Global IoT Cloud Platform Market is valued approximately at USD 5.8 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 12.6% over the forecast period 2020-2027. The Internet of Things has emerged as a significant IT-world platform for data and information sharing.. The interconnection of physical devices, buildings, vehicles and other items integrated with network connectivity, actuators, software, sensors and electronics enables objects to accumulate and exchange data is called the Internet of Things The increasing adoption of smart, connected devices and the increased operational efficiency are the driving factors. According to Statista, the total installed base of connected Internet of Things (IoT) devices is projected to reach 75,44 billion worldwide by 2025, a five-fold increase in ten years. The lack of a technically qualified workforce and the complexities of unstructured data management is the restraining factor. As per the research published by SRD(Statista Research Development), the installed base of IoT devices is expected to jump from about five billion in 2015 to nearly 31 billion by 2020, with the consumer sector accounting for the majority of these units. The cost-effective and the easy deployment cloud data storage is the opportunity factor. The next-generation 5G mobile connection technology, with a forecast 1.3 billion subscriptions by 2023, would be a major boost to IoT ’s application in daily life.
The regional analysis of global IoT Cloud Platform market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is expected to lead the global IoT cloud platform market in the coming years and will account for a key share of the overall market. This region’s robust growth can be attributed to the high level of adoption by several industries, and technological developments are some of the key factors anticipated to accelerate the growth of the North American IoT cloud platform market. Due to the significant adoption of advanced technologies, the proliferation of IoT-enabled devices, the continuous enhancement of network connectivity, and government initiatives for IoT, the Asia Pacific (APAC) IOT cloud platform market is expected to record the highest growth rate during the forecast period.
Major market player included in this report are:
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By End Use:
By Deployment Model
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global IoT Cloud Platform Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers