Market Highlight:
IoT platform enable enterprises by helping them create and manage applications, configure analytics, data aggressive and storage and connectivity management. Which led to major adoption of IoT technology among small and large enterprises? IoT platform integrates various technologies such as data communication, hardware design and data storage. Global market of IOT has generated a huge amount of revenue for the companies which are operating in this segment and every service or system which is being connected with IOT needs to have a stable and secure platform. IOT Platform eases enterprises work by connecting them with the source of knowledge without any difficulty.
The need for several software functions into one solution is the major growth factor of the IoT platform market. IoT platform projects benefits such as high convenience, improved decision-making, better handling of emergencies, cost benefits, improved quality of life, remote access, and improvements in safety and security. Owing to this numerous benefits several organization, industries and technologists are adopting IoT since it empowers the end-user to make informed decisions.
The number of connected devices is expected to increase exponentially in the coming years. Cisco, one of the top players in connected devices and IoT provider analysed that approximately 50 billion devices will be connected by the time. The increased security threats related to connected devices and the demand for efficiency can be achieved by the IoT managed services thus leaving a positive impact on the IoT platform market.
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Major Key Players:
PTC (U.S.),
Amazon (U.S.),
Microsoft (U.S.),
Google (U.S.),
Davra Networks (Ireland),
Cisco Systems, Inc. (U.S.),
SAP SE (Germany),
General Electric (U.S.),
AT&T (U.S.),
Huawei Technologies Co. Ltd. (U.S.),
IBM (U.S.),
Wipro (U.S.)
This IOT Platform Market is expected to grow at CAGR of ~33% and will rise to the market size of US ~$1799 million by the end of forecast period.
Industry News
May 23, 2017 – PTC a prominent player in IoT Platform market announced the launched of its newest version of its Industrial Internet of Things (IoT) platform – ThingWorx 8. With this update, ThingWorx evolves into a more robust, comprehensive industrial IoT technology offering for businesses looking to accelerate industrial IoT value. The company expands its Industrial IoT Technology Offering with the Launch of ThingWorx 8
Nov. 29, 2017 – Amazon Web Services, Inc. (AWS), an Amazon.com company, announced six significant services and capabilities for connected devices at the edge. Amazon FreeRTOS is an operating system that extends the rich functionality of AWS IoT to devices with very low computing power, such as lightbulbs, smoke detectors, and conveyor belts.
May 10, 2017 – Microsoft announced new Azure data and cloud services to help developers quickly modernize their existing apps, new AI and Azure services that allow developer to more easily build intelligent apps, with understanding and natural user interaction capabilities, and showcased new data, IoT edge and AI services built for a future with an intelligent cloud and intelligent edge.
September 27, 2017- Google a major player in IoT Platform Market, announced that at Google I/O, they introduced Google Cloud IoT Core, a fully managed service on Google Cloud Platform (GCP) to help securely connect and manage IoT devices at scale. Since then, many customers across industries such as transportation, oil and gas, utilities, healthcare and ride-sharing have used the service and provided the company with insightful feedback.
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Competitive Analysis
The Market of IoT Platform appears to be highly competitive. To maintain their market position and to drive the market growth, various dynamic and diversified international organizations, domestic organizations and as well as new entrants form a competitive landscape. Market leaders are innovating continuously and increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. Major players are investing on internal R&D and, most of all, in acquiring other firms.
Intended Audience:
- Software Companies
- Data Storage Companies
- Data Storage Service Providers
- Cloud Service Providers
- Cloud Service Management Services
- Software Companies
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