Global IoT cloud platform market size was US$ ~5.6 Bn in 2019 and is expected to reach US$ 14.47 Bn by 2027, at a CAGR of 12.6% during the forecast period.
Global IoT Cloud Platform Market
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Internet of Things (IoT) cloud platform is the combination of IoT devices and cloud computing services together which includes the capabilities of both to deliver as a service over an end-to-end to the platform. It is also known as cloud service IoT platform. IoT cloud platform includes the standards and services necessary for managing, connecting, and securing various IoT applications and devices.
Growing adoption of cloud services in various business sectors where developing on-site IoT architecture can be very costly is a major driving factor behind the growth of the market. Increasing production of IoT devices, a rising transition towards cloud-based deployment model over an on-premises model, need to enhance operational efficiency, declining costs of IoT sensors and other connectivity hardware, increasing R&D activities in the field of IoT by government and surge in the demand of IoT enabled digital transformation for various industries such as transportation, manufacturing, retail, healthcare, and others are expected to improve the growth of the market during the forecast period. IoT cloud platform provides some benefits such as scalability, data mobility, security, cost-effectiveness, and time to market, which are ultimately propelling the growth of the market.
However, the lack of consistency in IoT protocols and difficulties in the management of unstructured data are major restraining factors that could hamper the growth of the market. Lack of technically skilled personnel and security and privacy concerns regarding the adoption of IoT cloud platforms could hinder the growth of the market.
Global IoT Cloud Platform Market: Segmentation Analysis
By offering, the platform segment dominated the market in 2019 and is expected to maintain its dominance at CAGR of XX% during the forecast period. The Platform segment is further categorized into device management, connectivity management, and application enablement. Among these device management and application enablement segments are witnessing high growth at CAGR of XX%. A Growing number of IoT devices in various consumers, commercial and industrial applications are driving the growth of the market.
The Device management platform helps in registering, organizing, monitoring, and remotely managing IoT devices at scale. With the help of a device management platform, consumers can manage diverse and large device fleets such as machines, appliances, operational technology systems, vehicles, cameras, and more. Besides, the application enablement platform (AEP) offers a clear vision to a successful IoT solution. Growing adoption of AEPs to solve most of the initial obstacles that are inherent when building a scalable IoT application is propelling the growth of the market.
By deployment mode, the public cloud segment projected to witness fast growth at CAGR of XX% during the forecast period. Growing adoption of public cloud computing services due to its benefits such as easy deployment, cost-effectiveness, and flexibility is driving the growth of market. Growing adoption and investment in the public cloud infrastructure by some of the big market players such as AWS, IBM, Google, and many others is further propelling the growth of the market.
Global IoT Cloud Platform Market: Regional Analysis
Region-wise, North America held the largest market share in 2019 and is expected to continue its dominance at CAGR of XX% during the forecast period. The US and Canada are major key contributors behind the growth of the market. The growth is attributed to the massive presence of major market players across the region. Growing technological advancements and rising adoption of advanced technologies such as IoT, machine learning, artificial intelligence, big data analytics and more is driving the growth of the market in the region.
Increasing adoption of IoT cloud platforms in smart automation technologies such as building and home automation, smart city projects, smart transportation, and smart indoor agriculture applications is further propelling the growth of the market in the region.
Global IoT Cloud Platform Market: Key Development
In March 2020, Microsoft has announced a partnership with Cisco to integrate its Azure cloud with Cisco’s IoT platform to create the Cisco Edge to Microsoft Azure IoT Hub, a solution that will enable seamless connectivity and streamlined edge data flow into Azure IoT.
The objective of the report is to present a comprehensive analysis of the Global IoT Cloud Platform Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global IoT Cloud Platform Market dynamics, structure by analyzing the market segments and projects the Global IoT Cloud Platform Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global IoT Cloud Platform Market make the report investor’s guide.
The Scope of Global IoT Cloud Platform Market
Global IoT Cloud Platform Market, By Offering
o Device Management
o Connectivity Management
o Application Enablement
o Professional Services
o Managed Services
Global IoT Cloud Platform Market, By Deployment Mode
- Public Cloud
- Private Cloud
Global IoT Cloud Platform Market, By Application Area
- Building and Home Automation
- Smart Manufacturing
- Smart Transportation
- Connected Healthcare
- Smart Retail
- Smart Grid and Utilities
- Others (Smart Education, Smart Agriculture, Smart Hospitality, Connected Banking, telecom, and Security and Emergency)
Global IoT Cloud Platform Market, By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
Global IoT Cloud Platform Market, Key Player
- Cisco Systems
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