In a recent published report, Kenneth Research has updated the market report for Internet of Things Platform Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Internet of Things Platform Market products.
The Internet of Things Platform Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
IoT is a multi-layer technology that manages, processes, and transfers information through connected devices with the help of the Internet. It can provide connectivity to various IoT-compatible hardware devices such as mobiles, laptops, wearable fitness devices, industrial control systems, automotive telematics units, and drone units. The hardware components in the environment are connected to the cloud through flexible connectivity options, data processing components, and secure network.The global Internet of Things platform market is expected to reach approximately USD 74.74 billion by 2023, registering a CAGR of 28.5% during the forecast period.
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The market has been divided into various segments based on platform, deployment, application, and end-user. By platform, the market has been segmented into connectivity/ M2M platform, IaaS backend, hardware-specific software platforms, consumer/enterprise software extensions. Machine-to-machine (M2M) platforms are based on a technology that allows connectivity providers and their customers to monitor and control the connectivity of devices via telecommunication networks. It also provides control, security, and management for remote device connectivity. The connectivity/ M2M platform is a dominating segment and is anticipated to grow at a CAGR of 26.3% during the forecast period
The deployment segment of the IoT platform market has been segmented into on-cloud, on-premise, and hybrid. Many enterprises adopt on-premise-based IoT platforms to ensure privacy & security and meet the compliance requirements. The on-premise segments accounted for the largest market share in 2017 and it is expected to grow at a CAGR of 23.3% during the forecast period.
Based on application, the market has been segmented into device management, database management, analytics, and processing. The device management segment has the largest market share; it is expected to grow at a CAGR of 25.1% during the forecast period. The IoT device management segment covers device administration, monitoring, provisioning, and diagnostics vital for corrective measures and trouble replication. Significant IoT device management functions comprise configuration/association, enrollment/provisioning, software updates, and complete management and control of IoT devices
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By end-user, the market has been classified as healthcare, retail, smart cities and homes, manufacturing, and others. The manufacturing segment holds the largest market share and is expected to grow at a CAGR of 28.1% during the forecast period.
Key Players
The key players of the Internet of Things platform market include IBM Corporation (US), Amazon Web Services Inc. (US), Microsoft Corporation(US), Google LLC (US), Huawei Technologies Co. Ltd.(China), Cisco Systems, Inc.(US), AT&T, Inc. (US), Wipro Limited (India), General Electric Company (US), Intel Corporation (US) among others.
Global Internet of Things Platform Market Analysis & Forecast, from 2017 to 2023
• To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global Internet of Things platform market
• To provide insights into the factors affecting market growth
• To analyze the Internet of Things Platform market based on value chain and Porter’s five force analysis
• To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries—North America, Europe, Asia-Pacific, and the rest of the world
• To provide country-level analysis of the market with respect to the current market size and future perspective
• To provide country-level analysis of the market for a segment on the basis of type, end-user, and region
• To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
• To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Internet of Things platform market
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Target Audience
• Application developers and aggregators
• Managed service providers and middleware companies
• Wireless infrastructure providers and service providers
• Data management and predictive analysis companies
• Sensor, location, and detection solution providers
• Internet identity management, privacy, and security companies
• Machine-to-Machine (M2M), IoT, and telecommunications companies
• Semiconductor companies
• Embedded systems companies
Key Findings
• The global Internet of Things platform market is expected to reach USD 74.74 billion by 2023
• By platform, the connectivity/M2M platform segment dominated the market, generating the higher revenue of USD 6.85 billion in 2017 and is projected to be the leading segment in the future, registering a CAGR of 26.3% during the forecast period.
• By deployment, the on-premise segment accounted for the largest market share with a market value of 6.69 billion in 2017 and is expected to grow at a CAGR of 23.3% during the forecast period.
• By application, device management segment dominated the market with a market value of 5.1 billion in 2017 and is expected to grow at a CAGR of 25.1%. Whereas, the analytics segment is expected to be the fastest growing during the forecast period.
• By end-user, the manufacturing segment was the dominating segment in 2017, with a market value of 4.88 billion and is expected to grow at a CAGR of 28.1% during the forecast period.
• Geographically, North America has been projected to hold the largest market share in the global Internet of Things platform market, followed by Europe.
Regional and Country Analysis of Internet of Things Platform Market
How does the report examine the growth drivers and restraints of the Internet of Things platform market ?
- The factors resulting in the expansion of the Internet of Things platform market are elaborated in the report after thorough primary and secondary research.
- Analytical strategies focused on gain indicators affecting the growth of the Internet of Things platform market are presented in graphical formats.
- The business-related trends driving the product consumption are discussed in detail in the report along with industry expertise to minimize the barriers to Internet of Things platform market growth.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Internet of Things platform market growth and Internet of Things platform market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects of Internet of Things platform market in various geographical regions.
- The competitive landscape analysis on the Internet of Things platform market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Internet of Things platform market , underlining the growth rate and opportunities offered in the business.
Estimation and Forecast
Geographically, North America is dominating the global Internet of Things platform market due to presence of various key players in the region, and demand for advanced technology by various industrial verticals and end-users. Additionally, the evolution of high-speed networking technologies is also a major factor for the growth of the market. However, Asia-Pacific is the fastest growing market due to the presence of various countries such a China, Japan, India, and South Korea which are investing in the development of IoT platforms.
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The report on the Internet of Things platform market also covers the following country-level analysis:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o France
o Italy
o Rest of Europe
• Asia-Pacific
o China
o Japan
o South Korea
o India
o Rest of Asia-Pacific
• Rest of the World
o Middle East & Africa
o Latin America
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