The global 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) 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.
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Market Scenario
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 this 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.
On July 2018, Arcules launched intelligent video cloud platform that analyzes and aggregates untapped video surveillance and IoT sensor information bz 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.
Key Players
Some of the key players of global 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.
Segmentation
The global Internet of Things (IoT) cloud platform market is segmented into platform, deployment, organization size, service, application, and vertical.
By platform, the market of global Internet of things (IoT) cloud platform is sub-segmented into device management, connectivity management, and application enablement.
By deployment, the market is segmented into public, private and hybrid.
By organization size, the market is segmented into large enterprise and small and medium enterprise.
By service, the market is segmented into managed services and professional services.
By application, the market is segmented home automation, wearable technology, smart city, smart transportation, industrial automation, smart agriculture, and others
By vertical, the market is segmented into healthcare, retail, finance, government, hospitality, Automotive & transportation, industrial manufacturing, consumer electronics, education, media & entertainment, and others.
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Regional Analysis
The geographical 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 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 this 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.
Target Audience
- Application developers and aggregators
- Managed service providers and middleware companies
- Wireless infrastructure providers and service providers
- Data management and predictive analysis companies
- Sensor, location, and detection solution providers
- Internet identity management, privacy, and security companies
- Machine-to-Machine (M2M), IoT, and telecommunications companies
- Semiconductor companies
- Embedded systems companies
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