Global Internet of Things (IoT) cloud platform market was valued at $1.3 Billion in 2015 and is estimated to grow at a CAGR of over 28% from 2016 to 2024.
The key market drivers include the growth of data analytics, robotics, and artificial intelligence, cloud computing and growing sales of smart phones across the globe. The IoT cloud platform
The integration of IoT cloud platforms is a key development boosting the IT services capabilities of organizations. These platforms enable the users to store the information , monitor the flow of content, provide continuous connectivity and access to resources. The rapid adoption of IoT cloud platforms is significantly improving the operational efficiency by eliminating various inefficiencies in the present IT infrastructure.
The IoT Cloud Platform market is categorized into different segments such as deployment models services, platforms, organization size, and application areas. The information for these segments is gathered at a country level basis and is collated to provide a global picture.
Based on platform, the market is categorized into devices, connectivity management, and application enablement. Based on deployment model the segmentation includes public, private and hybrid. Based on application, the market is split as smart city, industrial automation, home automation, wearable technology, healthcare, connected transportation, smart agriculture, and smart retail, other applications.
Currently, high usage is witnessed in categories such as smart retail, wearable technology, healthcare, home automation and industrial automation. Over the next few years the segments such as agriculture, logistics, transportation are expected to significantly boost the market growth.
North America accounted for the maximum revenue share in 2015, owing to the high proliferation of IoT technology, cloud computing and other advanced technologies. The high investment in research, active collaboration amongst key stake holders and government support for innovation are key factors aiding the market growth in the region.
However, with the growing smart phone user base in Asia Pacific region, high growth of internet and cloud services, Asia Pacific is also expected to witness strong growth over the next few years.
Estimated Average solution cost – $ xx globally. The pricing and business models in the market are unique in different regions, and differ based on the technological infrastructure present in that region. However, with growth in smart phone adoption, data analytics, growth of internet services, growing solution implementation and increasing number of new entrants, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
“Notable industry participants Amazon Web Services, Inc., Google Inc., General Motors, Microsoft Corporation, Salesforce.Com, General Electric, Samsung Electronics Co. Ltd , International Business Machines Corporation, PTC “
Key players include Amazon Web Services, Inc., Google Inc., General Motors, Microsoft Corporation, Salesforce.Com, General Electric, Samsung Electronics Co. Ltd, International Business Machines Corporation and PTC. Major industry participants emphasize on seeking correlations across multiple disparate data sources and predicting customer behavior in order to achieve competitive advantage.