According to a new market research report “IoT Cloud Platform Market by Platform (Device, Connectivity Management and Application Enablement), Deployment Model (Public, Private and Hybrid), Organization Size (SMBs and Large Enterprise), Application Area, Service – Global Forecast to 2021″, published by MarketsandMarkets, the market size is expected to grow from USD 1.88 Billion in 2016 to USD 7.15 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
The major drivers of this market include increasing adoption of connected/intelligent devices, increased operational efficiency of organizations, and evolution of high speed networking technologies. Furthermore, the rising adoption of IoT enabled applications in SMBs provides huge opportunities for IoT platform vendors, service providers, application providers, and consulting companies.
Data driven smart cities are expected to deploy IoT cloud platform in order to enhance transparency and improve services
Governmental institutions across the world are struggling with challenges such as rapid population, increased migration to urban areas, and environmental degradation. Such factors put major constraints on the infrastructure, transportation, healthcare services, and environmental balance of a city. Thus, city administrators are turning towards IoT technology for solving major of these issues. These cities, thus, make use of smart/intelligent technology in order to collect real-time information about infrastructure, transportation, and other services. As there a huge number of ongoing smart city projects across the world, especially in Asia-Pacific (APAC) region, there are major opportunities for IoT cloud platform vendors and service providers.
Increasing demand for system integrators is the driving factor of professional services in the IoT cloud platform market
The professional services are classified into three major categories, namely, training &d consulting, integration services, and support & maintenance. These services contribute in providing essential support for enhancing efficiency and increasing growth along with reduced operating expenses and resource losses. Service providers help the clients in designing, planning, and deploying the new system into their existing IT infrastructure. IoT technology does not have uniform standards and hence, system integration is required in all IoT deployments.
North America is expected to hold the largest market share in the IoT cloud platform market.
North America is expected to hold the largest market share and dominate the IoT cloud platform market from 2016 to 2021. The main drivers responsible for the growth of IoT cloud platform in North America are the technological advancements, presence of top IoT players, and advanced infrastructure. The IoT cloud platform market in APAC and Middle East & Africa (MEA) is expected to witness high growth due to the presence of increasing smart city projects and a large number of manufacturing, industrial automation, and retail establishments.
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