ID: MRFR/SEM/5378-HCR | February 2021 | Region: Global | 100 pages
The internet of things (IoT) cloud platform market is expected to grow from USD 1.90 billion in 2016, to USD 8.67 billion by 2023, with a CAGR of 31.2%. Internet of Things (IoT) is a network of physical objects such as buildings, cars, equipment, assets, digital machines, and others which can transfer the electronic information over the network without human intervention. The internet of things (IoT) can transform the society and businesses by improving the public safety, healthcare, transportation, finance with the better and faster real-time information. This features of IoT technology allows the businesses to improve operations and helps in increasing the customer satisfaction. The growing need of digital transformation across various verticals such as manufacturing, transportation, healthcare, retail, and others is one of the factors that is driving internet of things (IoT) cloud platform market. Every organization comprises of various assets which it could track to improve its efficiency and productivity. For instance, In the healthcare sector, the IoT technology helps hospital in tracking the location of everything from surgeons to wheelchairs and manages entire healthcare operations. In addition to this, the integration of IoT technology in transportation sector helps in tracking the location of goods by providing real-time information and insights which improves and streamline the flow of business operations. In this regard, the adoption of internet of things (IoT) technology in various verticals such as transportation, industrial, healthcare, and others is expected to increase the demand of IoT cloud platform market during the forecast period.
According to a MRFR study, the IoT cloud platform market has grown significantly, in past few years due to deployment of IoT technology in various organization from small & medium enterprise to large enterprise. The IoT cloud platform provides services such as device management, connectivity management and application enablement that helps organization to enhance various business processes.
On July 2018, Arcules launched intelligent video cloud platform that analyzes and aggregates untapped video surveillance and IoT sensor information by analyzing the data with predictive analytics which helps the organization to improve safety and optimize operation.
On the other hand, lack of data management, security and privacy concerns are some of the factors which may hamper this market.
Internet of Things (IoT) Cloud Platform Market, 2018—2023 (USD Billion)
Some of the key players of Internet of Things (IoT) cloud platform market includes 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.
The Internet of Things (IoT) cloud platform market is segmented into platform, deployment, organization size, service, application, and vertical.
By platform, the IoT cloud platform market is sub-segmented into device management, connectivity management, and application enablement.
By deployment, the IoT cloud platform market is segmented into public, private and hybrid.
By organization size, the IoT cloud platform market is segmented into large enterprise and small and medium enterprise.
By service, the IoT cloud platform market is segmented into managed services and professional services.
By application, the IoT cloud platform market is segmented home automation, wearable technology, smart city, smart transportation, industrial automation, smart agriculture, and others
By vertical, the IoT cloud platform market is segmented into healthcare, retail, finance, government, hospitality, Automotive & transportation, industrial manufacturing, consumer electronics, education, media & entertainment, and others.
The geographical analysis of the Internet of Things (IoT) cloud platform market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North-America is dominating the global internet of things (IoT) cloud platform market during the forecast period ( 2018 - 2023) due to the presence of major key players of Internet of Things (IoT) cloud platform market such as IBM Corporation, Google, Microsoft, AWS Group, Cisco, SAP SE, and others. The other factors that are responsible for the growth in the demand of IoT cloud platform is the presence of early technology adopters and a host to innovative technologies.
Asia-Pacific is expecting to reach highest CAGR during the forecast period(2018—2023) due to the extensive implementation of IoT cloud based technologies across various verticals, and increased adoption of digital technologies in countries such as China and India.
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 2016.
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.