The increasing number of players in IoT platform are continuously innovating their solutions, which is expected to propel the global IoT platform market in the coming years. IoT integrates various technologies such as hardware design, data storage, and data communication. This integration allows IoT to provide improved safety and security, give remote access to its applications, improve quality of life of products used in companies, offer benefits in production costs, enhance handling of emergencies, and improve decision-making capabilities to the management of organizations. The IoT platform market is envisioned to expand with an impressive rate due to escalating penetration of remote and connected devices such as tablets and smartphone.
It is estimated that the global IoT platform market will reach US$10,064.0 mn by 2025 from its value of US$1,786.8 mn in 2016, expanding with a significant CAGR of 21.0% over the forecast period of 2016-2025.
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Adoption of On-premise Cloud Solutions Benefits the Growth of Cloud IoT Platform
Based on deployment, the on-premise segment has dominated the overall market in 2017 owing to the advanced security facilities it provides. On the contrary, cloud solutions are more subjected to the cyber-attacks. Saving data on the private data servers of organizations avoids external threats. Furthermore, increased accessibility and enhanced latency provided by on-premise solutions are expected to grow its demand over the forecast period. However, due to reduction in the cost of IoT sensors, swift digitization, and the growing adoption of cloud computing technologies, the cloud IoT platform market is projected to grow at a higher rate and expected to surpass the market share of on-premise segment.
Among various application segments such as security, asset performance management, infrastructure management, enterprise performance management, supply chain management, customer service, inventory management, and human capital management; supply chain management segment is poised to generate high revenue to the overall market. Application of IoT in supply chain management enhances asset tracking, which allow manufacturers to make better decisions and save money and time.
Favorable Government Initiatives Assist Europe Market to Grow Significantly
Geographically, the global IoT platform market can be segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Among these, North America has emerged as a leading contributor to the global market due to presence of high number of IoT solution providers and rising adoption of changing technologies. However, it is anticipated that the market in Europe will exhibit higher growth rate compared to the North America market in the near future. The growth of the market in Europe is accelerating due to favorable government initiatives and of the increasing uptake of Industry 4.0. In this region, countries such as Germany, the U.K., and France are exhibiting high demand for IoT platforms, thus helping the market to expand.