As per the analysis by Market Research Future Reports, the global internet of things cloud platform market is estimated to value USD 8.67 Billion with a CAGR of 31.2% by 2023. The growing demand for a developed IoT cloud platform among large enterprises and small and medium enterprises has triggered the global internet of cloud things platform market 2020.
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The developments made in artificial intelligence and machine learning to meet the demands is another factor propelling the market. Adoption of IoT in various sectors such as healthcare, transportation, industrial, and others is estimated to augment the IoT platform market during the review period. Moreover, the evolution of technology has resulted into the increasing adoption of smart devices which will intensify the market. The easy deployment and cost-effective data storage are likely to escalate the growth of market. Furthermore, the outbreak of COVID-19 is likely to bring a positive impact on the growth of market. The market is estimated to grow significantly during this period. We will provide COVID-19 impact analysis with report.
However, lack of expertise, data management, privacy, and data security are likely to restrict the growth of the global IoT cloud platform market in the forthcoming period.
The most significant players of the global Internet of Things Cloud Platform Market are Telit, IBM Corporation, Google, Microsoft Corporation, Ayla Network, AWS Group, Artik Cloud, AT&T, Hauwei Technologies, Cisco system, Salesforce.com, GE, SAP SE among others.
Internet of Things (IoT) Cloud Platform Market – Segmentation
The global Internet of Things cloud platform market is segregated into deployment, platform, service, vertical, organization size, and region.
- Based On Deployment, the global Internet of Things cloud platform market can be classified into public, hybrid, and private
- Based On The Platform, the global Internet of Things cloud platform market can be classified into connectivity management, application enablement, and device management.
- Based On Service, the global Internet of Things cloud platform market can be classified into professional services and managed services.
- Based On Vertical, the global Internet of Things cloud platform market can be classified into retail, healthcare, finance, hospitality, government, Automotive & transportation, consumer electronics, industrial manufacturing, media & entertainment, and education.
- Based On Organization Size, the global Internet of Things cloud platform market can be classified into small and medium enterprise and large enterprise.
- Based On The Region, the global Internet of Things cloud platform market can be classified into Europe, Asia-Pacific, North America, and the Rest of the World (RoW).
Global Internet of Things (IoT) Cloud Platform Market – Regional Analysis
The geographical analysis of Europe, Asia-Pacific, North America, and the Rest of the World (RoW) has been conducted. As per the analysis, North America is leading the global IoT cloud platform market during the review period. The region prospers due to the presence of key players like Google, IBM Corporation, AWS Group, Microsoft, SAP et al. besides, the region consists of countries like Canada and the US that are economically and technically developed. The US is the biggest contributor of region. Significant research and development on IoT, proliferation of IoT-enabled devices are some of the reasons driving the regional market.The region is an early adopters of technology and demonstrates innovative technologies. On the other hand, the APAC region is estimated to acquire the maximum CAGR during the review period. The market in region is enlarging due to the deployment of IoT based technologies across several industries, and the increasing adoption of digital technologies in countries such as India and China.
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