With improving Internet speed and connectivity in many parts of the world, an increasing number of IoT platform players now offering sophisticated and integrated solutions to domestic as well as industrial consumers.
IoT platforms find application in human capital management, inventory management, customer service, supply chain management, enterprise performance management, infrastructure management, asset performance management, and security.
The worldwide market for IoT platforms is being propelled by diminishing prices of IoT equipment and sensors and recent advancements in wireless technology and cloud computing. Rising penetration of remote and connected devices such as smartphone and tablets is also fueling the global IoT platform market.
The opportunity in this market was pegged at US$1,786.8 mn in 2016 and is slated to reach US$10,064.0 mn by 2025, registering a 21.0% CAGR during the forecast period.
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Based on deployment, the IoT platform market is bifurcated into cloud and on-premise. Accounting for the dominant share in 2017 in terms of revenue, the on-premise segment enjoys the top spot in the global market. However, the cloud segment is anticipated to witness impressive growth from 2017 to 2025 and is expected to overtake the on-premise segment in terms of revenue share.
On the basis of industry vertical, the IoT platform market has been segregated into healthcare, retail, BFSI, transportation and logistics, oil and gas, manufacturing, energy, and government and defense. The rising adoption of IoT technology, sensors, and platforms is the key factor boosting the manufacturing segment.
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By way of geography, the global IoT platform market has been divided into the Middle East and Africa, Asia Pacific, Latin America, Europe, and North America. North America is the leading revenue generator and the region is projected to witness strong growth over the course of the forecast period thanks to rising adoption of advanced technologies and the increasing presence of major IoT solution providers.
Asia Pacific is projected to witness rapid growth through 2025, with countries such as Japan, China, and Australia emerging as most influential. With increased adoption rate of IoT solutions across the government sector and oil and gas industry, the Middle East and Africa market is also expected to register healthy growth.
Some of the prominent companies in this market are Google Inc., Microsoft Corporation, PTC Inc., Cisco Systems, Inc., IBM Corporation, SAP SE, Amazon Web Services, Inc., Salesforce.com, Inc., General Electric, and Oracle Corporation.
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