Service, General Electric, Google, IBM Corporation, Microsoft Corporation, PTC, Salesforce.com, Samsung, Sap SE, Telit
Internet of Things (IoT) The market for cloud platforms is expected to grow (CAGR) of +25% by 2023 Increased intelligent / smart device adoption and cost-effective, easy-to-deploy cloud data storage are key drivers of the market. Other driving forces are increasing the need for operational efficiency and advances in high-speed networking technologies.
The IoT cloud platform market is largely categorized into platforms, services, organization size, deployment models, applications, and geographies. The platform division is divided into device management, connection management, and application execution platforms. Compared to the platform, the service segment is expected to grow at a higher CAGR during the forecast period. Services in the marketplace use efficient tools and techniques to activate wise and coordinated decision-making processes and to mitigate market risks and vulnerabilities. These services also improve the customer experience and help meet the end-to-end requirements of all relevant industries.
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The mass distribution model is expected to grow to the highest CAGR during the forecast period as the majority of SMEs adopt this model because of cost effectiveness. In addition, public cloud deployments provide customers with flexibility and scalability to improve operational efficiency and data bandwidth based on demand.
The IoT cloud platform market provides detailed analysis broken down into five regions: North America, Asia Pacific (APAC), Europe, Middle East and Africa (MEA) and Latin America. North America is expected to dominate the market during the forecast period due to technological advances and the early adoption of diverse industries in the region. The APAC market is expected to grow at the highest CAGR between 2016 and 2023. This is because of the increase in smart city projects in India, Singapore and China. The growth of APAC’s industrial automation has also accelerated the growth of the IoT cloud platform in the region. The IoT cloud platform is expected to have broad growth opportunities in the Middle East due to massive IoT investments in manufacturing, transportation and utilities.
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