IoT Platform Market : Structure and Overview of Key Market Forces Propelling Market

With improving Internet speed and connectivity in many parts of the world, an increasing number of IoT platform players now offering sophisticated and integrated solutions to domestic as well as industrial consumers. The worldwide market for IoT platforms is being propelled by diminishing prices of IoT equipment and sensors and recent advancements in wireless technology and cloud computing. Rising penetration of remote and connected devices such as smartphone and tablets is also fueling the global IoT platform market. The opportunity in this market was pegged at US$1,786.8 mn in 2016 and is slated to reach US$10,064.0 mn by 2025, registering a 21.0% CAGR during the forecast period.

On the flip side, rising concerns regarding network, encryption, or software attacks are likely to inhibit the expansion of the IoT platform market. However, players in the market are consistently working toward addressing this issue.

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Based on deployment, the IoT platform market is bifurcated into cloud and on-premise. Accounting for the dominant share in 2017 in terms of revenue, the on-premise segment enjoys the top spot in the global market. However, the cloud segment is anticipated to witness impressive growth from 2017 to 2025 and is expected to overtake the on-premise segment in terms of revenue share. This is possible owing to the rising level of digitization across sectors, the growing adoption of cloud computing technologies, and reduction in the cost of IoT sensors.

IoT platforms find application in human capital management, inventory management, customer service, supply chain management, enterprise performance management, infrastructure management, asset performance management, and security. The global market is led by the supply chain management segment and is poised to generate high revenue for the market by the end of the forecast period.

On the basis of industry vertical, the IoT platform market has been segregated into healthcare, retail, BFSI, transportation and logistics, oil and gas, manufacturing, energy, and government and defense. The rising adoption of IoT technology, sensors, and platforms is the key factor boosting the manufacturing segment.

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By way of geography, the global IoT platform market has been divided into the Middle East and Africa, Asia Pacific, Latin America, Europe, and North America. North America is the leading revenue generator and the region is projected to witness strong growth over the course of the forecast period thanks to rising adoption of advanced technologies and the increasing presence of major IoT solution providers. However, Europe is estimated to register a growth rate higher than that of North America in terms of revenue, surpassing it to be the dominant regional market. This can be attributed to favorable government initiatives and the growing trend of Industry 4.0. Major contributing countries in the Europe IoT platform market include France, the U.K., and Germany.

Asia Pacific is projected to witness rapid growth through 2025, with countries such as Japan, China, and Australia emerging as most influential. With increased adoption rate of IoT solutions across the government sector and oil and gas industry, the Middle East and Africa market is also expected to register healthy growth. South Africa and countries within the Gulf Co-operation Council are slated to be prominent revenue generators. In Latin America, Brazil and Argentina are likely to make a mark in the IoT platform market thanks to rising investments by various companies.

The IoT platform market is anticipated to witness the entry of a number of solution providers in the coming years, further intensifying the competition. Some of the prominent companies in this market are Google Inc., Microsoft Corporation, PTC Inc., Cisco Systems, Inc., IBM Corporation, SAP SE, Amazon Web Services, Inc., Salesforce.com, Inc., General Electric, and Oracle Corporation.

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