Global IoT Platform Market 2017-2021
About IoT Platform
IoT is a network of physical devices, machines, and sensors integrated into everyday objects connected to the Internet for effective data communications. It creates smart communication environments such as shopping, smart homes, transportation, and healthcare. IoT enhances operational efficiency by increasing the speed of communications over the existing infrastructure and, in turn, improves business productivity in any industrial setup. We expect IoT to have a positive impact on industries such as healthcare, manufacturing, retail, energy and utility, transportation and logistics, and information and communications technology (ICT).
Technavio’s analysts forecast the global IoT Platform market to grow at a CAGR of 31.79% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global IoT platform market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of IoT subscriptions to clients by IoT platform vendors and excludes aftermarket services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global IoT Platform Market 2017-2021
Technavio recognizes the following companies as the key players in the global IoT platform market: Alcatel-Lucent (Nokia), Amazon Web Services (AWS), AT&T, Cisco Systems, and Microsoft Corporation.
Other Prominent Vendors in the market are: Axiros, Accenture, Apple, Atos, Bosch (Bosch Software Innovations), Echelon, and Oracle.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is development of an open Wi-Fi network. OpenWireless.org is a cyber activist group seeking to improve the Internet connectivity and access by encouraging sharing among users. The organization has developed a software that can convert the wireless router of the mobile device into a wireless access point. If people accept and adopt this idea, then a ubiquitous public wireless network can be created. This would help improve network connectivity as wireless devices send signals over a shorter distance (reducing network congestion) and allow more people to connect to the same frequency simultaneously.”
According to the report, one of the major drivers for this market is large-scale benefits of using IoT devices driving IoT platform market. The growing emphasis on a connected environment has resulted in IoT being one of the most rapidly growing markets. An estimated 35 billion devices are expected to be a part of this connected environment by 2021. IoT devices collect data through sensors and actuators, transmitting it to a centralized location on a real-time basis. This empowers the end-user to make informed decisions. The adoption of IoT devices is rising across market segments such as consumer electronics, automotive, and medical. An increasing number of organizations, industries, and technologists are adopting the Internet of Things (IoT) because of its potential applications and numerous advantages.
Further, the report states that one of the major factors hindering the growth of this market is growing privacy and security concerns. Security is the foremost concern for individual consumers and enterprises purchasing IoT devices. Connecting the physical world to the digital world requires the highest security standards to minimize the impact of cyber security hacks. This is a major deterrent for the market as most people are not totally confident about integrating such technologies into the different devices they own. For instance, hacking of smart meters within an energy grid can result in major blackouts. A case of a hacked refrigerator was registered in the US.
Alcatel-Lucent (Nokia), Amazon Web Services (AWS), AT&T, Cisco Systems, Microsoft Corporation, Axiros, Accenture, Apple, Atos, Bosch (Bosch Software Innovations), Echelon, and Oracle.