IOT platforms have spread rapidly in recent times due the dire need for new innovations in the market. Market Research Future which focuses on market reports associated to information and communication sector amongst others of late has made available a report on this sector. The industry is expected to develop phenomenally at a CAGR of 33 per cent and is expected increase to the market size of US $1799 million by the end of forecast period.
Increasing applications for IOT has increased the demand of the market. This trend has increased the demand for products related to IOT. As IOT applications enable connectivity companies are increasingly integrating them in their organizational dynamics. The major growth motivating factor such as the need to pool in several software functions into one solution are leading the charge for market growth.
The IOT platform industry worldwide has been categorized on the basis of deployment, platform, end users and application. The IOT platform segment has been defined into infrastructure as a service and software platform and connectivity. The deployment category contains on premise, on cloud and hybrid while the application category has been categorized into database management, device management, processing and analytics among others. The end users have been segmented into BFSI, manufacturing, smart cities & homes, it and telecommunication among others.
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Mar 2018 Fleet Space Technologies, an Adelaide-based startup is preparing a network of 100 nano satellites which will be used for IoT applications which has entered into a partnership with an Australian IoT platform developer called Reekoh to incorporate the data which is collected via its satellites into Reekoh’s IoT platform. The companies also jointly stated that they will also enter into a joint pilot task to grow “relevant plugins and data visualisations to exhibit managed data. As per the agreement Reekoh will create integrations to the Fleet Space data network that will deliver additional competences for the Fleet customers in managing and utilizing their data. This will also provide Fleet Space with operational and commercial opportunities through the use of the Reekoh platform.
Feb 2018 Cisco has recently introduced its Narrow Band IoT (NB-IoT) platform around the world. The networking giant asserts that Control Center for NB-IoT is the first such commercially accessible global platform. When the platform is used together with the Cisco Jasper Control Center IoT connectivity management platform, the innovative system will allow enterprises to manage both cellular devices and NB-IoT. The unveiling comes after a number of live trials, which included implementations with China Unicom and Australian telco Optus. China Unicom also said that it saw implementation from businesses across a range of smart-city applications, comprising of fire control, parking, smart metering and street lighting.
This IOT Platform Market is expected to grow at CAGR of ~33% and will rise to the market size of US ~$1799 million by the end of forecast period.
Major Key Players
PTC (U.S.), Amazon (U.S.), Microsoft (U.S.), Google (U.S.), Davra Networks (Ireland), Cisco Systems, Inc. (U.S.), SAP SE (Germany), General Electric (U.S.), AT&T (U.S.), Huawei Technologies Co. Ltd. (U.S.), IBM (U.S.), and Wipro (U.S.) are some of the prominent players at the forefront of competition in the Global IoT Platform Market and are profiled in MRFR Analysis.
Detailed Regional Analysis
For the purpose of considering the regional analysis, the North American region is directing the industry for IOT Platform owing to the existence of the global companies in this region as well as the accelerated pace of technological advancement. The North American market is expected to manoeuvre the market through the forecast period while the Asia-Pacific region has risen the as fastest rising market and is projected to be the second major sector by the end of forecast period. Presently, the European market holds the second position in the industry but is anticipated to be overtaken by the Asia-Pacific market by the end of forecast period.
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