The global IoT platform
is at a nascent stage and is expected to witness a healthy competitive
landscape in the coming few years, says a new research study by
Transparency Market Research. The expansion of the product portfolio,
innovations, and technological advancements are some of the major
strategies that are being adopted by the leading players so as to
enhance their penetration across the globe. In addition to this, the
growing focus on the research and development activities and the
improvements in the product cost and quality are further estimated to
support market growth in the near future. Some of the leading players
operating in the IoT platform market across the globe are PTC Inc.,
Salesforce.com, Inc., Oracle Corporation, Microsoft Corporation, IBM
Corporation, General Electric, SAP SE, Cisco Systems, Inc., Google Inc.,
and Amazon Web Services, Inc.
As per the market research study by
Transparency Market Research, in 2016, the global market for IoT
platform was worth US$1,786.8 mn and is expected to reach a value of
US$10,064.0 mn by the end of 2025. The market is likely to register a
strong 21.0% CAGR between 2016 and 2025.
Adoption of New Technologies to Drive North America IoT Platform Market
The global IoT platform market has been
classified on the basis of geography into five segments, among which,
North America is projected to emerge as a leading segment throughout the
forecast period. The presence of several leading players and the
increasing adoption of new and advanced technologies are the primary
factors that are estimated to enhance the development of the market in
the coming years. On the other hand, Europe is estimated to witness a
promising growth throughout the forecast period, owing to the favorable
government initiatives. Moreover, the rising contribution from the U.K.,
France, and Germany is predicted to enhance the growth of the Europe
IoT platform market in the near future. The rise in the level of
adoption of digitalization, especially in emerging economies is expected
to support the growth of Asia Pacific market in the near future.
The global IoT platform market has been
categorized on the basis of application into human capital management,
customer service, supply chain management, security and asset
performance management, inventory management, infrastructure management,
and enterprise performance management. Among these, the supply chain
management segment is likely to hold a huge share of the global IoT
platform market and exhibit a healthy growth rate in the coming years.
The use of IoT platform in supply chain management helps in enhancing
the asset tracking, which helps the manufacturers in making a better
decision and further saves time and money.
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Rising Adoption of IoT Systems to Encourage Growth
An IoT platform is an advanced
technology that allows upfront management, provisioning, and automation
of the connected devices within the Internet of Things setting. The rise
in the awareness among consumers regarding the benefits of using the
IoT platform is expected to support the market growth throughout the
forecast period. A tremendous rise in the demand for increased
connectivity making use of smartly designed electronic systems is
expected to enhance the growth of the global IoT platform market in the
coming years. With the rise in the adoption of IoT platform, the
companies are expected to witness cost saving in the coming years, thus
making it quite affordable for several players to venture in the market.
On the flip side, the requirement of
high initial cost is one of the key factors that is estimated to hamper
the growth of the global IoT platform market in the coming years. In
addition to this, the rise in the risks related to data loss,
cyber-attacks, and data encryption challenges is expected to restrict
the growth of the overall market in the near future.
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