IoT Platform Market To Grow in the Coming Years.

The global Internet of Things (ToT) platform market is moderately competitive. With a handful number of players, the market is still said to be in its nascent stage. Analysts anticipate that the competition is likely to intensity in the coming years due to increasing investment in research and development and introduction of intellectual property such as patents. Some of the leading players in the global market are Microsoft Corporation, Google Inc., PTC Inc., and IBM Corporation.

Demand for Better Connectivity Opens Up Tremendous Opportunities for Global IoT Platform Market

The growing demand for internet and seamless connectivity has been driving the global IoT platform market in recent years. The market’s growth has also been supported by the improved connection speed over the last few years. Today, IoT platforms have become an integral part of the industrial as well as domestic setups. Improved accessibility to information and actions through cloud has accelerated the uptake of IoT platform over the years. The biggest advantage of cloud is that data can be accessed from anywhere and at any time.

 Furthermore, the fact that it requires minimal investment is likely to propel market’s growth in the coming years. The decreasing cost of internet has made it affordable to many. This trend has especially supported the rise of the global IoT platform market.

The growing penetration of mobile phones and various other PDAs have also made a fair contribution to the soaring revenue of the global IoT platform market. These devices have enabled greater flexibility while controlling other devices on the IoT platform. Features such as Bluetooth, Wi-Fi, and infrared have enabled an inherent connectivity for smartphones and other PDAs. Owing to these reasons, IoT platforms have been able to penetrate at a rapid rate in recent years. The terrific advancement in production of IoT sensors, their increasing affordability, and their optimum size are also expected to support market growth in the coming years.

Threat of Cyber-attacks Dampens Market Spirit

Despite the advantage of using IoT platform, the global market continues to face certain challenges such as the high possibility of losing data to cyber-attack. The growing concerns about software, network, or encryption are expected to restrain the growth of the overall market in the coming years. The lack of awareness about IoT platforms, especially in the developing regions, is also expected to dampen the spirit of the market in the near future.

The IoT Platform market has been segmented as below:

The IoT Platform Market, By Deployment

• On-Premise
• Cloud

The IoT Platform Market, By Application

• Inventory Management
• Human Capital Management
• Customer Service
• Enterprise Performance Management
• Supply Chain Management
• Infrastructure Management
• Other (Security, Asset Performance Management)

The IoT Platform by Industry

• Retail
• Healthcare
• BFSI
• Oil and Gas
• Transportation and Logistics
• Manufacturing
• Government and Defense
• Energy
• Other (Education, Hospitality)