The IoT platform market depicts the existence of an emerging vendor landscape owing to extensive product innovations introduced by several players, says Transparency Market Research on the basis of a recently published report. Although the market is still in its nascent stage, with a steady increase in the number of players during the forthcoming years, the level of competition is expected to increase. The vendor landscape includes many companies that deal with patents, and are continuously coming up with technological improvements. These businesses are thus encouraging numerous organizations all over the world to adopt IoT based processes.
Cisco Systems, Inc., Google Inc., Oracle Corporation, Microsoft Corporation, Salesforce.com, Inc., SAP SE, PTC Inc., Amazon Web Services, Inc., General Electric, and IBM Corporation, are key players operating in the global IoT platform market. Apart from product differentiation, expansion of product portfolio, improving geographical spread, and regulating product and service costs, also are three prime schemes implemented by companies in this field. Widespread focus is being imparted by most companies to carry out quality research and development in order to enhance currently available services and products, most of which are still present in their infancy stages.
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According to expert analysts, the global IoT platform market had gained revenue worth US1.7 bn in 2016. This revenue is further expected to increase up to US$10.0 bn by 2025. This growth is projected to occur at a stellar CAGR of 21.0% during the forecast period from 2017 to 2025.
A rising demand for increased connectivity using smartly designed electronic systems is primarily driving the global IoT platform market. This is mainly due to a great need for seamless connectivity and fast internet speeds, in order to achieve highly efficient functions. This demand is projected to further rise in the upcoming future, thus providing a boost to the global IoT platform market’s growth. Both domestic and industrial setups in this context are foretold to expand rapidly. Since the introduction of this concept, IoT systems have always provided enhanced accessibility to data in the most difficult and remote locations too, besides its mainstream applications. By adopting these systems, there are high chances of saving costs in the long run, thus making it affordable for numerous companies to venture into this field. Thus, from an overall perspective, the global IoT platform market is expected to cash in on magnanimous expansion owing to such benefits, which would make more businesses develop in this sector.
However, the global IoT platform market is greatly being hindered owing to initial high costs required to establish necessary systems. Due to such high costs, the end products and services also become being highly expensive, thus discouraging small enterprises having less capital from adopting IoT-based technologies. Moreover, increasing possibility of cyber-attacks, data loss, data encryption challenges, and other network and software based concerns is substantially hampering the global IoT platform market too. However, many companies are expected to introduce new IoT technologies soon enough, that address most of these concerns. In this way, restraints affecting the market are anticipated to get negated efficiently.
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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, and Security and Asset Performance Management; Industry Vertical – Retail, Healthcare, BFSI, Oil and Gas, Transportation and Logistics, Manufacturing, Government and Defense, Energy, and Education and Hospitality) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025.”
- Although the market is still in its nascent stage, with a steady increase in the number of players during the forthcoming years, the level of competition is expected to increase.
- Since the introduction of this concept, IoT systems have always provided enhanced accessibility to data in the most difficult and remote locations too, besides its mainstream applications.