According to a new market research report published by MarketsandMarkets, the IoT cloud platform market is expected to grow from $1.88 Billion in 2016 to $7.15 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 30.6% during the forecast period.
The major drivers of this IoT cloud platform market include increasing adoption of connected/intelligent devices, increased operational efficiency of organizations, and evolution of high speed networking technologies. Furthermore, the rising adoption of IoT enabled applications in SMBs would provide huge opportunities for IoT platform vendors, service providers, application providers, and consulting companies.
Data Driven Smart Cities
Governmental institutions across the world are struggling with challenges such as rapid population, increased migration to urban areas, and environmental degradation. Such factors put major constraints on the infrastructure, transportation, healthcare services, and environmental balance of a city. Thus, city administrators are turning towards IoT technology for solving major of these issues.
These ‘smart’ cities, thus, make use of intelligent technology in order to collect real-time information about infrastructure, transportation, and other services. As there a huge number of ongoing smart city projects across the world, especially in Asia-Pacific (APAC) region, there are major opportunities for IoT cloud platform vendors and service providers, according to MsarketsandMarkets’ new report.
U.S. Dominates IoT Cloud Market
North America is expected to hold the largest market share and dominate the IoT cloud platform market from 2016 to 2021. The main drivers responsible for the growth of IoT cloud platform in North America are the technological advancements, presence of top IoT players, and advanced infrastructure.
The IoT cloud platform market in APAC and Middle East & Africa (MEA) is expected to witness high growth due to the presence of increasing smart city projects and a large number of manufacturing, industrial automation, and retail establishments.
The major vendors covered in the Internet of Things (IoT) Cloud Platform Market for this study include Amazon (U.S), Microsoft Corporation (U.S.), IBM Corporation (U.S.), General Electric (U.S.), and Google, Inc. (U.S.).
The market research report is named “IoT Cloud Platform Market by Platform (Device, Connectivity Management and Application Enablement), Deployment Model (Public, Private and Hybrid), Organization Size (SMBs and Large Enterprise), Application Area, Service – Global Forecast to 2021.” For more information on the report, visit the MarketsandMarkets website.