LONDON--(BUSINESS WIRE)--The global IoT platform market size is poised to grow by USD 1.70 billion during 2020-2024, progressing at a CAGR of 23% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The IoT platform market is driven by the large-scale benefits of using Internet of Things (IoT) devices. IoT integrates technologies such as data communication, data storage, hardware design, and mining and is the latest trend in the global technology arena. Due to its potential applications and numerous advantages including high convenience, improved decision-making, improved handling of emergencies, cost benefits, improved quality of life, remote access, and improvements in safety and security, several organizations, industries, and technologists are adopting IoT since it empowers the end-user to make informed decisions.
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Report Highlights:
- The major IoT platform market growth came from the manufacturing segment in 2019.
- APAC was the largest IoT platform market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the increased investments in infrastructure development by governments in APAC and the local business modernization by small and medium-sized enterprises (SMEs).
- The global IoT platform market is fragmented. Alphabet Inc., Amazon.com Inc., AT&T Inc., Cisco Systems Inc., Huawei Investment & Holding Co. Ltd., International Business Machines Corp., Intel Corp., Microsoft Corp., Nokia Corp., Samsung Electronics Co. Ltd., and Siemens AG. are some of the major market participants. To help clients improve their market position, this IoT platform market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global IoT platform market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Industrial Internet Revolution will be a Key Market Trend
The industrial Internet revolution is a key trend in the market. Industrial Internet of Things (IIoT) is a combination of big data analytics and IoT which offers a number of opportunities for organizations across sectors such as agriculture, healthcare, manufacturing, mining, oil and gas, and transportation. To encourage the digitalization of industries, large companies and the governments of numerous countries across the globe have already adopted several industrial Internet initiatives. This in turn, will help them create new revenue segments, enhance efficiencies, and improve the quality of public life.
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IoT Platform Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist IoT platform market growth during the next five years
- Estimation of the IoT platform market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the IoT platform market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of IoT platform market vendors
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Executive Summary
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by End-user
- Market segments
- Comparison by End-user
- Manufacturing - Market size and forecast 2019-2024
- Retail - Market size and forecast 2019-2024
- Healthcare - Market size and forecast 2019-2024
- ICT - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by End-user
Customer landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – Demand led growth
- Market challenges
- Market trends
Vendor Landscape
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Alphabet Inc.
- Amazon.com Inc.
- AT&T Inc.
- Cisco Systems Inc.
- Huawei Investment & Holding Co. Ltd.
- International Business Machines Corp.
- Intel Corp.
- Microsoft Corp.
- Nokia Corp.
- Siemens AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
