ID: MRFR/SEM/5378-HCR | February 2021 | Region: Global | 100 pages
The IoT Cloud Platform Market Size is projected as 29.39% in the forecast period. The IoT platforms are a crucial part of the connected device's architecture. Real and virtual world connection smooth with the communication features of this platform. There are plenty of benefits of the IoT cloud platform. Application support, managing data flow and providing analytics is possible with this platform. Many organisations are now able to connect their projects through cloud IoT. Connectivity to wearables, industrial applications laptops, mobiles and many other devices are becoming effortless with this platform.
Today, the business environment is dynamic with plenty of data. For such environments, the IoT cloud platform offers massive storage as well and data transmission through the internet. Many companies can increase speed, productivity, agility through IoT resources. The demand for cloud IoT is constantly surging due to increased data traffic. Many servers can increase data speed and eliminate risks through this platform. Gaining real-time insights for organizations is possible with the IoT cloud. Also, applications such as analyzing, uploading, collecting and decisions making are efficient. These factors will increase the IoT Cloud Platform Market value to 8.67 billion in the forecast period.
The spread of covid 19 has caused several difficulties in the global industries. However, the growth trend of the IoT cloud platform remains stable over this period. The IoT technology is utilized in the health industry during the pandemic. The use of connected devices is massive in health centres. Most of the healthcare centres in the
Asia Pacific IoT cloud stores patient information. It enables productivity in the health sector.
Moreover, the utilization of telemedicine and other connected devices is creating a positive impact on the IoT cloud platform market. Furthermore, the need to store massive medical information about covid aces, vaccines and patients leads to more IoT cloud adoption. In several regions, new technologies make communication, transmission and storage effective. As per the internet-of-things IoT cloud platform market analysis shows more growth opportunities in upcoming years.
The increasing adoption of connected technologies and intelligent devices is a crucial market driver. The connected devices enhance the lifestyle. Also, in the business environment, productivity and efficiency grow with connected devices. Convenience is the major feature to experience from these devices. Moreover, the prevalence of mobile phones and the internet is benefiting the Internet of Things (IoT) Cloud Platform Market more. It is a crucial driver for the market that will increase the overall profitability in the forecast period.
The rising demand for cloud data storage is another crucial driver for the IoT cloud platform market. Cloud data storage is useful in various sectors. Retails, healthcare and other industries use the cloud storage feature. Gaining customer insight, recording manufacturing data and much more important information are possible through the technology. Especially, the eCommerce website can carry out their business activities effortlessly. Shopping ease and tracking customer record is possible with a cloud IoT platform. Due to the demand from the retail market, the IoT cloud platform will see remarkable growth in the forecast period. These crucial drivers of the IoT cloud platform market will enhance the adoption rate in many organisations.
The evolution of high-speed networking technologies will create more growth opportunities in the IoT cloud platform market. High-speed networking is advantageous for a different business environment. The data collection, transmission, storage is quick with high-speed networking. This development will have a positive impact on the IoT cloud platform market. Through high-speed networking technologies are compatible with IoT cloud platforms. Managing this platform is effortless with this evolution. This factor can lead to high development in the overall IoT cloud platform.
With high internet speed, the adoption and expansion of this market are wide in upcoming years. Further, the adoption of new technologies is happening at an exponential pace in many organisations. Also, more IoT cloud platforms will be adopted by enterprises of all sizes. It will lead to the tremendous demand for the platform in the forecast period. The adoption from different enterprises will create more awareness of the technology in the forecast period.
The applications of the IoT cloud platform are wide. They can manage, collect analyse, evaluate and store data. Also, they can control multiple devices through cloud technology. Machine learning and artificial intelligence are some of the features of IoT devices. Due to this machine to machines can learn and communicate with each other.
It creates data security and integrity concerns for many organisations. Also, data security concern is a restraining factor of the IoT cloud platform market. Connected devices, mobile devices, laptops, tablets have high-security threats. It is a significant factor that can restrict the adoption of Internet of things cloud platforms in many regions.
The IoT cloud management platform can collect sensitive and personal information of the user. Biometric data, organisation data and consumer records are stored by the cloud platform. Also, the IoT cloud platform is highly dependent on connected devices. These factors can create high data breach possibilities. The breaches of data can lead revenue losses to any organization. The increasing data breach in a cloud platform is a major challenge.
Also, the ecosystem of IoT devices is at the developing stage in several regions. It causes challenges in the deployment of data security factors in IoT cloud platforms. The organisations having fully developed IOT cloud platforms experience high security. However, data breaches in some areas can lead to a lesser adoption rate. As per IoT Cloud Platform Market Analysis this can affect the growth.
The Internet of Things Cloud Platform Market is positive in the forecast period. There are several factors that cause a sharp increase in growth. The connected healthcare segment of the market is expected to record the highest demand. Also, the public on cloud platforms has higher adoption enterprises. These factors will bring favourable changes to the IoT cloud platform.
Further, there is a crucial driver of this market such as the rising adoption of connected and intelligent devices that is advantageous to market growth. The factors that can hamper the growth of this IoT cloud platform market are security concerns and data breaches. The key players are taking effective measures to develop the security standards of this platform. However, the overall growth is constant with the higher adoption of cloud IoT by enterprises.
The cloud based IoT platform has a wide range of revenue opportunities in North America. It is a region that will hold the dominance with the highest IoT cloud platform shares. Technological advancement is the demand driving factor in this region. The penetration of IoT enables devices is high in this region.
The IoT cloud platform market has significant investments from the key players of the market. North America is the early adopter of the new technologies. Also, the US are the key contributor in the North American region with effective IoT processes. Canada is expected to have the highest revenue rates.
By End-User Industry
The internet of the things cloud platform market is a highly competitive market. The presence of market players leads to a wide range of developments in the market. Key players of the IoT cloud platform market have various straggles such as technological advancement. There are various acquisitions, partnerships and expansions in the overall cloud platform.
The key regional players of IoT cloud computing are Asia Pacific, Europe and North America. North America will see robust growth of the internet of things market in the forecast period. There are tremendous technological developments in this region. Artificial intelligence and machine learning are key strategies in the IoT cloud platform market.
North America has a high investment for the cloud platform in the forecast period. The Asia Pacific is the next largest region with high IoT cloud market demand. The demand is immense from enterprises and industries. Automation in the workplace will lead to high developments in this period.
The key internet of things cloud platform market is
Frequently Asked Questions (FAQ) :
The valuation of the internet of things (IoT) cloud platform market is expected to reach 8.67 bn by 2023 from USD 1.9 Bn in 2027.
The market is anticipated to register 31.2% CAGR over the assessment period.
Some of the leading players assessed are - Google, Microsoft Corporation, IBM Corporation, AWS Group, Artik Cloud, Ayla Network, Huawei Technologies, Cisco system, and AT&T, among others.
The vertical based segments profiled for the study are healthcare, finance, retail, government, automotive & transportation, hospitality, media & entertainment, consumer electronics, industrial manufacturing, education, and others.
The segments studied on the basis of platform are connectivity management, device management, and application enablement.