ALBANY, New York, October 10, 2018 /PRNewswire/ --
The introduction of new players in the market with innovative products is expected to boost capabilities in the IoT platform market, observed by Transparency Market Research. Over the forecast tenure from 2017 to 2025, competition in the market is likely to increase with the steady growth of players in the market. Although the market is in its nascent stage, a lot is yet to unveil. With, the increasing vendor landscape there may be companies dealing with patents and are continuously coming up with technological advancements. In addition, strategies adopted by various companies may include product differentiation, flexible product, and service cost, expanding their geographical reach, and expanding their product portfolio are going to benefit the market growth. Focusing on quality research and development will help in improving presently available product and services. To mention some of the leading players in the market that are likely to implement above-mentioned strategies are Oracle Corporation, IBM Corporation, Salesforce.com, Inc., Cisco Systems, and Amazon Web Services.
As per the report published by Transparency Market Research, the global IoT platform market is anticipated to rise at an excellent CAGR of 21.0% between 2017 and 2025. By growing at this rate, the market is expected to reach a valuation of US$ 10.0 bn by the end of 2025 progressing from US$ 1.7 bn estimated in 2016.
The application of IoT platform is largely seen in supply chain management and is likely to dominate as compared to other segments during the forecast tenure. One of the major application of supply chain management is the development of asset tracking that help manufacturers to save their time and money and supports in taking better business decisions. Based on regional analysis, North America is likely to lead the global IoT platform market in the coming years. A large number of companies providing IoT solutions and increasing adoption of advanced technologies has grown the demand for IoT platform in this region. However, Europe might take over North America in terms of growth rate, due to promising initiatives were taken by the government and rising uptake of Industry 4.0 in Europe.
Cost Saving in long run to Drive IoT Platform Market
Globally, the demand and the use of various electronic devices has grown tremendously in the past decade. Highly connected devices that are smartly designed has grown the need for IoT platform. The demand for seamless connectivity and high-speed internet is further fuelling the demand in the IoT platform market. In addition to that, the application of IoT platform is also seen in various industries. The commercial and the industrial use of it has also grown multiple times, which is projected to benefit the market growth in the forthcoming years. As the use of IoT platform is seamless it helps in providing better decision making, lead to cost saving in long run, and emergency handling which will drive the market growth. Moreover, Easy integration of data storage, data communication, and hardware design with the help of IoT platform is projected to generate beneficial opportunities in the global market.
Growing Privacy Concerns and Challenges to Deter Market Growth
On the contrary, there are certain factors that may hamper the growth of IoT platform. To state, some of them are lack of awareness and skill required to use IoT platforms. Lack of proper infrastructure to use IoT technology is also acting as an impediment in growth and adoption of this platform in various regions. The high cost of IoT based products and services with growing possibility of cyberattack, data encryption, data loss, and other privacy challenges are creating obstacles in the growth of this market. On the other hand, there are companies that are introducing new IoT technologies that will be capable enough to address these issues. Therefore, the aforementioned challenges may get reduced or minimized and can help the market to grow effectively.
The information presented in this review is based on a TMR report, titled "IoT Platform Market (Deployment - On-premise and Cloud; Application - Inventory Management, Human Capital Management, Customer Service, Enterprise Performance Management, Supply Chain Management, Infrastructure Management, Security, and Asset Performance Management; Industry Verticals - Retail, Healthcare, BFSI, Oil and Gas, Transportation and Logistics, Manufacturing, Government and Defense, Energy, Education, and Hospitality) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
Global IoT Platform Markethas been segmented as presented below:
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