As per Market Research Future (MRFR), the global Internet of Things (IoT) cloud platform market is projected to expand from USD 1.90 billion in 2016 to USD 8.67 billion by 2023, with a CAGR of 31.2% from 2018 to 2023 (forecast period). The report examines and investigates the effect of the outbreak of COVID-19 on the global iot cloud platform market, including opportunities and threats, drivers, and risks.
The Internet of Things (IoT) is a network of physical objects such as buildings, cars, equipment, assets, digital machines, and others that can transfer electronic information over the network without human intervention. The Internet of Things (IoT) can transform society and businesses by improving public safety, health care, transport, finance with better and faster real-time information. These features of IoT technology allow companies to enhance their operations and help increase customer satisfaction. The growing need for digital transformation across different verticals such as manufacturing, transport, healthcare, retail, and others, is one factor that boosts this market. Each organization consists of a variety of assets that could be tracked to improve its efficiency and productivity. For example, in the healthcare sector, IoT technology helps the hospital track everything from surgeons to wheelchairs and manages whole healthcare operations. In addition, the integration of IoT technology in the transport sector helps to track the location of goods by providing real-time information and insights that enhance and streamline the flow of business operations. In this context, the adoption of the Internet of Things (IoT) technology in various verticals such as transport, industrial, health, and other sectors are expected to increase the market demand for IoT cloud platforms during the forecast period.
Market Dynamics
According to the MRFR, the global iot cloud platform market has risen significantly in recent years due to the deployment of IoT technology in various organizations, from small and medium-sized enterprises to large enterprises. The IoT cloud platform provides services such as device management, connectivity management, and application enablement that allow organizations to improve various business processes.
On the other hand, lack of data management, security, and privacy issues are some of the factors that may impede this industry.
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Market Segmentation
The global Internet of Things (IoT) cloud platform market has been segmented into platform, deployment, organization size, service, application, and vertical.
By platform, the global Internet of Things (IoT) cloud platform market has been segmented into device management, connectivity management, and application enablement.
By deployment, the global Internet of Things (IoT) cloud platform market has been segmented into public, private, and hybrid.
By organization size, the global market has been segmented into large enterprises and small and medium enterprises.
By service, the global Internet of Things (IoT) cloud platform market has been segmented into managed services and professional services.
By application, the global Internet of Things (IoT) cloud platform market has been segmented into home automation, wearable technology, smart city, smart transportation, industrial automation, smart agriculture, and others.
By vertical, the global market has been segmented into healthcare, retail, finance, government, hospitality, Automotive & transportation, industrial manufacturing, consumer electronics, education, media & entertainment, and others.
Regional Analysis
The regional analysis of the global Internet of Things (IoT) cloud platform market is studied for North America, Europe, Asia Pacific, and the rest of the world.
North America dominates the global Internet of Things (IoT) cloud platform market during the forecast period (2018—2023) due to the presence of key players in this market, like IBM Corporation, Google, Microsoft, AWS Group, Cisco, SAP SE, and others. Early technology adopters and a host of innovative technologies are other major factors for raising the market for IoT cloud platforms.
Asia Pacific is projected to hit the highest CAGR during the forecast period (2018—2023) due to the comprehensive implementation of IoT cloud-based technologies across vertical and the increased adoption of digital technologies in countries like China and India.
Key Players
Notable players in the global Internet of Things (IoT) cloud platform market include Google, IBM Corporation, Microsoft Corporation, AWS Group, Ayla Network, Artik Cloud, Hauwei Technologies, AT&T, Cisco system, GE, Salesforce.com, SAP SE, and Telit, among others.
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About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
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