Summary

A New Market Study, titled “IoT Cloud Platform Market Upcoming Trends, Growth Drivers and Challenges” has been featured on Market Research Future.

The global IoT Cloud Platform Market is rising continually. The market growth attributes to the rising deployment of IoT technology in various organizations from small & medium enterprise to large enterprise. Increasing adoption of unique services such as device management, connectivity management provided by IoT cloud platform and applications escalate the market growth, helping organizations to enhance various business processes.

According to Market Research Future (MRFR), the IoT Cloud Platform Market is poised to create a valuation of USD 8.67 BN by 2023, registering 31.2% CAGR throughout the forecast period (2017-2023). Also, various features of IoT technology improving the public safety, healthcare, transportation, and finance with the better and faster real-time information foster the market growth, allowing the businesses to improve operations and helps in increasing the customer satisfaction.

Additionally, the growing need of digital transformation across various verticals, such as manufacturing, healthcare, transportation, and retail, acts as a major tailwind for the market growth. Every organization comprises of various assets which needed to be tracked regularly for improved efficiency and productivity.

For instance; the integration of IoT technology in transportation sector helps in tracking goods’ location with real-time information and insights which improves and streamline the flow of business operations.

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Global IoT Cloud Platform Market – Segments

The report is segmented into eight dynamics;

By Platform: Device Management, Connectivity Management, Application Enablement, and others.

By Component: Solutions and Services.

By Deployment: Public, Private, and Hybrid.

By Organization Size: Large Enterprises and Small-to-Medium Enterprises.

By Service: Managed Services and Professional Services.

By Application: Wearable Technology, Home Automation, Smart City, Smart Transportation, Industrial Automation, Smart Agriculture, and others.

By Vertical: Healthcare, Retail, Finance, Government, Hospitality, Automotive & Transportation, Industrial Manufacturing, Consumer Electronics, Education, Media & Entertainment, and others.

By Regions: Europe, Americas, Asia Pacific, and the Rest-of-the-World.

Global Internet of Things Cloud Platform Market – Regional Analysis

North America dominates the global IoT Cloud Platform Market. The largest market share attributes to the demand for IoT cloud platform and early technology adopters and a host to innovative technologies in the region. Moreover, the rapid adoption of smart devices and rising numbers of enterprises in this region drive the growth of the market.

The presence of leading industry players, such as IBM, Google, Microsoft, AWS Group, Cisco, SAP SE, and many more, alongside well-established technology development centers in the region, foster market growth, allowing the early adoption of advanced technologies. The North American IoT cloud platform industry is projected to retain its dominance throughout the estimated period.

Europe stands second in the global IoT Cloud Platform Market. The market growth is driven by the increasing uptake of cloud computing solutions across the industries for various applications. Additionally, the growing adoption of cloud-based services by small and large organizations boosts the growth of the regional market. The European IoT cloud platform market is expected to create a substantial revenue pocket during the assessment period.

The Asia Pacific IoT Cloud Platform Market is growing rapidly. Factors such as the growing uptake of futuristic technologies & IoT devices across the industries and fast-developing IT infrastructure influence the regional market growth. Furthermore, the strong presence of key players and the continuous growth in technologies in the region positively impact market growth.

The increasing awareness about technological developments in the region acts as a key tailwind for market growth. The APAC internet of things cloud platform market is expected to grow at the highest CAGR during the forecast period.

Global Internet of Things Cloud Platform Market – Competitive Analysis

Highly competitive, the IoT cloud platform market appears fragmented due to the presence of numerous well-established players. To gain a larger competitive share, innovation, mergers & acquisitions, and brand reinforcement remain key trends for these players. The market is likely to witness intensified competition with an increase in R&D innovations and M&A.

Major Players:

Players active in the global IoT cloud platform market include IBM Corporation, Google, Microsoft Corporation, Ayla Network, AWS Group, Artik Cloud, AT&T, Hauwei Technologies, Cisco system, SAP SE, GE, Salesforce.com, and Telit, among others.

Industry/Innovation/Related News:

October 27, 2020 ----- Micron Technology, Inc. (the US) and Tata Communications Limited (India) announced their strategic partnership to create a worldwide cellular-enabled connectivity solution, simplifying and accelerating large-scale global deployment of internet of things (IoT) devices. Micron Technology is a leading producer of computer memory and computer data storage, including dynamic random-access memory, flash memory, and USB flash drives.

Tata Communications is a leading telecommunications company. In addition to accelerating IoT Deployment with Cloud-Based Virtual SIM, the partnership would allow these companies to develop this solution, the world’s first cloud-based embedded subscriber identity module (eSIM), powered by a new virtual SIM, offering a flexible, scalable alternative to conventional physical SIM cards.

Micron and Tata Communications open up innovation for the IoT services ecosystem in dramatically simplifying flexible global connectivity. The edge-to-cloud solution would also unlock rich possibilities for innovation in the IoT market.

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