Global IoT Platform Market Projected to Witness Strong Growth at a CAGR of 21% during Forecast 2017-2025

Rapid developments in digitization and networking along with internet infrastructure, communication standards and sensor technologies are spurring the importance of IoT as a technology platform for enabling the concept of a connected world. At present, the worldwide market for IoT platforms is being propelled by diminishing prices of IoT equipment & sensors and recent advancements in wireless technology and cloud computing. To explore more information on this rapidly growing market, a study titled “IoT Platform Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017-2025” has been published to the vast online repository of Market Research Hub (MRH). This 186-pages forecast study provides a holistic outlook on the market’s growth in terms of revenue (in US$ Mn) across different geographical regions, such as North America, Europe, Asia Pacific, Middle East & Africa and South America.

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The report covers all the major trends and technologies playing a major role in the IoT Platform market growth over the forecast period. It further highlights the key drivers, restraints and opportunities expected to influence the market growth in the coming years. Some of the major factors for the market is the growing application areas of IoT and high adoption rate of technology in the organization and great demand for the smartphone and tablets which headed to the high consumption of internet will lead to the growth of IoT Platform market. Looking to these aspects, analysis finds that the market will register a strong CAGR of 21.0% during the period 2017-2025. The report highlights that the opportunity in the IoT platform market was fixed at US$1,786.8 mn in 2016 and is anticipated to reach US$10,064.0 mn by 2025.

The purpose of any IOT device is to connect with other IOT devices and applications (cloud-based mostly) to relay information using internet transfer protocols. IoT platforms serve as the bridge between the devices' sensors and the data networks. One IoT device connects to another to transmit information using Internet transfer protocols. Such a platform connects the data network to the sensor arrangement and provides insights using back-end applications to make sense of plethora of data generated by hundreds of sensors.

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The next section focuses on the market bifurcation on a variety of factors. Based on different deployment options, the research study segments the IoT platform market into cloud and on-premise. Among these, the on-premise deployment segment possesses the largest market share in 2017; however, the cloud segment is projected to beat the on-premise segment till the end of forecast period. Further, in terms of industry vertical, the market is segmented into healthcare, BFSI, retail, oil and gas, manufacturing, transportation and logistics, government and defense, energy and others. In terms of geography, North America is the leading revenue generator and the region is projected to witness strong growth through 2025.

Further, the report outlines major players ruling in this market, which are SAP SE, Microsoft Corporation, Google Inc., PTC Inc., General Electric, IBM Corporation, Cisco Systems, Inc., Salesforce.com, Inc., Amazon Web Services, Inc. and Oracle Corporation.

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This release was published on openPR.