Global IoT
Platform Market: Introduction
Expanding
unprecedented level of data and increasing focus on data-driven
decision-making practices is the key factor contributes the growth of
global IoT
platform market. IoT platform is an integrated virtual/physical
entity system employing various components and applications to
deliver a complete interoperable IoT services. IoT platform is an
interface between the multiple IoT devices and applications, to
facilitate data flow, communication, device management, and the
functionality of applications. IoT platform functionally cumulates
the digital value chain of an end-to-end IoT system, from
sensors/actuators, hardware to connectivity, cloud, and applications.
IoT platform can also be defined as an intelligent network, which
enables development, testing and implementation of IoT applications
and services that connect the real and virtual worlds between
objects, systems and people. The components of IoT platform includes
connectivity, device management, database, processing & action
management, analytics, visualization, additional tools and external
interfaces.
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Global IoT
Platform Market: Market Dynamics
Globally IoT
platform market is expanding its footprint across various industry
verticals. Innovative start-ups with particular industry focus
entering the market, also gaining traction across different
established firms such as enterprise software providers, mobility
management companies, and global hardware manufacturers. The rapid
growth of urbanization, rising focus on driving results using
sensor-based data, increasing preference for developing IoT-based
strategy across various business sectors, are the prominent factors
drives the growth of global IoT platform market. Growing demand for
industry-specific IoT platforms and customized solutions for
organization's specific requirements drives tremendous business
opportunity for emerging start-ups in the global IoT platform market.
Also increasing investment on IoT-based solutions in the
manufacturing sector to improve on-time performance across various
operations, including work processes, productivity improvements, and
cost containment, and rising research investment to develop cloud
based IoT platforms for various applications, are the factors
expected to fuel the growth of global IoT platform market. However,
concerns related to IoT security & data privacy,
technology-related obstacles, and confusion associated with the
organizational and cultural impact of IoT-enabled digital
transformation, are the factors identified as restraints likely to
deter the progression of global IoT platform market.
Global
IoT Platform Market: Segmentation
The global IoT
platform market is segmented on the basis of component, service,
industry vertical, end-user type, and by region. On the basis of
component the global IoT platform market can be segmented into
application enablement, device management, and connectivity
management. On the basis of service, the global IoT platform market
can be segmented into system integration and professional services.
On the basis of industry vertical, the global IoT platform market can
be segmented into BFSI, retail, government, manufacturing,
healthcare, telecommunication, oil & gas, agriculture, military
and defence, travel & logistics and others. On the basis of
end-user type, the global IoT platform market can be segmented into
small and medium businesses and large enterprise. Regionally, the
global IoT platform market can be segmented into North America, Latin
America, Western Europe, Eastern Europe, Asia-Pacific excluding
Japan, Japan and Middle East & Africa.
Global IoT
Platform Market: Regional Outlook
Among all regions
IoT platform market in North America is expected to dominate the
market, due to early adoption of IoT & IoT platforms and
continuous investment to utilize Internet of Things (IoT) technology
to address various social, economic and business challenges. . In
terms of revenue Asia Pacific is identified as the fastest growing
IoT platform market, due to expanding IP based consumer electronics
footprint and increasing focus on IoT solutions from manufacturing
and logistics sector
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