IoT Platform Market Scope
An IoT platform works on a multi-layer technology and manages, processes, and transfers the data to and from connected devices with the help of the Internet. It connects hardware, however diverse, to the cloud by using flexible connectivity options, broad data processing powers, and enterprise-grade security mechanisms. Additionally, it offers connectivity to various IoT-compatible hardware devices including mobiles, laptops, industrial control systems, wearable fitness devices, automotive telematics units, or drone units.
The market study is segmented by Type (Device Management, Application Management and Connectivity Management), by Application (Predictive Maintenance, Business Process Optimization and Asset Tracking) and major geographies with country level break-up. According to AMA, the Global IoT Platform market is expected to see growth rate of 23.45% and may see market size of USD8174.14 Million by 2024.
The Players having a strong hold in the market are PTC, SAP, IBM, Hitachi, and Accenture. Research Analyst at AMA estimates that United States Players will contribute to the maximum growth of Global IoT Platform market throughout the predicted period.
PTC Inc. (United States), SAP SE (Germany), International Business Machines Corporation (IBM) (United States), Hitachi, Ltd. (Japan), Accenture plc (United States), Atos (France), Altizon Systems (United States), Flutura Decision Sciences and Analytics (United States), Oracle Corporation (United States) and Amazon.com, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Microsoft Corporation (United States), Google LLC (United States), Davra (Ireland), Cisco Systems (United States) and Cisco Systems, Inc. (United States).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AdvanceMarketAnalytics has segmented the market of Global IoT Platform market by Type, Application and Region.
On the basis of geography, the market of IoT Platform has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2018. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Leaders and their expansionary development strategies
In LiveWorx digital transformation event held on June 12, 2019, PTC and Vodafone Business have announced from a strategic alliance for the upcoming three years. This partnership will enable customers across multiple industry segments to rapidly develop and deploy revenue-generating IoT and AR applications.
In September 2018, IBM Corporation introduced a new version of Watson, an IoT Platform, to enhance the capabilities of IBM’s existing IoT Connection Service offering. The platform is deployed as the underlying foundation for all IoT solutions. Moreover, Watson IoT Platform Analytics is an add-on component that enables users to access or manage data from IoT entities by using built-in configurable analytics functions.
- Growing Adoption of IoT Platform based on Advanced AI Algorithms
- Introduction to Industry-Specific Platforms will Lead to Increased Demand
- Robustly Increasing Demand for Cloud-Based Data Storages
- Upsurging Number of IoT Based Connected Devices across the Globe
- Upsurgin Internet Connectivities and IoT based Infrastructure from Developing Economies
- Consumer Shift from Local Data Bases to Cloud-Based Applications
- Integration Complexities with the Existing Systems
- Increasing Security and Privacy Concerns related to IoT Platforms
- The Death of Skilled Workforce Across the Globe
- Strong Competition and Introduction to Domestic IoT Platform Providers
Key Target AudienceIoT Platform Providers, Machine-to-Machine (M2M) Service Providers, IoT platform Providers, Technology Providers, Public Policy Regulators/Makers, IoT infrastructure providers, Regulatory agencies, IT Industry Associations and Others
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