IoT Platform Market : Trends, outlook and Opportunity Analysis 2025
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. Obtain Report Details @ http://www.transparencymarketresearch.com/iot-platform-market.html 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