Market Research Report
Global Internet of Things (IoT) Platform Market Research Report Forecast to 2023
|Global Internet of Things (IoT) Platform Market Research Report Forecast to 2023|
Published: June 30, 2019
Market Research Future
Content info: 126 Pages
Delivery time: 1-2 business days
IoT is a multi-layer technology that manages, processes, and transfers information through connected devices with the help of the Internet. It can provide connectivity to various IoT-compatible hardware devices such as mobiles, laptops, wearable fitness devices, industrial control systems, automotive telematics units, and drone units. The hardware components in the environment are connected to the cloud through flexible connectivity options, data processing components, and secure network.
The global Internet of Things platform market is expected to reach approximately USD 74.74 billion by 2023, registering a CAGR of 28.5% during the forecast period.
The market has been divided into various segments based on platform, deployment, application, and end-user.
By platform, the market has been segmented into connectivity/ M2M platform, IaaS backend, hardware-specific software platforms, consumer/enterprise software extensions. Machine-to-machine (M2M) platforms are based on a technology that allows connectivity providers and their customers to monitor and control the connectivity of devices via telecommunication networks. It also provides control, security, and management for remote device connectivity. The connectivity/ M2M platform is a dominating segment and is anticipated to grow at a CAGR of 26.3% during the forecast period
The deployment segment of the IoT platform market has been segmented into on-cloud, on-premise, and hybrid. Many enterprises adopt on-premise-based IoT platforms to ensure privacy & security and meet the compliance requirements. The on-premise segments accounted for the largest market share in 2017 and it is expected to grow at a CAGR of 23.3% during the forecast period.
Based on application, the market has been segmented into device management, database management, analytics, and processing. The device management segment has the largest market share; it is expected to grow at a CAGR of 25.1% during the forecast period. The IoT device management segment covers device administration, monitoring, provisioning, and diagnostics vital for corrective measures and trouble replication. Significant IoT device management functions comprise configuration/association, enrollment/provisioning, software updates, and complete management and control of IoT devices
By end-user, the market has been classified as healthcare, retail, smart cities and homes, manufacturing, and others. The manufacturing segment holds the largest market share and is expected to grow at a CAGR of 28.1% during the forecast period.
The key players of the Internet of Things platform market include IBM Corporation (US), Amazon Web Services Inc. (US), Microsoft Corporation(US), Google LLC (US), Huawei Technologies Co. Ltd.(China), Cisco Systems, Inc.(US), AT&T, Inc. (US), Wipro Limited (India), General Electric Company (US), Intel Corporation (US) among others.
Geographically, North America is dominating the global Internet of Things platform market due to presence of various key players in the region, and demand for advanced technology by various industrial verticals and end-users. Additionally, the evolution of high-speed networking technologies is also a major factor for the growth of the market. However, Asia-Pacific is the fastest growing market due to the presence of various countries such a China, Japan, India, and South Korea which are investing in the development of IoT platforms.