Technavio, a tech-focused market research firm, has published a new report on the global IoT platform market, which is expected to grow at a CAGR of close to 32% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global IoT platform market into the following key regions: the Americas, APAC, and EMEA.
Top three contributors for the global IoT platform market are elaborated below:
IoT platform market in APAC: Increased investments in infrastructure development by governments in India, China, and the Philippines and the modernization of local business by small and medium-sized enterprises (SMEs) in these countries is the driving force behind the growth of the IoT platform market in APAC. In addition, the smart city initiatives by the governments in APAC to improve city management operations and deliver better public services boost the adoption of embedded sensors in connecting smart machines over the Internet, leading to further growth of the market in this region.
According to Sunil Kumar Singh, a lead analyst at Technavio, specializing in research on embedded systems, “China is the key leading country in APAC. The country’s growth is attributable to initiatives adopted by the Chinese government such as Made in China Strategy 2025 and Internet Plus.”
IoT platform market in EMEA: Factors such as favorable government support and increased industrial pressure for digital transformations of traditional industries to enhance business productivity and gain a competitive advantage are the fundamental driving forces behind the growth of the IoT platform market in EMEA. The manufacturing, automotive, and transportation sectors are increasingly adopting embedded sensors, thus driving further growth of the IoT market in Europe.
IoT platform market in the Americas: The IoT market in the Americas is driven by the rapid growth of industrial, automotive, and healthcare sectors coupled with the adoption of IoT in these industries to achieve operational efficiency and competitive gains. The energy and utility sector are likely to be one of the major contributors in North America owing to the planned installation of smart meters. The US is the key leading country in this market due to the increased partnerships between network operators, device makers, and platform providers. Furthermore, the formation of Industrial Internet Consortium by technology majors such as AT&T, Cisco Systems, GE, IBM, and Intel is fueling further growth of the market in the region.
The leading vendors operating in the global IoT platform market are:
- Alcatel-Lucent (Nokia)
- Amazon Web Services (AWS)
- Cisco Systems
- Microsoft Corporation
Other prominent vendors in the market include Axiros, Accenture, Apple, Atos, Bosch (Bosch Software Innovations), Echelon, and Oracle.
Other related reports:
- Global Metamaterials Market 2017-2021
- Global Microcontroller Market 2017-2021
- Global Serial Attached Storage (SAS) Solid-state Drive (SSD) Market 2017-2021
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