Global IoT Cloud Platform Industry (2020 to 2025) - Increasing Demand for System Integrators Presents Opportunities - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "IoT Cloud Platform Market by Offering (Platform and Service), Deployment Mode (Public Cloud, Private Cloud, and Hybrid), Organization Size, Application Area (Building & Home Automation and Connected Healthcare), and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The author forecasts the global Internet of Things (IoT) cloud platform market size to grow from USD 6.4 billion in 2020 to USD 11.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period.

Major factors expected to drive the growth of the IoT cloud platform market include proliferation of IoT devices, need to increase operational efficiency, rapidly decreasing costs of IoT-based sensors connectivity hardware and the emergence of Internet Protocol version 6 (IPv6). However, the lack of a technically skilled workforce and complexities in the management of unstructured data are factors that hinder the growth of the IoT cloud platform market.

Based on platform, the application enablement segment to grow at the highest rate during the forecast period

Based on platform, the IoT cloud platform market is segmented into device management, connectivity management, and application enablement. The application enablement segment is estimated to grow at the highest CAGR during the forecast period. Application enablement platform enables users to easily implement IoT applications and services without exposing the network connectivity to any threats. It allows companies to gain value from IoT investments in less time because the platform eliminate technological hurdles. The demand to reduce the cost and complexity that developers and end users might suffer when developing applications for IoT-enabled devices with cloud-based data storage is the major factor driving the growth of the application enablement segment of the market.

Based on deployment mode, the public cloud segment to hold the largest market size during the forecast period

Based on deployment mode, the IoT cloud platform market is divided into the public cloud, private cloud, and hybrid. The public cloud segment is estimated to lead the market during the forecast period. The growing demand for investing in public cloud across various developed economies, such as the US, China, the UK, Australia, and Canada is anticipated to drive the demand for public cloud deployment mode in the IoT cloud platform the market. North America is the largest investor of public cloud services allowing organizations to adopt the public cloud deployment mode in the North American companies.

Based on application area, the building and home automation segment to lead the market during the forecast period

Based on application area, the IoT market is segmented into building and home automation, smart transportation, connected healthcare, smart manufacturing, smart retail, smart grid and utilities, and others (including smart education, smart agriculture, and security and emergency). Among these application areas, the building and home automation segment is estimated to lead the market during the forecast period. Advancements in wireless communication technologies and increasing efforts by manufacturers, facility managers, and governments to make customers aware of the long-term benefits of installing a building and home automation system are factors driving the adoption of IoT cloud platform for this segment. The rising number of smart city projects propel the adoption of IoT cloud platform in the building and home automation area.

Among regions, Asia Pacific to grow at the highest CAGR during the forecast period

The Asia Pacific (APAC) IoT cloud platform market is expected to record the highest growth rate during the forecast period, owing to the significant adoption of advanced technologies, proliferation of IoT-enabled devices, continuously enhancing network connectivity, and government initiatives for IoT. APAC is taking aggressive initiatives to leverage the Information Technology (IT) infrastructure, enabling commercial users to adopt IoT cloud platform. The presence of IoT vendors such as Shenzhen, Samsung, and Hitachi, in APAC is one of the factors driving the growth of IoT cloud platform in the region.

Market Dynamics

Drivers

• Proliferation of IoT Devices
• Shift from On-Premises to Cloud-Based Data Management Strategy
• Need to Increase Operational Efficiency
• Government Initiatives in R&D Activities Related to IoT
• Emergence of Ipv6
• Rapidly Decreasing Costs of IoT-Based Sensors and Connectivity Hardware

Restraints

• Absence of Standardization in IoT Protocols
• Lack of Technically Skilled Workforce
• Complexities in Managing Unstructured Data

Opportunities

• Rising Demand for IoT-Enabled Digital Transformation of Businesses
• Increasing Demand for System Integrators

Challenges

• Issues Related to Data Security and Privacy
• Interoperability Issues of Legacy Infrastructure and Communication Networks

Companies Profiled

• AWS
• Microsoft
• Google
• Cisco Systems
• IBM
• Oracle
• Salesforce.Com
• SAP
• PTC
• Samsung
• Bosch.Io
• Autodesk
• At&T
• Alibaba Cloud
• Telit
• Siemens
• GE Digital
• Ubidots
• Zoho Corporation
• Particle

For more information about this report visit https://www.researchandmarkets.com/r/ma0hal