Published on : Jun 08, 2017
Albany, New York, June 08, 2017: The report furnishes crucial information on the size of the market, the prevailing competitive dynamics in it and attempts to figure its prospects going forward. The report forecasts the global IoT platform market to expand at a phenomenal 31.79% CAGR between 2017 and 2021.
IoT, an acronym for Internet of Things, is the connection of objects, humans, and animals, embedded with sensors, to machines using the internet. From cars to kitchen appliances and heart monitors, the list of things – both animate and inanimate – connected via IoT is growing by the day. IoT helps in collecting and exchanging data, which in turn, is analyzed for valuable actionable insights using data analytics. IoT is slated to revolutionize the functioning of retail, healthcare, transportation and logistics, energy and utility, manufacturing, and information and communications technology (ICT).
As per the report, on account of the potential applications and various advantages of IoT such as convenience, better decision-making and tackling of emergencies, cost advantages, remote access, and improvements in safety and security, there has been a swift uptake of IoT among organizations, industries, and technologists.
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Some of the current prominent trends in the global IoT platform market discussed in the report are development of an open Wi-Fi network, increasing diversity in the standards for IoT, industrial internet revolution, and rising investments in IoT startups.
Having thrown light on the different growth drivers, restraints, and trends in the global market for IoT platform, the report segments it based on end users and geography. Manufacturing, healthcare, retail, and ITC are some of main end users in the market. Among them, the manufacturing sector leads the market as IoT technologies help to up productivity. IoT enables manufacturing units to track and supervise inventories using location-based sensors and this in turn increases operational efficiency.
Geographically, the key segments of the global market for IoT platform are Asia Pacific, the Americas, and the Europe, Middle East, and Africa. Of them, Asia Pacific is slated to contribute the most to the revenue in the next couple of years because of rising thrust on infrastructure development by governments and the increasing modernization initiatives by small and medium-sized enterprises (SMEs) in the region. Besides, smart city drives adopted by governments in various emerging economies in the region is also helping to boost demand for IoT.
In order to gauge the competition in the global market for IoT platform, the report leverages market-leading analytical tools such as Porter’s Five Forces. It also studies the key vendors operating in the market such as Alcatel-Lucent (Nokia), AT&T, Amazon Web Services (AWS), Microsoft Corporation, Cisco, Accenture, and Oracle.
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