Internet of Things (IoT) Cloud Platform Market 2019-2023: Opportunities and Strong Growth in Future

Global Internet of Things (IoT) Cloud Platform Market Overview

The Internet of Things (IoT) Cloud Platform Global Market is estimated to garner USD 8.6 bn during the forecast period Internet of Things (IoT) refers to technology that connects various devices like sensors, smart and wearable devices and streamlines the communication process. It is a system of interrelated devices or ‘things’ which hold the ability to transfer data without any necessary human intervention.  An IoT cloud platform means a solution that enables proper storage and processing of IoT data. Rapid development and adoption of artificial intelligence (AI) and machine learning technology has enhanced the amount of data collected from IoT devices upon usage. Collection of large amounts of data has created a need for better storage and processing, for enhanced analysis of the same, causing the internet of things (IoT) cloud platform market to gain traction.

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The internet of things (IoT) has caused a wave of transformation in various industry verticals such as transportation, healthcare, BFSI, and insurance, further proliferating the demand for the internet of things (IoT) cloud platforms. Higher economies of scale and better decision making are some of the factors contributing to the growth in the global internet of things (IoT) cloud platform market during the forecast period of 2016 to 2023. Enhancement of business operations through the adoption of the internet of things (IoT) cloud platform is estimated to drive market growth exponentially. Furthermore, a need for digital transformation in different industrial sectors such as manufacturing, healthcare, retail, and transportation is projected to prompt adoption of IoT, further propelling demand for the internet of things (IoT) cloud platforms globally.

Key Players

Market Research Future (MRFR) has profiled many noteworthy players in the global internet of things (IoT) cloud platform market including Google, IBM Corporation, Cisco system, Microsoft Corporation, AWS Group, Artik Cloud, AT&T, GE, Salesforce.com, Ayla Network, SAP SE, Huawei Technologies, and Telit. 

Industry Update

March 2019: AdLink Technology has partnered with Google Cloud to integrate its hardware and software-based edge computing solutions with Google’s Cloud IoT offerings.

Segmentation

The global IoT cloud platform market is segmented into deployment, organization size, platform, service, application, and vertical by Market Research Future. Based on platform, the market for global Internet of things (IoT) cloud platform is segmented into device management, connectivity management, and application enablement. On the basis of deployment, the IoT cloud platform market is segmented into public, private, and hybrid. By organization size, the global Internet of things (IoT) cloud platform market is segmented into large enterprises and small and medium enterprises. On the basis service, the market is segmented into managed services and professional services. By application, the market is segmented into wearable technology, smart city, home automation, smart transportation, smart agriculture, and industrial automation. By vertical, the IoT cloud platform market is segmented into healthcare, finance, industrial manufacturing, retail, automotive & transportation, government, hospitality, consumer electronics, education, media & entertainment.

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Detailed Regional Analysis

The global internet of things cloud platform market has been studied for regions of North America, the Asia Pacific (APAC), Europe, and the Rest of the World (RoW). The Asia Pacific is anticipated to garner highest growth rate during the forecast timeline owing to the proliferated implementation of IoT cloud-based technologies across multiple high profile industrial sectors. Furthermore, increased adoption of digital technologies in emerging economies such as China and India are projected to drive the internet of things (IoT) cloud platform in the region.

North America is expected to assert market dominance for the internet of things (IoT) cloud platforms due to the presence of a majority of key players in the region. Presence of many early technology adopters and host of innovative technologies in North America has proliferated the market growth for the internet of things (IoT) cloud platforms.

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