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.