The Internet of Things (IoT) platform market is expected to register a CAGR of 15.2% over the forecast period (2021 - 2026). IoT platforms consist of development boards which are designed specifically for IoT applications. These platforms play a crucial role in helping various designers of IoT devices to connect their project to the internet. IoT platform provides connectivity to various IoT-compatible hardware devices such as laptops, mobiles, wearable fitness devices, industrial control systems, automotive telematics units, etc.
- The factors responsible for driving the enterprise IoT platform market are increasing demand for data storage over the cloud. Due to the increasing number of connected devices in an IoT ecosystem, there is a need for transferring, downloading, uploading large volumes of data. Enterprise data centers mostly do this. The companies are, therefore, able to enhance their capabilities in terms of expertise, speed, and agility to manage IoT data resources.
- The demand for cloud data storage is expected to increase, owing to increased data traffic. Major companies and service providers are expected to increase their backup servers and mitigate risks while guaranteeing uptime, system availability, and speed.
Key Market Trends
Retail Expected to Witness Significant Growth
- Retail expected to witness significant growth for the IoT platform market. IoT technology has been enabling retailers across the globe to connect with both businesses and people. This enables retailers to gain insights about product performance and find new ways of customer engagement with both new and existing customers.
- IoT is also expected to make a massive transformation to various areas, like the replenishment of goods. Devices, like connected fridge, that can automatically re-order milk, cheese, or any other product that is running low, are being introduced by major electronics manufacturers, like Samsung and LG.
- Additionally, the use of e-commerce platforms is rapidly increasing, owing to the ease of shopping and growing smartphone penetration in the market, which is likely to boost the market. Due to the increasing need for data analysis and integration of analytics, it is expected that the market will propel.
North America Expected to Witness Significant Share
- North America is expected to witness a significant share for the IoT platform market. The enterprises across the region have adopted cloud technology to a large extent over other regions in the world. Due to robust cloud infrastructure, an increasing number of connected devices, and advancements in artificial intelligence and machine learning technologies in the region, the market is expected to grow.
- Furthermore, several leading market players such as Microsoft Corporation, IBM Corporation, Amazon Web Services, PTC Inc., Oracle Corporation, etc. have a strong presence in this region. These players are continuously investing in research and development to develop IoT platforms with enhanced functionality.
- The US is the largest market for IoT platform because it has a large number of banks with a large number of data breaches news. Most of the banks provide applications for popular wearables like Apple Watch and FitPay, which is already working with Bank of America. Amazon is too planning to let customers zap each other cash with Alexa, and then deposit the money in an Amazon-branded checking account.
The internet of things (IoT) platform market is fragmented and is highly competitive, owing to the presence of many players in the market operating in the domestic as well as in the international market. The market appears to be fragmented due to the presence of many technological giants in the market. Various strategies are being adopted by the major players in the market, such as product innovation and mergers and acquisitions. Some of the major players in the market are Cisco Systems, Inc., Google, Inc., IBM Corporation, Microsoft Corporation, among others.
- November 2018 - Amazon Web Services Inc. introduced AWS IoT SiteWise, a managed service for various industrial facilities. It collects data, labels it, and generates real-time key performance indicators (KPIs) and metrics to assist users in making data-driven decisions.
- September 2018 - IBM Corporation introduced a new version of Watson, which is an IoT Platform, used to enhance the capabilities of IBM's existing IoT Connection Service offering. The platform is deployed as the underlying foundation for all IoT solutions. Moreover, Watson IoT Platform Analytics is a type of add-on component which enables users to access or manage data from IoT entities by using built-in configurable analytics functions.
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